Enjin has actually raised $ 18.9 million to develop a Polkadot-based blockchain for non-exchangeable tokens (NFT).
Efinity and Efinity Token (EFI)
According to CTO Enjin – Witek Radomski, the network called Efinity will have its own token called Efinity Token (EFI). Funding was provided by selling these tokens.
Significant financiers consist of businesses such as Crypto.com Capital, DFG Group, and Hashed Ventures. BlockTower, Blockchain.com Ventures, Fenbushi Capital, Arrington XRP Capital, and numerous others likewise contributed their 2 cents.
Enjin is not a brand-new gamer in the NFT area. The business produced the ERC-1155 requirement for NFT currently in 2017. It is utilized by businesses such as Microsoft and Nike.
Microsoft utilizes ERC-1155 to reward the Azure designer neighborhood. When it comes to Nike, it has actually patented the Ethereum shoe tokenization system utilizing ERC-1155.
The brand-new Efinity blockchain will be specifically constructed for the NFT and is being established as a para chain on Polkadot.
Efinity vs Ethereum and Circulation
How will Efinity be various from Ethereum and the Circulation blockchain by Dapper Labs? Radomski stated that Efinity’s objective is to fix the issues dealt with by users and designers with these 2 blockchains.
When connecting with Ethereum-based NFTs, issues develop. According to the CTO of the platforms, these are “deal charges, Ethereum (ETH) requirement, account security, irregular applications, and bothersome multi-sig security”. While Circulation resolves a few of them, it is a blockchain developed from scratch with its own scripting language. According to Radomski, this can be a major obstacle:
Flow can face challenges if it cannot attract enough nodes to become decentralized enough, and it can also face a difficult battle to convince developers to learn their proprietary language.
– He said.
On Efinity and Polkadot, developers can use Rust, which is a well-established language, and each para chain will benefit from the combined security of the entire Polkadot network. Finally, each para chain can easily interact with other parachaines using XCMP [Cross-chain Message Passing], which creates a powerful network effect.
Phase 1 Efinity is expected to go live in late or early 2022.
After this point, we will continue our roadmap adding more scheduled features to the blockchain through updates and decentralized management.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.