The Efinity cryptocurrency is part of a cross-chain NFT network powered by Efinity Token (EFI) and built on Polkadot.
Efinity is easy to use, extensible and built to create a future where NFT is as ubiquitous and easy to use as smartphones are today. Efinity is built by Enjin, the Enjin company aims to develop a comprehensive ecosystem of user-oriented products that anyone can use to easily grow, trade, earn money and trade with blockchain and NFT.
What is Efinity (EFI)?
Efinity is the world’s first cross-chain NFT platform. It is an eco-friendly, scalable and fast blockchain solution developed by Enjin. The system essentially defines itself as a cross-chain platform to suit the problems imposed on the world of NFTs. The technology used in the system goes beyond just being applied to regular blockchain systems, its use case can also encompass the creation of games, companies, applications and virtually every part of the technology industry integrated and allows these systems to create their systems not fungible. tokens that can be deployed on publicly accessible marketplaces.
On a large scale, the Efinity ecosystem allows its users and developers to shop, sell and also distribute NFT items. The team behind its creation also promotes its use as a parachain created specifically to serve the world of NFTs that are developed on the Polkadot Relay Chain. Due to its nature being also a blockchain, the platform has independent economic data, state and structure. The platform also provides a path where individuals who are new to the Polkadot ecosystem or even NFTs can learn about its uses.
The Efinity network, according to its website, will become the world’s first trustless token marketplace that allows users to earn rewards for providing liquidity to NFTs. This will further provide a space where users can earn passive income by placing bids on NFTs, regardless of whether they are listed for sale or even exist on the network. The platform claims that they are not only trying to create a better blockchain for the vast use cases of cryptocurrencies, but also improve existing platforms, adding some advantages.
Who are the founders of Efinity (EFI)?
The Efinity platform was co-established by a pair of professionals with several years of experience between them and degrees. They are Maxim Blagov and Witek Radomski.
Blagov is a graduate of the University of Technology Sydney. After earning his degree, he moved on to establish the Enjin platform, where he devoted 14 years of his life to developing the platform and established the Efinity platform as a subset of its ecosystem. Radomski, on the other hand, also holds a degree in a similar field. Upon completion of his education, he joined Blagov in developing the Efinity platform. So far, Radomski has devoted more than 13 years of his life to developing the platform. He also serves as the current CTO of the network.
Caleb Applegate is also part of the entire ecosystem as he serves as COO of the platform. Before becoming part of the Efinity platform, he was a film producer, consultant and former COO of the Minplex platform, one of the largest Minecraft game servers in the world.
How does Efinity (EFI) work – ?
Efinity Token and the platform were created for transaction charges, premiums and liquidity purposes. In addition, the token also serves the purpose of governance on the platform, allowing network participants who hold the EFI token to vote on the platform and drive it to the next phase of development. Transactions on the platform are managed through a series of parachain nodes, and then the system assigns EFI tokens to its users. The main idea behind the creation of the Efinity network is to act as a bridge to connect the world of NFTs to other core parts of the cryptocurrency. Unlike most other platforms with similar development mechanisms, it does not serve as a general-purpose calculation blockchain; instead, the network is more focused on creating, transferring, and purchasing tokens.
The Efinity platform aims to provide its users with a strong set of tools to enable the development and reservation of any type of token. This feature is also intended to promote the use of third-party applications using Efinity to transport NFTs to other blockchains as well as NFT marketplaces. however, with the platform there is the possibility of network charges, market fees, cross-chain bridging prices, and smart contract payments which in turn will be moved into yield and allow users to still earn EFI tokens from staking. Furthermore, the feature also allows users to choose the most suitable cluster nodes that will drive the Efinity blockchain.
The EFI token also has some level of value and can be exchanged with other peers, some of which may include AAVE.
What makes Efinity (EFI) different?
The Efinity platform has several unique features that set it apart from most other blockchain platforms available. For starters, the platform features significantly low fees. In addition, the platform also has state-of-the-art technology that enables all its features, including its cross-chain functionality, which is its Parachain function.
When the Polkadot platform was launched in 2016 as a wed3-enabled system, it changed the world of blockchain technology as a whole. The same protocol used in its blockchain is applied to the Efinity system allowing it to run.
- Relay Chain: The main part of the Polkadot system is its responsibility for distributed network security, agreement and interoperability between chains.
- Parachains: Major networks that use transfer chain calculation sources to verify that transactions are secure and reliable.
Efinity is a form of parachain that makes use of Polkadot Relay Chain validators. This allows Efinity to stand as a standalone financial framework on its own, and this affects your data and environment. Currently, the Efinity platform is trying to solve existing blockchain issues such as interoperability, scalability, agility, security, isolation, and more.
Efinity highlights
Transaction
Each transaction sent to the network must include one or more signatures of a valid key pair. Multiple signatures allow multi-transfer, transaction, tokenization and creation when more than one wallet or token is involved in the transaction. With discrete accounts, more than one signature may be required to control the account. In governance, multiple owners of a discrete account can collectively approve a vote.
Downloads
Paratoken transfer functionality can be simple or complex, including the ability to include multiple senders and recipients. To make a transaction, two or more accounts can confirm a transfer.
Transaction Fee Delegation
A transaction may include the fee payer signing, allowing someone else to sign the fee payer before issuance. Transaction Fee Reduction Mechanism This is extremely beneficial for companies and creators who want to subsidize transaction costs for their users.
discreet accounts
Discrete accounts are unique addresses that can be created and operated on the parachain. They do not have an associated private key. Discrete Accounts on Efinity The Discrete Accounts address can be used in any transaction as long as the transaction is also signed by a wallet authorized to use Discrete Accounts. Discrete accounts can be configured with various permissions and roles:
- Owner
- Administrators
- Algorithm can be defined
- Operators
- Can register to trade
More than one signature may be required per function if multiple characters are to be protected; For example, these accounts can be used by company stakeholders to securely manage company assets.
fuel tanks
Fuel tanks are special separate accounts used exclusively for trading fees. Developers can choose to subsidize costs for their customers by depositing EFI tokens into the fuel tanks they manage. EFI tokens deposited in fuel tanks cannot be withdrawn. Fuel tanks can whitelist tokens, tokens, transaction types or specific users who will be allowed to use it.
The identification of fuel tanks can be assigned in any transaction. Selected fuel tanks will cover transaction costs if your requirements are met. Any remaining costs will be paid by the Fee Payer. Fuel tanks can be configured with owners, administrators and operators who can mine them to pay transaction fees. Fuel Tanks has scope integration to refine your terms for specific operators, tokens, durations, and value limits.
building
Crafting allows you to modify or create new tokens using your own formula. Crafting is a signed message created entirely off-chain. Anyone with a copy of Crafting will be able to do so on Efinity. It is easy to manage to exchange many “generic” tokens for a rare token, and some simple game mechanics can be configured. A Crafting can claim ownership of certain tokens and can be encrypted to perform various actions: mint, burn, sniff, or transfer. Crafting creators can limit the number of times a recipe can be used or even directly blacklist the Crafting ID.
Tag
Tags can be used to group related tokens together (eg include transaction fees for a game’s entire token collection).
Efinity Exchange
Efinity Swap is an automatic conversion function that makes it even easier to exchange Paratokens, allowing you to automatically convert Paratokens into other Paratokens without difficulty. Existing buy and sell orders are used to facilitate these exchanges. Tokens that meet the minimum bid and request limits are chain-enabled for these automated exchanges.
Partner
Efinity is built by Enjin, a blockchain technology company at the forefront of the NFT space. Founded in 2009, Enjin first launched a gaming community platform called Enjin Network and has grown to over 20 million users over the course of a decade with several key partners.
EFI Token
Efinity Token has a total supply of 2.000.000.000 EFI Coins and from this amount the system has a circulating supply of 169.857.481 EFI Coins.
Shortly before the token total was released to the general public, the platform had its own private sale round that managed to raise amounts totaling $18,9 million and including $3 million from the Seed Round, with $8,4, 7,5 million additional from the Initial Round and $XNUMX million remaining for the Strategic Round. The system has a few other notable investors weighing in its main product token and some of them include Hashed, Hypersphere, Crypto.com and Defi Alliance among others.
EFI token functions
- Transaction Fee: Used as a transaction fee on the network.
- Network Fees: Any order placed will deduct the 2,5% fee allocated to the pools.
- Developer Fees: Developers using NFT can place an optional fee on market orders (2,5% recommended). This can be set to a maximum rate of 25%.
- Governance: Participation in the governance process can give users the opportunity to earn a small discount on their votes in EFI tokens to encourage community participation.
- Marketplace Orders: An order placement account is required to stake the required amount of tokens for your biggest order. This staking mechanism allows other users to complete transactions using existing purchase orders and facilitates the development of third-party applications for the NFT exchange.
- Create an account: Create an on-chain account by paying transaction fees or by betting on EFI tokens.
- Fuel Tanks: EFI can be staked on fuel tanks for a fixed period of time. When betting, users have the opportunity to reduce fees for all transactions.
- JumpNet: Users who have EFI tokens on Enjin’s JumpNet will be able to trade for free.
Is the Efinity Network (EFI) secure?
The Efinity platform was created under Ethereum’s ERC-20 specifications and therefore follows the same security protocol as the Ethereum blockchain as a whole.
The network has m nodes that have the primary responsibility to protect the platform from any form of malicious activity and can do this through its dedicated proof-of-stake consensus algorithm. The system follows a procedure where nodes are required to validate transactions before they are added to the blockchain and also, nodes with the highest stakes have more voice on the platform, thus ensuring that it is secure because their tokens are tied to their security.
Final Words
Efinity is a project built by the Enjin project team, one of the leading projects in the cryptocurrency market in terms of NFT. Enfinity was created to overcome the dilemmas that held back the growth of NFT on Ethereum.
