Introduction
Continuing this week with Polkadot and Parachains. Gaming NFT blockchain Enjin is proud to present Efinity, a next-generation blockchain for digital assets, built on Polkadot. Winning the 6th Parachain slot and becoming the first NFT Parachain on Polkadot is just the beginning for Efinity. Over 75 developers and partners have already committed to developing games and apps on Efinity, and behind the scenes, they’ve been talking to some big players in gaming about what Efinity can do to grow their NFT development. Currently, the blockchains that NFTs live on give actual users no incentives besides the possibility of price appreciation. Miners are given the full share of generated tokens. Prices rise, infrastructure companies create silos and paywalls making it difficult to advance real progress in the NFT industry. As the creators of the ERC-1155 NFT standard, Efinity feels strongly about its responsibility to solve this specific problem.
NFT Highway
Fragmented blockchains and marketplaces result in walled gardens that compete for liquidity and hurt the growing digital metaverse. Creators are generally forced to work with crippling fees, inflexible smart contracts, and disjointed interoperability. Making the adoption of today’s NFTs still limited to die-hard crypto enthusiasts. Blockchains like Ethereum have become expensive. Costing the average user $10 or more to move a single token. Efinity’s purpose is to be an NFT highway, not a general computing blockchain. Token creation, transfers, and purchases are the network’s priority. Transaction fees on Efinity are designed to stay in the background, and allow users to experience their favorite collectibles without worrying about how the network operates. Efinity will provide buyers and sellers with a robust Marketplace for creating and filling orders for any token. This functionality facilitates the development of third-party apps using Efinity to transfer NFTs to other blockchains, from blockchain-based games on other networks to NFT marketplaces and exchange platforms. To incentivize price discovery, the highest (un-filled) bid on any token listed in the Marketplace receives a share of fees and earns weight in the Price Discovery Pool for any transactions involving that token.
Collaborations
Enjin is working in collaboration with the web3 foundation to build Efinity on Polkadot. The Efinity blockchain is a Parachain that uses Polkadot Relay Chain validators for its consensus, which allows Efinity to have an independent economic framework, data, and state. Efinity’s collator nodes are responsible for transactions on the Efinity parachain, and the network pays out native tokens to participants. Security is handled by Polkadot’s Relay Chain validators, which means that end-users of Efinity are not burdened with paying for validation. Enjin’s Ethereum-based platform will continue to be developed, and cross-chain bridges will connect both networks for full compatibility with the entire Ethereum ecosystem. Efinity allows developers to write and deploy contracts using Ink!, a universal smart contract framework that is compatible across all Polkadot-based chains. Contracts can be written in Rust, a popular programming language. Enjin is developing a token standard called Paratokens for Polkadot. The standard will be compatible with parachains,…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
