See More

Enjin Releasing Utility Token for NFT Blockchain Platform

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Non-fungible token (NFT) development platform Enjin is releasing a native utility and governance token for its Efinity (EFI) blockchain.
  • Enjin had announced its purpose-built blockchain dedicated to NFTs, Efinity, in March.
  • Enjin also developing a new token standard called Paratokens.
  • promo

Non-fungible token (NFT) development platform Enjin is releasing a native utility and governance token (EFI) for its Efinity blockchain platform.

Upon release, EFI will be listed on OKEx, Blockchain.com, and CoinList, as well as decentralized exchanges (DEXs) like Uniswap and SushiSwap. The token supply will be capped at two billion.

Alongside an $18.9 million private sale, Enjin launched its purpose-built blockchain dedicated to NFTs, Efinity, on Polkadot in March.

Enjin and Efinity

Having been developed as a Polkadot parachain, Efinity will support NFTs from any network. According to the latest development updates, an internal alpha version of Efinity is synthetically testing at 120 million transactions per block with a block time of six seconds, but performance degradation is expected as Efinity moves towards beta.

Additionally, Efinity is not solely dedicated to processing smart contracts. It does this so it can initiate minting, transferring, burning, and trading of tokens at the base layer of its runtime logic. As a consequence, no heavy smart contracts, smart contract languages, or smart contract infrastructure is required to initiate token transactions on Efinity.

Holders of the EFI token will be able to vote on governance proposals and treasury grants through community governance. EFI will also be needed to process transactions, as well as minting, sending, and trading NFTs. It can also be used to move them across Efinity bridges onto neighboring blockchains. Eventually, Enjin Coin holders will be able to nominate the most efficient and stable nodes that run the blockchain. Winning nodes receive EFI rewards for their active participation. 

Meanwhile, Enjin is also developing a new token standard called Paratokens. These will be compatible with the entire Polkadot and Kusama ecosystem. Up to 40 million NFTs can be minted or transferred in a single transaction, due to optimized batch and storage operations. Finally, Enjin will also launch a REST API for interacting with Efinity. This will be compatible with the official Polkadot.JS wallet.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Nick.jpg
Nicholas Pongratz
Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage.
READ FULL BIO
Sponsored
Sponsored