Efinity is a next-generation blockchain created on Polkadot. Efinity describes itself as the cross-chain NFT (Non-Fungible Token) blockchain and comes with a deflationary EFI token.
The platform is designed to make it easy for game developers and other businesses to create their own unique digital assets.
What is Efinity Token?
Efinity Token (EFI) is created for transaction charges, liquidity, and prizes. The token allows Efiinity’s community governance to offer and vote on plans that will drive the prospect of their network.
Efinity’s nodes manage transactions, and the system issues EFI tokens to users. The purpose of Efinity is to work as a bridge for non-fungible tokens (NFTs).
Efinity wants to give its users a strong set of instruments for building and placing bookings on any token. This feature promotes the growth of third-party apps utilizing Efinity to carry NFTs to other blockchains, as well as marketplaces where they can be exchanged.
Where can you buy Efinity Token?
You can use most popular cryptocurrency exchanges such as Binance, Bitfinex and OKEx to buy Efinity Token.
Why do we need the Efinity Network?
Businesses and developers need a platform that can deliver the infrastructure needed to create mainstream, developer-friendly non-fungible token applications.
After Ethereum introduced the world to a blockchain that could be used for general computing, companies have tried to build infrastructure and tokenization around it. Creators suffer from heavy fees, inflexible contracts, and disjointed computer networks.
Today, the adoption of NFTs is largely limited to die-hard crypto enthusiasts because blockchains that host them give actual users no incentives—the miners are given all generated tokens.
Although prices rise and infrastructure companies create silos and paywalls, there is still a way to make real progress within this industry: by unifying the community around its common goals.
How does the Efinity network work?
Fragmented blockchains and marketplaces create isolated environments that lack the benefits of liquidity.
Efinity will be a hub for all fungible and non-fungible tokens, including the popular ERC-721, ERC-1155, and ERC-20 standards. The Paratoken standard accepts tokens from any other chain—including standalone blockchains such as Dogecoin or Litecoin
The network that creates a solution for efficiently pricing and exchanging non-fungible tokens will naturally gain traction, since it will attract users by increasing the value of its native currency.
Tokens don’t need to be listed for sale or even exist on the network in order to receive a bid. In fact, users can receive compensation for initiating Bid Orders or Ask Orders that stimulate transaction volume and usage by other people making purchases of tokens with fiat money.
This mechanism will automatically attract buyers and sellers to join the network by incentivizing them with fees.
Further development of this functionality is intended to be undertaken by third-party applications that interact with the blockchain.
What are the advantages of the Efinity network?
NFTs have grown in popularity recently, with companies and celebrities using them as a way to monetize their brands and intellectual property.
Efinity will be a platform for all types of tokens—both fungible and non-fungible, serving the interests of digital asset creators, collectors, artists, sports teams and enterprises alike.
Efinity will do for the wider NFT ecosystem what ERC-1155 did for Ethereum: make it easier to use blockchain technology.
End-users will create NFTs with the same ease and intuitive experience as taking a picture with a smartphone—and trade those tokens faster than purchasing something from Amazon.
Efinity Network will connect the Polkadot and Ethereum communities together.
Efinity will enhance any blockchain’s ability to create and use non-fungible tokens—whether they’re based on Ethereum or another system entirely.
Efinity will form the core of our multi-chain NFT ecosystem, which also includes JumpNet—a solution designed to enable free Ethereum transactions forever.
Since its launch in 2015, Ethereum has become the most active blockchain network by activity—today it’s supporting more users and companies than any other blockchain.
Ethereum’s proven track record makes it a popular platform for developers to build upon. By contrast, Polkadot offers new possibilities for adding onto existing decentralized application (DApp) features and capabilities—while also creating entirely new ones as well.
Efinity’s cross-chain approach will let users, businesses and developers benefit from the best features of both networks.
Efinity will continue to develop their Ethereum-based platform and JumpNet blockchain, with cross-chain bridges connecting all networks so that they are compatible with the entire Ethereum ecosystem.