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Short about: Efinity

What is Efinity?

Efinity is a next-generation Substrate-based blockchain for NFTs developed by Enjin company.

Enjin is the leading ecosystem for non-fungible tokens (NFTs), offering a comprehensive suite of products for creating, trading, distributing, and integrating NFTs into virtual worlds.

Enjin provides software that allows programmers to create and manage virtual commodities on the Ethereum network. It hopes to eliminate the expensive fees and fraud associated with the transfer of virtual in-game goods and collectibles by utilizing blockchain technology to manage in-game objects across many properties.

Enjin has launched software development kits (SDKs) that allow users to both generate and integrate digital assets on Ethereum into games and apps. It’s main products include: Wallet, Platform, Marketplace, Efinity and Jumpnet.

Efinity is a cross-chain token highway meant to enable a certain future, in which NFTs are as common and as simple to use as smartphones are now. Any NFT from any chain (for example, Ethereum) can be ported to Efinity and supercharged with next-generation capabilities.

With its Marketplace, Efinity intends to provide buyers and sellers with a comprehensive set of tools for creating and filling orders for any token. In addition, Efinity will become the world’s first trustless token marketplace, rewarding everyone who provides liquidity for NFTs.
NFT.io will be the name of Efinity’s primary NFT marketplace.

Efinity parachain and development plans

On the 30th of December 2021 Efinity managed to win the Polkadot parachain auction. The network will be onboarded as Polkadot parachain approximately in the March 2022.

Future Efinity development includes:

  • Working on the technology, running benchmarks, developing the Paratoken Standard.
  • Over 75 developers and partners have already committed to developing games and apps on Efinity;
  • Once Efinity is live, users will be able to transfer NFTs across parachains and other blockchains.
  • Version 2 of the Enjin Wallet. The team is already testing the app in alpha.
  • NFT.io is Efinity’s primary NFT marketplace which is also coming up, providing a cross-chain version of OpenSea — but broader. It’ll be for everything, from gaming to art NFTs and beyond.
  • Users will be able to stake ENJ to nominate Efinity collators (and earn EFI rewards for their efforts!), and use EFI for governance of the network

Tokens: EFI and ENJ

ENJ and EFI are designed to work in unison, each serving a core purpose within the Enjin NFT ecosystem:

ENJ: Used to infuse digital assets like NFTs. Every asset minted contains ENJ, giving it residual value, which can be retrieved through “melting” at any time.

EFI: As the first paratoken on the Efinity network, EFI is designed to pay for transaction fees and facilitate liquidity, community rewards, and governance.

https://enjin.io/blog/efinity

Efinity is creating a new token standard known as Paratoken that will be compatible with the whole Polkadot and Kusama ecosystems.

Efinity Token (EFI) will be the first paratoken ever created. It will be used to pay transaction fees, vote in governance events, and maintain the liquidity of fungible and non-fungible tokens on the network, with a total supply of two billion.

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

Enjin Coin (ENJ) is the original utility token for minting and infusion that was released to the Ethereum community in 2017. ENJ (including NFTs containing ENJ) will be used for infusion and nomination of collators on Efinity.

By being an integral part of the Efinity network, ENJ is receiving significant additional utility and importance. Enjin Coin can be moved between Ethereum and Efinity using our cross-chain bridge.

EFI Token Distribution

Total Supply: 2 billion EFI tokens

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