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About Efinity Token
Key Points
- Efinity is a cross-chain NFT platform developed by Enjin and built on Polkadot.
- The main specialization of the Efinity project is the NFT space.
- Efinity Token (EFI) powers the entire Efinity ecosystem.
- The long-term goal of Efinity is to become a hub for both fungible and non-fungible tokens.
Founders
- Maxim Blagov (CEO) and Witek Radomski (CTO) are co-founders of Enjin.
- Caleb Applegate is COO at
Introducing Efinity Token: A Revolutionary Digital Asset
Introducing Efinity Token (EFI): A Revolutionary Cryptocurrency
Efinity is a pioneering cross-chain NFT platform, meticulously crafted by Enjin and built upon the robust foundation of Polkadot. Conceived as a next-generation blockchain, Efinity is specifically designed to tackle the complexities of the burgeoning world of non-fungible tokens (NFTs), as envisioned by the project.
The Efinity project specializes in the NFT domain, empowering traders and gamers to create, distribute, transfer, sell, and purchase unique digital assets. By eliminating barriers to entry and streamlining user experience, Efinity seeks to democratize access to the NFT space and decentralized gaming, while simplifying digital asset governance.
The Efinity Token serves as the backbone of the Efinity ecosystem, with EFI striving to optimize the creation, transfer, and acquisition of tokens through an inter-chain infrastructure of protocols, thereby significantly reducing transaction fees. Furthermore, incentives are offered in the form of rewards on PoW blockchains, which incorporate NFT functionality, and are allocated to miners who create and trade tokens, thus fostering a sense of community.
One of Efinity’s long-term objectives is to establish itself as a premier hub for both fungible and non-fungible tokens, seamlessly integrating tokens from diverse blockchain ecosystems, thereby facilitating the valuation and exchange of NFTs, amplifying transaction volumes, and cultivating robust network effects.
In December 2021, the project emerged victorious in the Polkadot parachain auction, and subsequently, in March 2022, Enjin successfully launched its flagship parachain, Efinity, on the Polkadot Relay Chain — a decentralized blockchain platform that empowers individuals to exert control over their personal data and digital identity.
The Visionaries Behind Efinity Token: Meet the Founders
Efinity was conceived and developed by the visionary team at Enjin, spearheaded by its co-founders, Maxim Blagov, CEO, and Witek Radomski, CTO.
Maxim Blagov, a computer science graduate from the University of Technology Sydney (UTS), boasts a wealth of expertise in conceptualizing and strategizing interactive apps within the video game industry, with a strong background in UX/UI design. Notably, in 2009, he collaborated with Witek Radomski to establish Enjin, dedicating the subsequent 14 years to cultivating the ecosystem.
Notably, Witek Radomski, a pioneering member of the Enjin team, played a pivotal role in the integration of Enjin Coin (ENJ). With an impressive 13-year tenure, Radomski is renowned for his groundbreaking creation of the ERC-1155 token standard.
Notably, another key player is Caleb Applegate, who serves as the Chief Operating Officer (COO) at Enjin, and formerly held the same position at Mineplex, a global Minecraft gaming service that operated from 2013 to 2023.
In 2019, Enjin forged a strategic partnership with Microsoft, and in 2021, it garnered the backing of esteemed investors, including Hashed, Crypto.com Capital, Digital Finance Group, DeFi Alliance, and Hypersphere.
Unveiling the Unparalleled Efinity Token: A Revolutionary Force in the Cryptosphere
Efinity (EFI) boasts a distinctive array of features that set it apart from rival blockchain platforms, notably: rapid transaction processing, minimal fees, the innovative application of “fuel tanks,” support for multi-signature contracts, and the integration of pioneering Efinity Swap technology.
Salient Benefits of Efinity:
Fuel tanks. A pioneering feature that enables users to seamlessly interact with Efinity, exempt from the burden of transaction costs. In essence, it constitutes a communal reservoir of tokens, leveraged by diverse accounts (wallets) to facilitate transactions on Efinity.
Experience rapid transactions and minimal fees with Efinity (EFI), capable of handling an impressive 700 to 1000 transactions per second. With a swift confirmation speed of just 6 seconds, users can enjoy prompt response times without the need for a blockchain wallet, ensuring a seamless experience.
Efinity Swap. This innovative technology significantly enhances the efficiency of the paratoken exchange process. Here’s how it works: an automatic conversion mechanism seamlessly upgrades one paratoken to another, catering to diverse purposes, thereby greatly simplifying the swaps facilitated through buy/sell orders.
The Efinity project is driven by a global mission to forge a crypto future where NFTs become an indispensable and familiar aspect of everyday life for all users. In this vision, rewards are distributed not only to miners, but also to developers, traders, and ordinary token holders, ensuring that all transactions are executed swiftly and at minimal cost.
What Is the Circulating Supply of Efinity Token (EFI) Coins?
EFI serves as the utility paratoken of the Efinity network, boasting a capped supply of 2 billion coins.
EFI Applications and Use Cases:
Through EFI, users are empowered to settle transaction fees, acquire digital assets, participate in governance events, incentivize network contributors, and foster liquidity.
The token distribution is as follows:
A 20% allocation is designated for investors, encompassing both seed rounds and public sales.
A 30% allocation is designated for the team, comprising 10% for the team members and 20% for the company.
Fifteen percent will be allocated to staking pools;
A substantial 35% allocation is dedicated to fostering the ecosystem.
The EFI token boasts a multifaceted functionality, encompassing transaction fees (dynamically adjusted based on the transaction type), network fees (with a 2.5% deduction on placed orders), governance, fuel tanks (enabling users to stake EFI for a fixed period, thereby reducing transaction costs), JumpNet (offering EFI token holders free trading privileges), order placement on the trading platform, and account creation on the network.
On Efinity, assets can be seamlessly exchanged for NFTs and digital tokens, while cryptocurrencies on the platform can be effortlessly sold through decentralized mechanisms, fostering a fluid and autonomous market experience.
The Efinity Token Network’s Robust Security Framework
The Efinity protocol is an integral component of the Polkadot parachain ecosystem, harnessing the scalability and security afforded by Polkadot. As a parachain, the Efinity blockchain operates in tandem with the Polkadot Relay Chain validators, leveraging their consensus mechanism. By tapping into the computational power of the relay chain, parachains like Efinity benefit from the interconnection and protection of the network, with Polkadot overseeing overall network security through its validator-parachain connections. Meanwhile, Efinity’s collator nodes process transactions, with the network rewarding EFI tokens from the Collator Pool.
Furthermore, the Efinity platform and its native token, EFI, were meticulously crafted in accordance with the ERC-20 token standard, adhering to the same stringent security protocols as the Ethereum blockchain, which employs a proof-of-stake (PoS) consensus mechanism to ensure the integrity of its network.
The Efinity Token (EFI), a brainchild of Enjin, took a significant leap forward in 2020 with the launch of a bug bounty program in collaboration with HackerOne, a renowned information security company that boasts an elite network of ethical hackers. Through this partnership, customers can subject their systems to rigorous stress testing, identify and rectify bugs, and fortify their defenses against vulnerabilities.
Where to Acquire Efinity Token (EFI): A Comprehensive Guide
Efinity Token (EFI) is now accessible on a diverse range of decentralized (DEX) and centralized (CEX) exchange platforms, including prominent names 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.
Stay up-to-date with real-time Efinity Token (EFI) price movements by downloading the CMC mobile app.
Associated Resources:
Delve into the world of Enjin Coin (ENJ), a pioneering cryptocurrency that’s revolutionizing the gaming and virtual goods industries.
The latest intelligence on Polkadot (DOT), providing an up-to-the-minute snapshot of this burgeoning cryptocurrency.
Delve into the intricacies of Efinity (EFI) with CMC Alexandria, your premier guide to the world of cryptocurrency.
Delve into the realm of unique digital assets: non-fungible tokens (NFTs). Explore our comprehensive CMC glossary to uncover the intricacies of this innovative concept.
Discover the concept of parachains: an innovative solution in the realm of blockchain technology.
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