A brand new application has been released by the well-known blockchain gaming developer platform provider EnjinCoin. The idea of the new platform is to offer companies that do not want to go through the hassle or expense of having to mint their own crypto tokens.
Essentially what this means is that anyone can now own their own crypto tokens and add a value to them. The value could be a token for a free meal at a restaurant, a sports collectors card attached to a token, or it can be used a ticket to an event.
For online casinos, the new system means that the casino can mint its own coins and assign a monetary value to the coin. For instance, if an online casino wants to offer someone a free $25 bet on their website, it can go over to the EnjonCoin wallet, create the coin, brand it, then distribute it those that are on the casino mailing list.
This is an out of the box EnjinCoin minting program. There is no need to pay for a developer to brand the coins and create smart contracts because this will already have been done. Literally, it is so simple. Just visit the Enjin Coin Mintshop and set up the token for the purpose that it needs to be used.
As a promotional activity for casinos in which a player has been played at their casino for a long while, this could be the perfect promotional tool to get them to log on and play. The emails could be circulated via the mailing list with the chance to claim the free bet.
The receiver can then take up the offer by logging onto the casino and exchanging the coin for ETH, BTC, BCH, LTC, or whichever cryptocurrencies the casino accepts. The free incentive coin would obviously be exchanged for the value of crypto up to $25 in this example.
In addition to this, the branded coins could be used to reward loyal customers or be given away as a prize for every 1,000 spins on a slot machine.
There is no limit to how an online casino could use these coins from allowing clientele to exchange them for any of the cryptocurrencies the casino accepts, fiat currency, bonus free spins, bonus bets, or for casino merchandise.
For one, casinos could actually help people secure the value of their cryptocurrency. For example, those that gamble using Bitcoin may not be a very happy customer at the moment. It is not because of the casino, but due to the continuous decline in its value. The same applies to ETH and many other cryptocurrencies.
However, the casino could brand their own coins using Enjin Coin and allow players to exchange their cryptocurrency to the casino’s branded token created using the MintShop.
Let’s say Mbit coins were produced. Every Mbit coin will have a fixed pair rate with the US$ or EU€ that does not fluctuate. That means if a player stores $100 worth of Mbit branded coins in his or her wallet, any market fluctuations on the cryptocurrency marketplace will not affect the value of the Mbit coins.
$100 worth of ETH may have been 0.5 ETH when the player cashed in. 1 Mbit coin could be worth $1. Let’s say ETH drops to 0.4 ETH for $100 while the player is playing at the casino. When the player cashes out then the Mbit coins are still worth the same value. The drop in ETH price will not have affected their Mbit coin price. Therefore, the player does not have to change the coin back to ETH. Maybe BCH has moved up in price, and so the player exchanges the Mbit coin for the higher value BCH.
The idea here is that players do not lose out on market fluctuations that are out of their control while they are playing at the casino.
Casinos do not have to design their own wallets because of Enjin Coin’s MintShop built in wallet. Anyone can sign up to the wallet and then use this wallet interchangeably with the casino. Those that have the branded coins in their wallets will also be able to sell or send them to other’s wallets using the up and coming Infinity network.
Any casino or company looking to purchase the coins can buy tokens for as little as $0.03 for 10,000. There are other styles of coins that will costs slightly more if the casino wants to add other functionalities. As mentioned at the beginning of this new piece, all that needs to be done is visit the MintShop, select the functionality the token will be used for, and then brand it.
The entire system has been set up on the Ethereum network as is the original concept of EnjinCoin in which it was designed to allow gaming developers to use its network to release blockchain based games. However, rather than using the ERC-20 token standard, the MintShop uses the network’s ERC-1155 standard.
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