Posts related to "Efinity Token"
Ooops...
Sorry this tag is empty, why not try something else
Information about "Efinity Token"
What Is Efinity Token (EFI)?
Efinity is a cross-chain NFT platform developed by Enjin and constructed on Polkadot. According to the project, Efinity was designed as a next-generation blockchain for digital assets, aimed at addressing the unique challenges faced in the realm of non-fungible tokens (NFTs).
Focusing primarily on the NFT sector, Efinity enables traders and gamers to create, distribute, transfer, sell, and purchase NFTs. Its goal is to lower entry barriers in the NFT space and decentralized gaming, while streamlining user experiences and digital asset management.
The Efinity Token underpins the entire Efinity ecosystem. EFI focuses on seamless generation, transfer, and acquisition of tokens via an inter-chain protocol infrastructure that reduces transaction fees. In PoW blockchains with NFT capabilities, miners receive rewards for creating and trading tokens, fostering a robust community.
Efinity's long-term vision is to emerge as a central hub for both fungible and non-fungible tokens, welcoming tokens from any blockchain. It aims to facilitate NFT pricing and exchange, boost transaction volume, and generate network effects.
In December 2021, the project secured a win in the Polkadot parachain auction. By March 2022, Enjin had launched their main parachain, Efinity, on the Polkadot Relay Chain—a decentralized platform allowing users control over their data and identity.
Focusing primarily on the NFT sector, Efinity enables traders and gamers to create, distribute, transfer, sell, and purchase NFTs. Its goal is to lower entry barriers in the NFT space and decentralized gaming, while streamlining user experiences and digital asset management.
The Efinity Token underpins the entire Efinity ecosystem. EFI focuses on seamless generation, transfer, and acquisition of tokens via an inter-chain protocol infrastructure that reduces transaction fees. In PoW blockchains with NFT capabilities, miners receive rewards for creating and trading tokens, fostering a robust community.
Efinity's long-term vision is to emerge as a central hub for both fungible and non-fungible tokens, welcoming tokens from any blockchain. It aims to facilitate NFT pricing and exchange, boost transaction volume, and generate network effects.
In December 2021, the project secured a win in the Polkadot parachain auction. By March 2022, Enjin had launched their main parachain, Efinity, on the Polkadot Relay Chain—a decentralized platform allowing users control over their data and identity.
Who Are the Founders of Efinity Token?
Efinity was created by the Enjin team, with Maxim Blagov serving as CEO and Witek Radomski as CTO, who are both co-founders.
Maxim Blagov is a computer science graduate from the University of Technology Sydney (UTS). He possesses significant expertise in concept creation and strategic planning for interactive applications within the video game industry, with a strong background in UX/UI design. In 2009, Blagov joined forces with Witek Radomski to establish Enjin, dedicating 14 years to the ecosystem's development.
Witek Radomski, another early member of the Enjin team, led the integration of Enjin Coin (ENJ). With 13 years of experience, he is recognized as the innovator behind the ERC-1155 token standard.
Caleb Applegate also plays a vital role as COO at Enjin, previously holding the COO position at Mineplex, a global Minecraft gaming service from 2013 to 2023.
In 2019, Enjin entered into a partnership with Microsoft, and by 2021 had gained the backing of investors like Hashed, Crypto.com Capital, Digital Finance Group, DeFi Alliance, and Hypersphere.
Maxim Blagov is a computer science graduate from the University of Technology Sydney (UTS). He possesses significant expertise in concept creation and strategic planning for interactive applications within the video game industry, with a strong background in UX/UI design. In 2009, Blagov joined forces with Witek Radomski to establish Enjin, dedicating 14 years to the ecosystem's development.
Witek Radomski, another early member of the Enjin team, led the integration of Enjin Coin (ENJ). With 13 years of experience, he is recognized as the innovator behind the ERC-1155 token standard.
Caleb Applegate also plays a vital role as COO at Enjin, previously holding the COO position at Mineplex, a global Minecraft gaming service from 2013 to 2023.
In 2019, Enjin entered into a partnership with Microsoft, and by 2021 had gained the backing of investors like Hashed, Crypto.com Capital, Digital Finance Group, DeFi Alliance, and Hypersphere.
What Makes Efinity Token Unique?
Efinity (EFI) stands out with several distinct features that separate it from other blockchain platforms. These include quick transactions with minimal fees, the use of fuel tanks, support for multi-signature contracts, and the integration of Efinity Swap technology.
Highlighted benefits of Efinity:
Fuel Tanks: This feature allows users to interact with Efinity without incurring transaction costs. It is essentially a shared pool of tokens utilized by different accounts for transactions on the Efinity network.
Speedy Transactions and Low Fees: Efinity (EFI) can handle 700 to 1,000 transactions per second, with a confirmation time of just 6 seconds. Users aren't required to have a blockchain wallet, ensuring a swift process.
Efinity Swap: This technology enhances the efficiency of paratoken exchanges. It functions through an automatic conversion mechanism that upgrades one paratoken to another, facilitating easier swaps via buy/sell orders.
Efinity's overarching mission is to shape a future in crypto where NFTs are commonplace and essential for users. It aims to distribute rewards not just to miners, but across network participants including developers, traders, and ordinary token holders, while ensuring fast, low-cost transactions.
Highlighted benefits of Efinity:
Fuel Tanks: This feature allows users to interact with Efinity without incurring transaction costs. It is essentially a shared pool of tokens utilized by different accounts for transactions on the Efinity network.
Speedy Transactions and Low Fees: Efinity (EFI) can handle 700 to 1,000 transactions per second, with a confirmation time of just 6 seconds. Users aren't required to have a blockchain wallet, ensuring a swift process.
Efinity Swap: This technology enhances the efficiency of paratoken exchanges. It functions through an automatic conversion mechanism that upgrades one paratoken to another, facilitating easier swaps via buy/sell orders.
Efinity's overarching mission is to shape a future in crypto where NFTs are commonplace and essential for users. It aims to distribute rewards not just to miners, but across network participants including developers, traders, and ordinary token holders, while ensuring fast, low-cost transactions.
How Many Efinity Token (EFI) Coins Are There in Circulation?
EFI serves as the utility paratoken for the Efinity network, with a capped supply of 2,000,000,000 coins.
EFI's utility:
With EFI, users can cover transaction fees, acquire digital assets, participate in governance, reward network contributors, and support liquidity.
Allocation of tokens is as follows:
20% for investors (including seed rounds and public sales);
30% for the team (10%) and the company (20%);
15% for staking pools;
35% for the ecosystem.
The EFI token's functions encompass transaction fees (set and distributed based on transaction type), network fees (a 2.5% deduction from orders), governance, fuel tanks (enabling users to stake EFI to lower transaction costs), JumpNet (allowing free trades for EFI token holders on JumpNet), order placement on trading platforms, and account creation on the network.
On Efinity, assets can be exchanged for NFTs and digital tokens, and cryptocurrency can be traded through decentralized methods.
EFI's utility:
With EFI, users can cover transaction fees, acquire digital assets, participate in governance, reward network contributors, and support liquidity.
Allocation of tokens is as follows:
20% for investors (including seed rounds and public sales);
30% for the team (10%) and the company (20%);
15% for staking pools;
35% for the ecosystem.
The EFI token's functions encompass transaction fees (set and distributed based on transaction type), network fees (a 2.5% deduction from orders), governance, fuel tanks (enabling users to stake EFI to lower transaction costs), JumpNet (allowing free trades for EFI token holders on JumpNet), order placement on trading platforms, and account creation on the network.
On Efinity, assets can be exchanged for NFTs and digital tokens, and cryptocurrency can be traded through decentralized methods.
How Is the Efinity Token Network Secured?
Efinity operates within the Polkadot parachain ecosystem, utilizing Polkadot's scalability and security features. As a parachain, Efinity relies on Polkadot Relay Chain validators for consensus. The relay chain's computational power supports the connection and security of the network, with Polkadot overseeing general network security by linking validators to parachains. Efinity's collator nodes handle transaction processing, and the network compensates them with EFI tokens from the Collator Pool.
Additionally, the Efinity platform and its EFI token are built according to the ERC-20 token standard, adhering to Ethereum's security protocol and employing a proof-of-stake (PoS) consensus mechanism.
In 2020, Enjin initiated a bug bounty program with HackerOne, an information security company known for its network of world-class ethical hackers. This collaboration allows for system stress tests, bug detection, and vulnerability repairs.
Additionally, the Efinity platform and its EFI token are built according to the ERC-20 token standard, adhering to Ethereum's security protocol and employing a proof-of-stake (PoS) consensus mechanism.
In 2020, Enjin initiated a bug bounty program with HackerOne, an information security company known for its network of world-class ethical hackers. This collaboration allows for system stress tests, bug detection, and vulnerability repairs.
Where Can You Buy Efinity Token (EFI)?
Efinity Token (EFI) is available on various decentralized and centralized exchange platforms such as Gate.io, Huobi Global, Bithumb, Coinlist Pro, Poloniex, OKX, LBank, Crypto.com Exchange, MEXC, SushiSwap, Uniswap (V3), Indodax, ZB.COM, BTCEX, CoinEx, BitMart, AAX, BitForex, AEX, Hoo, DigiFinex, BKEX, Bitget, ZBG, Blockchain.com, Hotcoin Global, 1inch Liquidity Protocol, KyberSwap, and BingX.
If you're interested in tracking Efinity Token (EFI) prices in real-time, consider downloading the CMC mobile app.
If you're interested in tracking Efinity Token (EFI) prices in real-time, consider downloading the CMC mobile app.
"Efinity Token" price data