Enjin has unveiled their plans for Efinity, a completely new blockchain aimed at NFTs using the framework from Polkadot. As a result Efinity will be cheap and fast to use, but most importantly it can connect to many others blockchains. In a blog post Enjin revealed their cross-chain ambitions, as Efinity will be a so-called parachain on the Polkadot network.
Efinity is made with NFTs in mind. Just like Enjin introduced the ERC-1155 protocol as a way to make it easier and cheaper to transfer NFTs, but this time around they are making an entire blockchain. The idea is that any NFT from any blockchain can be moved to Efinity. That’s a big deal in my book!
As a gamer or user you’re not really supposed to notice that Efinity is a blockchain. No hassle with blockchain wallets, transactions confirmed within 6 seconds and a response time that’s good enough for mainstream applications. They promise 700 up to 1,000 transactions per second. Efinity needs to make using NFTs a very smooth and fast experience.
Efinity will get its own token
The Enjin ecosystem always had the ENJ token at its core. Every NFT minted within the Enjin ecosystem, is back by at least a bit of ENJ. However, Efinity will get its own EFI token. The launch of Efinity will introduce a new mechanic for the ENJ token. Token holders will be able to stake their ENJ in nodes, and earn passive income in the form of EFI tokens. Even ENJ fused inside an NFT, is automatically eligible for staking. That means that your NFTs will generate passive income in the shape of EFI tokens.
Ultimately EFI will be something they call a paratoken. That means that these tokens are compatible with both the Polkadot and the Kasuma ecosystems. Users get to use EFI to pay for transactions, vote for governance decisions, and maintain the liquidity of fungible and non-fungible tokens on the network.
The token already has backing from some major investors. Crypto.com Capital, Hashed and DFG Group have paid $18.9 million for Enjin’s EFI token. Interestingly enough, Enjin already raised $20 million through its ICO back in 2017.
Wait a bit longer
It will take a while before Efinity launches. Most likely we will see a first phase by the end of this year. However, Enjin is also working on Jumpnet. This is a private blockchain that’s completely compatible with Ethereum. Jumpnet is supposed to launch next week.
Jumpnet is a private version of the Ethereum blockchain that allows users to transfer tokens and NFTs instantly without paying gas fees. The network will be build using nodes, and Enjin partnered with different companies to help them establish this. Users can move ENJ from Ethereum to Jumpnet. Mint and trade ERC-1155 tokens for free, while also sending and receiving ENJ tokens is completely free. Initially the road from Ethereum to Jumpnet is one-way, but it will become a two-way street.
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