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, Enjin to develop a Blockchain network for NFT, Forex-News, Forex-News
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Enjin to develop a Blockchain network for NFT

6
, Enjin to develop a Blockchain network for NFT, Forex-News, Forex-News


, Enjin to develop a Blockchain network for NFT, Forex-News, Forex-News

Without a doubt, the creator of Microsoft’s NFT games, Enjin, is developing a Blockchain for non-fungible tokens (NFTs) in partnership with Polkadot.

This was stated by the company in a press release published by various media. In which he revealed that to support these plans he had carried out a private sale.

Enjin raises nearly $ 19 million

Accordingly, to build this new Blockchain project, Enjin raised $ 18.9 million in a pre-sale. With which the Enjin team will work on the development of the new platform on Polkadot, which will be recognized as Efinity.

, Enjin to develop a Blockchain network for NFT, Forex-News, Forex-News

In fact, the funding round included renowned Blockchain players. These included Crypto.com Capital, DFG Group, and Hashed.

Additionally, additional support came from Hypersphere, BlockTower, Blockchain.com Ventures, Fenbushi, Iconium, HashKey, Arrington XRP Capital, and DeFi Alliance, among others.

The Efinity Blockchain Platform

Efinity, as it is known, will be built on the Polkadot decentralized application network. Naturally, its goal is to be a place where users can host games, applications, and businesses.

, Enjin to develop a Blockchain network for NFT, Forex-News, Forex-News

The truth is that the network would be configured to process transactions every six seconds. This is hand in hand with a Proof of Stake consensus algorithm. Which can withstand around 1,000 operations per second.

«NFTs should be for everyone. Building with Polkadot will allow us to offer an accessible and scalable solution. Efinity will provide a fun, easy and accessible experience for everyone».

For his part, Maxim Blagov, CEO of Enjin, said: «With Efinity, we are providing the NFT industry with a specially designed Blockchain network. What the advent of an advanced economy that encompasses the entire world will create».

Similarly, Enjin COO Caleb Applegate said: “Efinity’s arrival on Polkadot is a natural step in the company’s plans. Since the properties of this Blockchain ecosystem are very attractive in terms of scalability and accessibility, key aspects for NFTs.».

According to Enjin CTO Witek Radomski: The first phase for the Efinity Blockchain platform is expected to launch later this year or early 2022».

Polkadot and his proposal for NFTs

Additionally, the Enjin team is working on a new standard for NFT tokens, which would be ERC-1155 called “Paratoken”.

To better understand it, it will function as a bridge for any expendable or non-expendable asset that wants to reach the Polkadot ecosystem.

In fact, Witek Radomski expressed: «The opening of liquidity through multiple Blockchains and use cases, will connect a wide ecosystem of creators, buyers and sellers».

Finally, the team published a whitepaper, detailing the new Efinity Token (EFI). Bidders in their NFT markets will receive EFI as a reward.

I retire with this phrase from Friedrich Nietzsche: «The maturity of the man is to have returned to find the seriousness with which he played when he was a child».





, Enjin to develop a Blockchain network for NFT, Forex-News, Forex-News

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, Enjin to develop a Blockchain network for NFT, Forex-News, Forex-News

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