{"id":185721,"date":"2021-04-01T03:42:35","date_gmt":"2021-04-01T02:42:35","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=185721"},"modified":"2021-04-01T03:42:35","modified_gmt":"2021-04-01T02:42:35","slug":"enjin-builds-nft-focused-blockchain-on-polkadot-dot","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/enjin-builds-nft-focused-blockchain-on-polkadot-dot\/","title":{"rendered":"Enjin builds NFT-focused blockchain on Polkadot (DOT)"},"content":{"rendered":"<p>As Ethereum\u2019s non-fungible token (NFT) mania is booming, blockchain development startup Enjin decided to take it one step further and launch a whole new decentralized network dedicated specifically to these crypto-collectibles, the firm <a href=\"https:\/\/enjin.io\/blog\/efinity\">announced<\/a> today.<\/p>\n<p>\u201cWe\u2019re creating a groundbreaking blockchain for NFTs, purpose-built to accelerate the advent of a globe-spanning, advanced digital asset economy,\u201d said Enjin CEO Maxim Blagov in the release.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">To write the next chapter of NFT history, we need a blockchain that not only solves the problems faced today, but opens new possibilities for the <a href=\"https:\/\/twitter.com\/hashtag\/NFTs?src=hash&ref_src=twsrc%5Etfw\">#NFTs<\/a> of tomorrow.<\/p>\n<p>?\ufe0f Introducing Efinity: a next-generation blockchain built for <a href=\"https:\/\/twitter.com\/hashtag\/NFTs?src=hash&ref_src=twsrc%5Etfw\">#NFTs<\/a> on <a href=\"https:\/\/twitter.com\/Polkadot?ref_src=twsrc%5Etfw\">@Polkadot<\/a> <a href=\"https:\/\/t.co\/IIjFPDVEqG\">https:\/\/t.co\/IIjFPDVEqG<\/a> <a href=\"https:\/\/t.co\/kwCGmjJw6u\">pic.twitter.com\/kwCGmjJw6u<\/a><\/p>\n<p>&mdash; Enjin (@enjin) <a href=\"https:\/\/twitter.com\/enjin\/status\/1377275046675283973?ref_src=twsrc%5Etfw\">March 31, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Dubbed Efinity, the blockchain is built as a parachain on the Polkadot (DOT) network and aims to solve serveral major issues that plague already existing projects. For starters, Efinity ditched the energy- and computationally-intensive proof-of-work consensus protocol (which Bitcoin\u2019s and Ethereum\u2019s blockchains are currently using) in favor of a proof-of-stake solution.<\/p>\n<p>Per the announcement, Polkadot\u2019s technology should also allow Efinity to achieve greater \u201cinteroperability, scalability, speed, security, privacy, and governance.\u201d<\/p>\n<blockquote><p>\u201cMinting NFTs on legacy networks is expensive\u2014financially and environmentally. Polkadot has been designed to solve these structural shortcomings, providing a platform for launching the kind of production-grade infrastructure Efinity represents for NFTs: cheaper for creators and cleaner for the climate,\u201d added Peter Mauric, head of public affairs at Parity Technologies.<\/p><\/blockquote>\n<h2>A &#8220;cross-chain token highway\u201d<\/h2>\n<p>At the same time, NFTs from any other blockchain can be moved to Efinity, creating \u201ca cross-chain token highway,\u201d the developers noted. Additionally, transaction fees are planned to be much lower than on Ethereum, for example, where they have been skyrocketing lately.<\/p>\n<p>Per the release, Efinity will be able to process up to 700-1,000 transactions per second on more\u2014versus 15 on Ethereum currently\u2014allowing for much faster transfers of assets.<\/p>\n<blockquote><p>\u201cNFTs should be for everyone. Building with Polkadot will enable us to deliver an accessible, scalable solution that empowers everyone to participate in the emerging NFT economy. With the end-user in mind, Efinity will provide a fun, simple, and accessible experience for all,\u201d added Enjin COO Caleb Applegate.<\/p><\/blockquote>\n<p>With the launch of Efinity, the company is also expanding the list of use cases for its Enjin Coin (ENJ). For example, the token holders will be able to stake it in Efinity\u2019s nodes to passively earn yields in the form of Efinity Token (EFI). The latter is the first-ever \u201cparatoken,\u201d according to Enjin, that will be compatible with the entire Polkadot and Kusama ecosystem.<\/p>\n<p>Efinity will also have a decentralized governance system where any user will be able to submit their proposals\u2014on which EFI holders will vote.<\/p>\n<blockquote><p>\u201cEfinity is the end result of a technological and ideological evolution that crystallized over the years, ever since we pioneered NFTs in 2017\u2014it's a next-gen blockchain, but it's also an idea, a movement, a vision of a future where digital worlds are free, decentralized, open, and accessible to everyone, everywhere,\u201d Blagov concluded.<\/p><\/blockquote>\n<p>Recently, <i>CryptoSlate <\/i>also explained how Polkadot's \u201cbridges\u201d allow various projects to <a href=\"https:\/\/cryptoslate.com\/how-polkadot-bridges-bring-cross-chain-functionality-to-the-35b-network\/\">bring cross-chain functionality<\/a> to the $35 billion network.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Ethereum\u2019s non-fungible token (NFT) mania is booming, blockchain development startup Enjin decided to take it one step further and launch a whole new decentralized network dedicated specifically to these crypto-collectibles, the firm announced today. \u201cWe\u2019re creating a groundbreaking blockchain for NFTs, purpose-built to accelerate the advent of a globe-spanning, advanced digital asset economy,\u201d said [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":185772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,76232,37],"tags":[67749],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Enjin builds NFT-focused blockchain on Polkadot (DOT)<\/title>\n<meta name=\"description\" content=\"Dubbed Efinity, the new blockchain aims to &quot;supercharge&quot; non-fungible tokens from any network.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/enjin-builds-nft-focused-blockchain-on-polkadot-dot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enjin builds NFT-focused blockchain on Polkadot (DOT)\" \/>\n<meta property=\"og:description\" content=\"Dubbed Efinity, the new blockchain aims to &quot;supercharge&quot; non-fungible tokens from any network.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/enjin-builds-nft-focused-blockchain-on-polkadot-dot\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-01T02:42:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/efinity.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/enjin-builds-nft-focused-blockchain-on-polkadot-dot\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/enjin-builds-nft-focused-blockchain-on-polkadot-dot\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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