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Efinity Token

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Project Brief

To find out even more about this project, check out our deep dive of Efinity.

What Is Efinity Token (EFI)?

Efinity is a cross-chain NFT platform developed by Enjin and built on Polkadot. Efinity was created as the next generation blockchain for digital assets with the aim of adapting to the challenges of the world of non-fungible tokens (NFTs), according to the project.

The main specialization of the Efinity project is the NFT space. With the protocol, traders and gamers can create, distribute, transfer, sell and buy NFTs. Efinity aims to remove barriers to entry into the NFT space/decentralized gaming, and to simplify user experience and digital asset governance.

Efinity Token powers the entire Efinity ecosystem, EFI aims to prioritize the generation, transfer and purchase of tokens using an inter-chain infrastructure of protocols resulting in lower transaction fees. As for incentives, rewards on PoW blockchains with NFT functionality go to miners who create/trade tokens, thereby forming a community.

One of the long-term goals of Efinity is to become a hub for both fungible and non-fungible tokens, accepting tokens from any other chain, facilitating the pricing and exchange of NFTs, increasing transaction volume, and creating network effects.

In December 2021, the project won the Polkadot parachain auction, and in March 2022, Enjin launched their flagship parachain Efinity on the Polkadot Relay Chain β€” a blockchain platform that provides a decentralized parachain network where people havecontrol over their data and identity.

Who Are the Founders of Efinity Token?

Efinity was developed by the Enjin team, and Maxim Blagov (CEO) and Witek Radomski (CTO) are co-founders of the company.

Maxim Blagov graduated with a degree in computer science from the University of Technology Sydney (UTS). He’s an expert in concept development and strategizing for interactive apps in the video game industry, with extensive experience in UX/UI design. In 2009, Blagov teamed up with Witek Radomski to launch Enjin, devoting 14 years to developing the ecosystem.

As for Witek Radomski, he’s also one of the first members of the Enjin team who spearheaded the integration of Enjin Coin (ENJ). Radomski has 13 years of experience and is known as the creator of the ERC-1155 token standard.

And another player is Caleb Applegate, COO at Enjin and former COO of Mineplex, which was a global Minecraft gaming service from 2013 to 2023.

In 2019, Enjin signed a partnership with Microsoft, and in 2021 enlisted the support of investors like Hashed, Capital, Digital Finance Group, DeFi Alliance and Hypersphere.

What Makes Efinity Token Unique?

Efinity (EFI) is endowed with a number of unique features that distinguish the project from competitive blockchain platforms, for instance: fast transactions and low fees, the use of so-called fuel tanks, support for contracts with multiple signatures and the implementation of Efinity Swap technology.

Key advantages of Efinity:

Fuel tanks. A feature that allows users to engage with Efinity without bearing transaction costs. Essentially, it is a collective pool of tokens utilized by various accounts (wallets) for conducting transactions on Efinity.

Fast transactions and low fees. Efinity (EFI) is capable of processing 700 to 1000 transactions per second. The transaction confirmation speed is 6 seconds and does not require the end user to have a blockchain wallet. The speed of the process ensures prompt response times.

Efinity Swap. The technology improves the efficiency of the paratoken exchange process. How does it work: the automatic conversion mechanism allows the upgrading of one paratoken to another for various purposes, greatly simplifying the swaps that are available through buy / sell orders.

The global mission of the Efinity project is to shape the crypto future, where NFTs will become something familiar and integral for any user, where rewards go not only to miners, but to all network participants: developers, traders, ordinary token holders, where all transactions proceed fast and with low fees.

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