Enjin created an NFT-focused blockchain on Polkadot and it is dubbed Efinity, aiming to “supercharge” non-fungible tokens from any network so let’s find out more in our latest cryptocurrency news today.
As the NFT mania is booming, the blockchain development startup Enjin decided to go further by launching a new decentralized network that is dedicated to these crypto-collectibles as the firm announced. Enjin CEO Maxim Blagob said:
“We’re creating a groundbreaking blockchain for NFTs, purpose-built to accelerate the advent of a globe-spanning, advanced digital asset economy.”
To write the next chapter of NFT history, we need a blockchain that not only solves the problems faced today, but opens new possibilities for the #NFTs of tomorrow.
— Enjin (@enjin) March 31, 2021
Enjin created Efinity which is a blockchain that is built as a parachain on the DOT network and aims to solve a few major issues that pose trouble for existing projects. For starts, Efinity got rid of the energy-and computationally intensive proof of work consensus protocol so according to the announcement, the technology will allow Efinity to achieve greater scalability, speed, security, privacy, governance, and interoperability. Peter Maurice, the head of public affairs at Parity Technologies said:
“Minting NFTs on legacy networks is expensive—financially and environmentally. Polkadot has been designed to solve these structural shortcomings, providing a platform for launching the kind of production-grade infrastructure Efinity represents for NFTs: cheaper for creators and cleaner for the climate.”
At the same time, NFTs from other blockchains can be moved to Efinity and will create a cross-chain token growing space as the developers noted. Transaction fees are planned to be much lower compared to ethereum where the fees surged. According to the release, Efinity will be able to process up to 1000 transactions per second or even more, compared to Ethereum’s 15. Enjin COO Caleb Applegate continued:
“NFTs should be for everyone. Building with Polkadot will enable us to deliver an accessible, scalable solution that empowers everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will provide a fun, simple, and accessible experience for all.”
Efinity will also have a decentralized governance system which means users can submit their proposals on which the holders will vote, as Blagov concluded:
“Efinity is the end result of a technological and ideological evolution that crystallized over the years, ever since we pioneered NFTs in 2017—it’s a next-gen blockchain, but it’s also an idea, a movement, a vision of a future where digital worlds are free, decentralized, open, and accessible to everyone, everywhere.”
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