Enjin's COO Caleb Applegate, together with co-CTOs Witek Radomski and Lukasz Orlowski, recently shared some exciting insights about Efinity and the newly launched Efinity Token (EFI).
Read on for the highlights and recap.
With our very first vlog in this series, we are excited to share technical updates about our upcoming NFT blockchain Efinity, and the public release of its native EFI token, which took place on August 4 alongside partners OKEx, Blockchain.com, Crypto.com, and CoinList.
EFI will power the entire Efinity network, a project our developers have been laser-focused on since its introduction earlier this year.
Core to the Polkadot-based Efinity parachain is the Paratoken Standard—a new token standard that will be interoperable with the entire Polkadot and Kusama ecosystem. Our devs have been hard at work actuating this standard, which is now 75% complete.
Paratokens will enable inter-chain NFTs and large batch transactions and minting with some astounding figures: in its internal alpha tests, Efinity is currently processing 120 million tokens in one transaction, with batches of 12,000 transactions.
"Not too shabby, right?"
While these figures are subject to vary slightly at launch, minting tens of millions of NFTs on Efinity will ultimately cost you nothing more than a few cents.
"You don't need to put a mortgage on your car when you want to send a batch of NFTs anymore. That's fantastic."
Internally, the core functionality of Efinity is running on-chain, which can do practically anything with tokens: from minting to burning and transferring seamlessly.
Next comes the fun part, where we layer on the extra functionality and focus on the system's economics. In the near future, we hope to introduce a web app that connects to Efinity and demos interactions like token minting.
"This is what people need to make games possible, to make businesses possible, to really use NFTs the way they were meant to be used."
Our vision for Efinity is not only to make NFTs accessible and usable through affordable, fast transactions, but to forever change what NFTs are, what they can do, and how people interact with them.
While existing networks like Ethereum have been the catalyst for creating innovative, improved tokenization platforms, its users have been subject to sky-high fees, restrictive smart contracts, and complicated platforms.
The result is a market that is increasingly challenging for the everyday user to enter, while crypto die-hards, tech-savvy developers, and people with the means to collect expensive digital assets benefit.
The space needs a solution that can deliver a modern, fun, mainstream experience that everyone can enjoy—and we're here to deliver it.
Stay tuned for Episode 2 as we continue the conversation.