In the growing NFT market, one name continues to push the boundaries and redefine the landscape: Enjin. Known for its pioneering work in the non-fungible token (NFT) space, Enjin has once again made headlines with the introduction of its NFT-focused blockchain, aptly named the Enjin Blockchain. This aims to unify the Polkadot parachain Efinity and Enjin, creating a seamless ecosystem that promises to transform the NFT market.
Enjin Brings Enjin Blockchain For NFT Enthusiasts
Enjin, a premier blockchain platform specializing in NFTs and digital assets, unveiled the Enjin Blockchain. This innovative blockchain is specifically designed for NFTs and other digital assets at the protocol level, marking a significant advancement in the field.
The Enjin Blockchain is built on the open-source Substrate framework and stands out with its unique design philosophy that is specifically tailored to Non-Fungible Tokens (NFTs). Unlike other platforms that depend on smart contracts, the Enjin Blockchain integrates essential functions like creating, using, and transferring NFTs directly into its core code.
This innovative approach enables projects to create scalable and future-proof digital assets with advanced capabilities while maintaining compatibility with other ecosystems.
Designed to adapt to future market needs, the architecture of the Enjin Blockchain strikes a balance between cost-efficiency and scalability without sacrificing security. This makes it a robust and flexible platform that is ready to meet the evolving demands of the digital asset space.
Enjin Blockchain introduces unique features like Fuel Tanks, which let developers cover transaction fees, making these costs unseen by the end-user. Additionally, Discrete Accounts enable users to engage with projects on the Enjin Blockchain without needing to download specific wallet software, simplifying the user experience. Due to the established Enjin application layer, integrating Enjin Blockchain is straightforward for developers and creators of all scales via user-friendly tools.
Enjin Proposes To Merge Efinity Token (EFI)
In a significant move, it’s proposed that Enjin Coin (ENJ) will transition from the Ethereum network to become the native token of the Enjin Blockchain’s Mainnet, on a one-to-one basis. This strategic shift will enable the Enjin Coin community to take full advantage of the advanced features of the Enjin Blockchain.
Moreover, it’s also proposed that the Efinity Token (EFI) will be combined with Enjin Coin (ENJ), bringing together the EFI and ENJ communities. This merger will be conducted in a fair and transparent manner, underscoring the community’s dedication to decentralized governance and active participation.
In an important step forward, Efinity, the Polkadot parachain, has been effectively forked over to the Enjin Blockchain, where it now operates as the “Efinity Matrixchain,” awaiting approval through a referendum. The Efinity Matrixchain is fully functional, enabling a smooth transition for current Efinity users.
All blockchain data from Polkadot Efinity, including balances, states, NFT & collection balances, and addresses, has been safely transferred to the Efinity Matrixchain on the Enjin Blockchain.
Enjin co-founder and chief technology officer Witek Radomski said, “Enjin Blockchain makes the creation and mass distribution of NFTs affordable and accessible to everyone. Our aim is nothing short of revolutionizing gaming, ownership, and online identity.”
Looking forward, the upcoming deployment of the Enjin Matrixchain as the leading Matrixchain on the Enjin Blockchain is an exciting development. This Matrixchain, which will securely inherit all data from Efinity, will use ENJ as its native currency and will serve as the primary platform for users to create NFTs and digital items. The Enjin Matrixchain is set to be both the spiritual and technical successor to Efinity, embodying Enjin’s commitment to innovation, user-centric design, and mass adoption.
It’s also noteworthy that key Enjin community projects will utilize the Enjin Blockchain, reinforcing the integration and adoption of the Enjin ecosystem. All Enjin community projects are invited to onboard on the Enjin Blockchain.
The Enjin Blockchain and the soon-to-be-launched Enjin Matrixchain will be safeguarded by Substrate’s robust Proof-of-Stake system, which is fueled by Enjin Coin (ENJ). This consensus method guarantees top-tier security, dependability, and sustainability, fostering a trustworthy environment for the community to interact with.
