Crypto

Enjin launches a utility token for its NFT blockchain platform

Enjin’s non-fungible token (NFT) development platform is launching its own Service and Governance (EFI) token for its Efinity blockchain platform.

Once released, the EFI will be listed on OKEx, Blockchain.com, and CoinList, as well as decentralized exchanges (DEX) such as Uniswap and SushiSwap. The provision of tokens will be limited to two billion.

Along with a $ 18.9 million private sale, Enjin launched its NFT-specific blockchain, Efinity, on Polkadot in March.

Engin and Effinity

Designed as a companion to Polkadot, Efinity will support NFT from any network. According to the latest development updates, the internal alpha version of Efinity is synthetically tested at 120 million transactions per block with a block time of six seconds, but performance degradation is expected as Infinity approaches beta.

In addition, Efinity is not only concerned with smart contracts. This is done in order to be able to initiate a strike, transfer, destruction and exchange of tokens at the base level of their execution logic. Hence, no cumbersome smart contract, smart contract language, or smart contract infrastructure is required to initiate token transactions on Efinity.

EFI token holders will be able to vote on governance proposals and treasury grants through community governance. EFI will also be required to process transactions and receive, send and trade NFTs. It can also be used to move them across Efinity bridges to neighboring blockchains. Eventually, holders of Enjin coins will be able to designate the most efficient and stable nodes to launch the blockchain. The winning nodes will receive an EFI reward for their active participation.

In the meantime, Enjin is also developing a new token standard called Paratokens. They will be compatible with the entire Polkadot and Kusama ecosystem. Up to 40 million NFTs can be created or transferred in a single transaction thanks to optimized batch and storage operations. Finally, Enjin will also launch a REST API to interact with Efinity. This will be compatible with the official Polkadot.JS wallet.

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