Enjin Gradient Hero
Ecosystem
News
August 6, 2021

Ecosystem Vlog, Ep. 1: EFI Token, Paratoken Standard & More

Written by
Ecosystem Vlog, Ep. 1: EFI Token, Paratoken Standard & More
Discover the disruptive power of Efinity with the Enjin leadership team in Episode 1 of our Ecosystem Update video series.

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.

Efinity: Transforming NFTs

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.

EFI Is Live
We've partnered with OKEx, Blockchain.com, Crypto.com, and CoinList to release EFI.
Read More

To Efinity and Beyond

"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.

Ecosystem Vlog, Ep. 1: EFI Token, Paratoken Standard & More
Subscribe to Our Channel
Don't miss an update! Subscribe to our YouTube channel for the latest Enjin videos.
Subscribe
Thank you! Please check your email.
Oops! Something went wrong while submitting the form.

You might also enjoy

Impossible Standards: One Metaverse Group Is Chasing the Purest Form of Interoperability
News
September 23, 2022
Impossible Standards: One Metaverse Group Is Chasing the Purest Form of Interoperability
HapiFam Replaces Scratch Card Promos with NFTs in Cereal Boxes in Malaysia
Ecosystem
News
September 16, 2022
HapiFam Replaces Scratch Card Promos with NFTs in Cereal Boxes in Malaysia
The Enjin Room, Ep 22: Owning Your Mental Health Data ft. Qasim Armstrong
Ecosystem
September 15, 2022
The Enjin Room, Ep 22: Owning Your Mental Health Data ft. Qasim Armstrong
NFT Gaming is LIVE on Efinity With MyMetaverse’s Suite of Games
Ecosystem
News
September 14, 2022
NFT Gaming is LIVE on Efinity With MyMetaverse’s Suite of Games
Download the Enjin Wallet
Google Play Logo App Store Logo
Join the movement to decentralize the Metaverse
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.