Enjin and Blockster have partnered to provide NFTs to the technology’s early adopters.

Blockster will mint and distribute all 400,000 NFTs for free, thanks to Enjin’s gas-free and environmentally friendly JumpNet network. According to the cryptocurrency, duplicate transactions on Ethereum would cost around $3 million in gas fees (at writing).

Because over 380,000 people signed up for Blockster’s waitlist, they are now eligible to win Blockster’s first-ever NFT as a prize. Users only need to sign up for the Blockster waitlist and enter their information on the giveaway page to claim the NFT.

“We are excited to work with Blockster to launch their first NFTs on JumpNet,” said Enjin’s chief marketing officer, Deon Moh. “We’re excited to work with Blockster as they investigate a new vision for social media in the thriving blockchain ecosystem.” “Gas-free NFT transactions are creating new opportunities for community building and interaction.”

Furthermore, Blockster gives five NFTs worth 50 Enjin Coin (ENJ) as part of a special promotion. All participants will be entered into a random lottery for a chance to win one of the limited-edition NFTs. As a user’s number of acts increases, so does their chances of winning.

Blockster, a new community-building strategy, is being launched with the help of Enjin’s NFT technology. Users will be rewarded with blockchain-based benefits for performing social acts like subscribing, sharing, and recommending friends.

Our excitement at being able to distribute the first set of Blockster NFTs to commemorate this significant milestone and to provide our community with firsthand experience with NFTs is unrivaled.” Lidia Yadlos, Blockster’s co-founder and chief marketing officer, stated, “We hope to establish an NFT marketplace in the future, and we wanted to leverage this technology to express our gratitude to our dedicated user base.” For your unwavering support of our project from the start.”

The closed test net for Blockster will go live in July 2021, and the company is already enrolling members from its waiting list as it prepares to go live. According to Stage 3 of its roadmap, the platform aspires to become “the official venue for the blockchain industry” as well as a community for NFT trading.

Blockster is a new social network for blockchain and cryptocurrency groups powered by the blockchain and the BXR token.

The social network recently collaborated with Enjin Crypto, a well-known non-financial transaction (NFT) platform (ENJ). Blockster hopes to use the agreement to reward early adopters of its social network in exchange for NFTs.

According to a press release obtained by Altcoin Buzz, the agreement will allow Blockster to distribute over 400,000 NFTs as a thank you for their participation. This aligns with the social network’s intention to create a public test network. Blockster, as previously stated, is a social networking site dedicated solely to the blockchain and cryptocurrency communities.

‘Enjin’s JumpNet’ is a Blockster mining service that is completely free.

The collaboration between Blockster and Enjin (ENJ) will also help maintain its environmentally conscious image in the marketplace. This is because all 400,000 NFT will be distributed via Enjin’s popular gas-free and carbon-free blockchain, JumpNet. The process will be completely gas-free because no gas will be used during the minting process. This is a remarkable accomplishment, given that minting the same number of NFTs on Ethereum, the well-known blockchain platform, would cost nearly $3 million in gas fees.

According to the announcement, since Blockster’s launch, more than 380,000 people have signed up for the waitlist. Those who achieve this result are awarded the Blockster NFT prize. The giveaway registration form is available here, where interested parties can also join the queue and enter the giveaway.

According to Deon Moh, Enjin’s CMO, the announcement had delighted the entire Enjin ecosystem, and the prospect of working with Blockster had piqued their interest. He then went on to express his excitement for Blockster’s “[…] NFTs on JumpNet.” “The author goes on to say that “gas-free NFT transactions are opening up new avenues for community creation and engagement.”

Blockster is giving away a one-of-a-kind prize.

Aside from that, Blockster has stated that it plans to give away an exclusive prize in conjunction with the collaboration. 50 ENJ tokens will back each NFT, and a total of five (5) NFTs will be distributed. Each participant who registers will be entered into a random drawing for the chance to win one of these limited-edition NFTs.

Blockster’s co-founder and chief marketing officer, Lidia Yadlos, also praised the company’s collaboration with Enjin. The company says it is pleased to offer the first Blockster NFTs to the public to celebrate this significant milestone. “We hope that this will give our community firsthand experience with NFTs.”

Blockster, according to Yadlos, plans to launch an NFT marketplace soon. For the time being, Blockster’s partnership with Enjin will help it reward its early adopters, which is a good thing.

Blockster is developing a new strategy focused on community development and rewarding active members, implemented soon. The Enjin NFT technology also contributes to implementing this truly revolutionary strategy.

The social network made its exclusive testnet available to the public in July for the first time. The platform has actively welcomed new members from the waiting list for many years. Blockster aspires to be “the official space for the blockchain industry,” according to the company’s press release.

The price of ENJ

ENJ was trading at $1.97 per share at the time of publication, with a market capitalization of $1,839,240,346 and a 24-hour trading volume of $473,293,137. According to the token’s price, the token’s price has dropped by 5.4 percent in the last 24 hours.

Enjin’s opponents

In addition to being one of Enjin’s main competitors, Ultra Blockchain has recently gained traction. Ultra is a scalable blockchain-based gaming platform that provides a suitable environment for players and developers to discover, purchase, play, and sell games and in-game products like NFTs.

Ultra, like Enjin, offers NFT technology and the capability to conduct cross-chain asset transactions. The US, the network’s native cryptocurrency, plays an important role in network operation. However, its market capitalization is $196 million, which is small compared to ENJ’s market capitalization. Visit us for more information.

What Is a Stablecoin?

While many people use or invest in cryptocurrencies, one significant disadvantage is that traditional cryptocurrencies such as Bitcoin (BTC-USD) occasionally experience periods of high short-term volatility. Highly volatile currencies may be too risky for people who prefer to use cryptocurrencies to buy goods or store money. Stablecoins were developed to provide greater stability.

Unlike traditional cryptocurrencies, the value of stablecoins is pegged to a fiat currency such as the US dollar or the Euro or backed by a commodity such as gold, precious metals, oil, other cryptocurrencies, or real estate. As a result, stablecoins are designed to provide consumers with the best of both worlds. They enable buyers to send money instantly, privately, and securely without worrying about traditional cryptocurrency volatility eroding their purchasing power between the time they buy their digital coin and the time it is spent or used to buy more cryptocurrencies. It also enables investors on cryptocurrency exchanges to hold or play with something resembling fiat money, as many crypto exchanges do not accept fiat currencies.

How Does a Stablecoin Work?

The value of a stablecoin is frequently pegged to a fiat currency or asset through collateralization equal to the market value of the existing cryptocurrency. A collateralized stable coin backed by US dollars, for example, would keep an inventory of US dollars equal to the value of the coins in circulation.

Similarly, a stablecoin backed by commodities would have an amount of gold or oil in reserve equal to the market value of stablecoins. However, some stablecoins are not backed by reserves and instead provide stability through an algorithm.

When investors buy $100 worth of collateralized stablecoins, the company creates the equivalent value in stablecoin. When an investor sells $100 worth of stablecoin, the company destroys the stablecoin equivalent value. This becomes more complicated when a stablecoin is backed by a commodity, such as gold, and gold must be acquired or sold for the collateral to remain equal to the currency. Because stablecoin companies must carefully manage their collateral, their work is more centralized than that of most cryptocurrency companies.

non-collateralized stablecoins are controlled by an algorithm to maintain a consistent stablecoin price. As demand rises or falls, the algorithm frequently increases or decreases the supply of a stable coin. However, this does not always work, and some algorithmic stablecoins have failed to remain pegged to their underlying currency or commodity.

Some investors prefer USD stablecoins and other types of stablecoins because they provide security, privacy, and instant transactions. They also provide value stability, in contrast to other cryptocurrencies, which are highly volatile. They can also be used to exit a crypto position when the market is particularly volatile, as some cryptocurrency exchanges do not accept fiat currencies. Some investors also use Stablecoins to transfer value between cryptocurrency exchanges. Stablecoins, on the other hand, are frequently avoided by investors because there is little chance of the large potential increases in value that other cryptocurrencies offer. Because stablecoins are more centralized than other digital currencies, some investors are concerned about their trustworthiness.

Fiat collateralized

A collateralized fiat stablecoin is backed by a fiat currency, like the US dollar or the Euro. It holds the same amount of that currency as there are stablecoins in circulation. Tether (USDT-USD), which is pegged to the USD and has the highest trading volume among stablecoin offerings, has the largest collateralized fiat stablecoin market cap.

Cryptocurrency with Collateral

A collateralized crypto stablecoin is supported by one or more cryptocurrencies. The stablecoin issuer owns the same amount of other digital currencies as there are stablecoins in circulation. Dai is an example of a collateralized crypto stablecoin (DAI-USD).

Commodity with Collateral

A collateralized commodity stablecoin is a stablecoin that is backed by a commodity reserve such as gold, real estate, oil, or precious metals. The issuer will hold an equal amount of physical assets as it does currency in circulation. Paxos Gold is one example of a collateralized commodity stablecoin (PAXG-USD). When a Paxos Gold stablecoin is sold, the seller has the option of receiving cash or the gold underlying their investment.

Algorithmic

A are those not backed by fiat, commodity, or cryptocurrency collateral but are still pegged to their respective prices. Instead, they use algorithms and smart contracts to achieve price stability by decreasing the number of coins circulating when the market price falls and increasing the number of coins circulating when the market price rises. If the underlying commodity or currency rises or falls, the algorithm adjusts the number of stablecoins in circulation to ensure the price remains pegged to the underlying currency or commodity. An example of an algorithmic stablecoin is TerraUSD (UST-USD).

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