Efinity Token EFIPrice $ 0.0992

Enjin pioneered the non-fungible token (NFT) industry in 2017, authoring the advanced ERC-1155 token standard and launching the first NFT creation platform. Enjin is the team behind Efinity, a cross-chain NFT network powered by the Efinity Token (EFI) and built on Polkadot. Efinity is environmentally friendly, scalable, and built to enable a future where NFTs are as widespread and easy to use as smartphones today.

Features & Technology

Built on Polkadot

• Enjin is working with Parity Technologies to develop Efinity as a Polkadot parachain. Using Relay Chain validators for consensus allows Efinity to have an independent economic framework, data, and state.

Governance

• The Efinity parachain uses decentralized governance such that anyone may submit a proposal, and EFI holders have the opportunity to vote on proposals and referendums to steer the future of the network.

Fuel Tanks

• Fuel Tanks are special discrete accounts used purely for transaction fees, enabling companies to subsidize costs for their customers by depositing EFI tokens to a Fuel Tank they control.

Multisig Transactions

• Multiple signatures allow for multi-transfers, trades, minting, and crafting where more than one wallet or token is involved in the transaction.

Crafting

• Crafting allows existing tokens to be modified, or new tokens to be created by using a Recipe. The system is useful for gamifying collectibles with minimal effort.

Cross-Chain Bridge

• Tokens created on other chains (for example, ERC-20, ERC-721, and ERC-1155 on Ethereum) can be imported to Efinity using a bridge.

Marketplace

• Efinity will provide buyers and sellers with a robust suite of tools for creating and filling orders for any token. Tokens don’t need to be listed for sale (or even exist on the network) to receive a bid.

Discrete Accounts

• Discrete Accounts are unique addresses that do not have an associated private key. They can be used to create specialized accounts—for example, used by a company’s stakeholders to securely manage its assets.

Efinity Swap

• Efinity Swap is an automated conversion function to swap between Paratokens. By allowing conversion of Paratokens into other Paratokens, existing Bid and Ask Orders involving other Paratokens can be completed.

Use Cases

Efinity is a core pillar of Enjin's multi-chain ecosystem, alongside JumpNet and Ethereum.

Two-way bridges between JumpNet, Ethereum, and Efinity will enable individuals and businesses to create NFTs that can easily move across different chains, taking advantage of each network's unique benefits and features.

Efinity is built to radically redefine what NFTs are, what they can do, and how individuals and companies can use them.

Businesses

• Businesses and enterprises of all sizes, including leading global brands such as Microsoft and Binance, are using Enjin’s NFT ecosystem to engage and grow their audiences

Developers

• Over 50 game and app developers are using Enjin to create and integrate NFTs in innovative ways, from open-world RPGs to augmented reality and sci-fi fantasy adventures

Key Highlights

Designed for Simplicity

• Fees on Efinity are designed to stay in the background. End-users don't even need a blockchain wallet. Transactions are confirmed in 6 seconds, which permits the fast response times needed for mainstream applications.

Rewards for Everyone

• Unlike Bitcoin or Ethereum, Efinity rewards network participants—not miners. Everyone from NFT creators and traders, to developers and early adopters is rewarded with the EFI token, fueling Efinity's growth and development.

A Network for Every NFT

• Efinity is built on Polkadot, allowing any NFT from any chain to be moved to the network, supercharging it with next-gen features, low fees, and fast transaction times. Efinity will enable NFTs to be utilized by virtually any industry, unlocking trillions of dollars in currently illiquid and unique real-world and digital assets.