Efinity: Infrastructure for all metaverses on Polkadot

The story behind Efinity: look for Enjin behind everything

It all began with Enjin

Enjin is the first NFT platform ever built on Ethereum. Enjin was founded in 2009 by Maxim Blagov and Witek Radomski. Since 2017, it's a platform with a special orientation — non-fungible tokens (NFTs). Witek Radomski developed Etehereum’s ERC-1155 token standard in 2018 and he with his team is developing a new token standard for Polkadot as you will see later on.

  • ERC-20: fungible token standard, the most common one (examples: DAI, BAT, LINK)
  • ERC-721: non-fungible token standard (for example CryptoKitties)
  • ERC-777: it has some advanced features to interact with tokens over ERC-20 like rejecting tokens from blacklisted addresses or sending tokens on behalf of different address
  • ERC-1155: standard for smart contracts that manage multiple token types at once (like ERC-20 or ERC-721), so it's ideal for gaming NFTs such as in-game items due to savings on gas fees because it mixes many different tokens into a single contract.
ERC-1155 standard, source

Why Efinity? The future is multichain!

But with onboarding so many new games and users, blockchain game developers have encountered some difficulties. Ethereum is too inflexible to build large mainstream games, it has issues with high fees and transaction throughput. So here comes a moment why the Enjin team decided to create a sister chain by using the Substate framework on Polkadot.

  • estimated 700–1000 TPS
  • supporting up to 120 million token mints per block
  • transaction batching
  • transactions confirmation within 6 seconds
  • minting and creating millions of NFTs for pennies
  • full integration with the Enjin ecosystem including the Enjin Wallet, Enjin Platform and NFT.io marketplace

From Jumpnet into Polkadot’s Parachain

Ethereum-Jumpnet-Efinity, source

Earning EFI

Staking Enjin Coin on Efinity

At the launch of Efinity, you will be able to stake Enjin Coin into nodes/collators. For that staked ENJ, you will receive a native token of Efinity called EFI. For staking, 15% of the total supply of EFI is reserved to be distributed out over 8–10 years.

Enjin Coin staking, source

themStaking NFTs

In Enjin, you can inject ENJ tokens into an NFT and with that, you added the value of that NFT. Knowing that, by owning an NFT that has injected ENJ, you can also stake those NFTs, that are automatically delegated to some collator and for that, you receive EFI tokens as well.

Placing bids on NFTs

There are thousands upon millions of NFTs all over the crypto space. But how anyone can get oriented in their price valuation of them? Do they all worth millions or thousands, or just a few dollars? How does anyone know besides their past prices that they were sold or swapped?

Efinity: the parachain on Polkadot

Efinity secured the 6th auction slot on Polkadot by raising 7,69 mil. DOT in the crowdloan from 8 607 contributors. That is a huge support from the community for the first NFT parachain on Polkadot!

NFT.io marketplace

Eggs of Entropia NFTs on NFT.io

Fuel tanks

Fuel tanks and discrete accounts will enable easy and almost no-barrier on-boarding for non-crypto users. Those who don't even want to install a crypto wallet or a plug-in into their game. The biggest adoption level comes from the people who use blockchain and doesn’t even know about it because they are exempted from paying transaction fees.

100 million fund from Enjin

Enjin announced their $100 mil. fund for developers to incentivize them for building the Metaverse on Efinity. It will support a wide variety of use-cases, so any game developer, NFT creator, or collector can apply for the fund.

Paratoken standard

Efinity is developing a new token standard called Paratoken. That is going to be interoperable with any parachain on Polkadot and Kusama, as well as with other blockchains. So many different kinds of parachains can start building their own paratokens.

Paratoken minting, source

EFI: the first paratoken on Polkadot

EFI is the native token of Efinity and the first demonstration of paratoken on Polkadot.

  • transaction fees,
  • marketplace fees,
  • staking,
  • governance.

Conclusion

Gamers just wanna play games, they don't want to be disturbed by any kind of blockchain tech. They don't want to claim cryptocurrencies, or wallets or be worried about security because they just simply want to spend their time with the game. And above all, they definitely don't wanna pay 10$ fees for transactions, they just want to have the most pleasant user experience without any disturbance.

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Polkadotters | Kusama & Polkadot validators

Polkadotters | Kusama & Polkadot validators

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Czech bloggers & community builders. We are validators of Polkadot, Kusama, Darwinia, Crab, Bifrost, HydraDX, StaFi, Centrifuge under the name: POLKADOTTERS