AltcoinBuzz introduces the latest and greatest projects weekly and proudly presents its first “Coin of the Week”. This week it runs on Enjin and can leave skid marks if you see last year’s prize – Efinity!
Today we present the Efinity (EFI) coin and the project developed by Enjin. Here we explain why we are so excited about Efinity, the risks, the composition of the team and everything else.
Why are we so excited about Efinity?
Efinity managed to sell $20 million worth of tokens in just under 3 hours. In a market that trades sideways, this achievement is truly remarkable and makes Efinity a force to be reckoned with.
We shouldn’t be really surprised though, as Efinity was developed by Enjin, the pioneers of the NFT industry in 2017, and authors of ERC-1155 (the pioneering NFT token standard). As such, it’s important to understand Enjin – one of the first NFT creation platforms – before we start talking about Efinity. Traden with tradingview is possible online.
In the summer of 2018, Enjin officially launched its Enjin platform on the Ethereum mainnet. As a free platform-as-a-service, Enjin allows other game developers to issue fungible and non-fungible assets as in-game Ethereum tokens. Since then, Enjin has evolved as a complete ecosystem for NFT tools designed to facilitate the creation, distribution, storage and integration of both fungible and non-fungible blockchain assets.
Enjin’s integrated blockchain ecosystem consists of:
The platform provides the tools and solutions developers (and businesses) need to tokenize digital assets and integrate them into software.
As a result of all that, more than 20 million gamers worldwide, 40 game developers and companies use the Enjin Platform to issue NFTs, including Microsoft, Minecraft servers and games for PlayStation, PC, iOS and Android. Enjin’s technology is also used by companies like BMW and Samsung (Samsung Blockchain wallets support ENJ and Enjin Coin token swap in their new BMW Vantage app).
There’s even Enjin’s achievement timeline that is open to anyone to learn more about what they’ve accomplished.
In fact, Enjin Coin’s credibility is so high that it has jumped Japan’s strict regulatory hurdles to become the first gaming cryptocurrency to be whitelisted for use in the nation.
But there is a small problem. Enjin has yet to have a blockbuster game on board, that great app that would push ENJ’s utility into the traditional game world. The problem Enjin faces is quite common in the NFT space – it lacks interoperability and transaction speeds are painfully slow. Enjin coin has risen.
We are confident that Efinity can address these issues.
In a nutshell, Efinity allows for interoperability with multiple other chains such as DeFi chains and NFTs. However, Efinity’s value proposition goes beyond gaming in the Polkadot ecosystem. Efinity will provide the infrastructure that could open NFTs to mass adoption and Enjin would be the epicenter for this massive change in space. Let’s start right away by evaluating Efinity, what its value proposition is, how it will disrupt the NFT space and if there are any real risks involved.
It’s time to think differently and that’s what Enjin’s Efinity is trying to do. Enjin is building – in collaboration with the web3 foundation – Efinity on Polkadot. Efinity is a next-generation blockchain being developed as a parachain on Polkadot.
Capable of processing up to 700-1,000 transactions per second (TPS), Efinity is a vast improvement over NFTs traded on the Ethereum network, which currently bottlenecks around 15 TPS. Each Efinity trade is confirmed in 6 seconds, making NFT trades suitable for regular applications.