Enjin is evolving into a multi-chain ecosystem for NFTs.
We are pleased to reveal new information about our upcoming scaling technology stack, which will feature 2 solutions to remove gas and support fungible and non-fungible tokens (NFTs) from any blockchain:
Two-way bridges between Ethereum, JumpNet, Efinity, and third-party chains will enable users to easily mint and port tokens onto multiple networks without worrying about high gas fees.
Since its inception in 2017 and the creation of the ERC-1155 token standard by Enjin CTO Witek Radomski, Enjin has grown into the most robust app ecosystem in the blockchain space.
This is in large part thanks to the inventive community of developers, businesses, and entrepreneurs using our tech to mint over 2.15 billion ERC-1155 assets and integrate them into their apps, games, and projects.
Over 8,700 creators have adopted our tools to create next-generation blockchain assets, many of which are working on Enjin-powered integrations across platforms such as mobile, PC, PlayStation, and Minecraft.
From brands like Microsoft to indie game developers, one common obstacle has been faced by each of these bold innovators over the last year: Ethereum gas costs.
While the Ethereum ecosystem has faced persistent challenges related to congestion and fees, we believe technical limitations inspire innovation—and innovation leads to opportunity.
In this case, it's an opportunity to expand and adapt our solutions to meet the needs of users and creators across the wider blockchain market.
Today, we are pleased to share new information about Efinity, our upcoming scaling solution for NFTs, and introduce an integral piece of our scaling tech stack: JumpNet.
Over the last year, we've seen vibrant, valuable NFT ecosystems pop up across various chains. This surge in growth has made the next stage in the evolution of our ecosystem clear: multi-chain interoperability.
Our goal is to help innovators across industries reach users across the ever-growing list of decentralized networks.
Therefore, we have expanded Efinity's scope to support tokens from any blockchain network, both existing and upcoming.
A decentralized blockchain, Efinity will enable users, developers, and enterprises to harness NFTs and next-generation token features with zero friction.
As an open cross-chain solution, Efinity will address the problem of increasing market fragmentation head on—lowering the barriers to entry, simplifying the user experience, and putting Enjin at the center of encouraging mass adoption of tokenization.
Efinity is designed to allow any wallet, marketplace, or exchange to adopt multiple blockchains, and enable users to create and port tokens onto multiple chains—without worrying about high gas fees.
While we're not ready to discuss all of Efinity's features in detail just yet, we are very excited to unveil JumpNet, a core piece of our scaling tech stack launching next month.
JumpNet is a private version of the Ethereum blockchain with a Proof of Authority (PoA) method of consensus, enabling instant, secure, and gasless on-chain transactions.
As JumpNet adoption increases and adopters provide feedback, we have the option of partnering with trusted companies to expand the number of nodes, allowing us to distribute network trust across reputable brands.
In its first iteration, JumpNet will launch with all of the core mechanics necessary for a great blockchain experience:
This is the experience everyone expects from software products in the year 2021.
Thanks to this new multi-chain approach, our ecosystem will offer users robust decentralization via Efinity and Ethereum, while using JumpNet to provide industry-leading UX with forever free and instant transactions.
Building the JumpNet Bridge MVP as a one-way Enjin Coin (ENJ) bridge from Ethereum to JumpNet has enabled a fast release, unlocking the ecosystem's ability to mint, manage, distribute, and trade tokens with ease.
Initially, ENJ will be the only currency needed on JumpNet. You will be able to move your ENJ from Ethereum to JumpNet via our bridging smart contract, then use that ENJ to mint and trade NFTs.
Future updates will see the launch of permanent two-way ERC-1155 and ENJ bridges between JumpNet, Ethereum, and Efinity.
This means users will be able to move their assets across networks with the push of a button in their Enjin Wallet.
At Enjin, we have a growing number of developers and enterprises relying on us to help them create sustainable businesses—a responsibility we take very seriously.
Many of their apps are free-to-play, which is why they need a scaling solution that will be forever free, too.
As gas costs rise and fall, these hardworking entrepreneurs will always be able to send free JumpNet transactions, and their users will always be able to receive their items instantly.
Integrated with all of our existing products, the JumpNet user experience is seamless:
Future releases, including NFT.io and our enterprise token platform, will also seamlessly integrate JumpNet and Efinity—making our growing product offering more accessible and usable than ever before.
With the launch of JumpNet, the wait will soon be over. On April 6, the Enjin Ecosystem will truly be ready to tokenize the world.
In January, we announced the approval of Enjin Coin (ENJ) by the Japanese Virtual Currency Exchange Association (JVCEA), a self-regulatory organization formally recognized by the Japanese Financial Services Agency (FSA).
Following this approval, ENJ was listed on Coincheck, making it one of just 15 select assets available for trading on one of Japan's largest exchanges—and bringing an approved specialized gaming token to developers across the Japanese market.
Today marks another important step forward in this journey, as ENJ is now listed on GMO Coin—the second Japanese exchange to support Enjin Coin since its approval by JVCEA.
A testament to both our token fundamentals and ecosystem, passing JVCEA's stringent due diligence process has instilled trust in our ecosystem in Japan and beyond, bringing new opportunities for collaboration, adoption, and tokenization across industries.
From launching Japan's first charity NFT campaign with Miss Bitcoin, to exploring opportunities for harnessing tokenized assets in the world of dancing with Snap Boogie, we look forward to working with innovators to create next-generation digital experiences in everything from gaming to enterprise and beyond.