Efinity is the world’s first cross-chain NFT platform. It is an eco-friendly, scalable and fast blockchain solution developed by Enjin. In this article, as Kriptokoin.com, “What is Efinity?” We will answer the question. In addition, we will touch on other questions about the project.
What is Efinity? What does it do?
Efinity is currently developing a scalable cross-chain network that enables NFTs to be transferred from one blockchain to another with speed and relative ease. Current NFT creators are limited by high fees, low transaction speeds, and lack of interoperability between various platforms. Efinity aims to solve these problems.
What is EFI coin?
EFI coin is Efinity’s native token. Efinity Token was developed by Enjin but built on Polkadot. The token is built to serve cross-chain metaverses. It can facilitate artists to issue up to 2,200 tokens. The Efinity token acts as a gateway for NFT issuance powered by Polkadot. EFI is the deflationary token that channels fee delegation, smart contracts, crafting, instant swaps and price discovery.
How does Efinity work?
In the Polkadot ecosystem, the Efinity blockchain will function as a parachain. This will be one of Efinity’s hundred blockchains that can communicate with each other thanks to Polkadot’s interconnection technology. It means it will allow other parachain developers to incorporate Efinity NFTs into their ecosystem knowing that they will work on other blockchains as well. Enjin is also developing a paratoken with the ERC-1155 tokens they developed for Ethereum. EFI will actually be the first lightning token. With a confirmation time of six seconds, the Efinity blockchain can process around 700 transactions per second. Efinity will serve as a central point for all exchangeable and immutable tokens. Like the leading ERC-721, ERC-1155 and ERC-20 standards. Tokens from these other chains are accepted by the paratoken standard.
It will produce network effects by attracting an increasing number of transactions. Overcoming the problem of pricing and exchanging NFTs, the network will inevitably gain momentum.
Tokens do not need to be advertised for sale or even available on the network to receive an offer. In reality, users can be rewarded by initiating bid orders or requisition orders by initiating transactions that other users can complete, and increasing network usage.
This method, which encourages users to start transactions, will automatically encourage buyers and sellers to join the network and produce network effects. Third-party applications that allow transfers within other platforms such as games or serve as NFT marketplaces are expected to expand this capability.
What is Efinity? How to get EFI coin?
Efinity is currently traded on numerous cryptocurrency exchanges. In addition, people who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Efinity is traded are listed as follows: OKX, Bitget, MEXC, BingX,. Users who want to invest in the project should open an account on one of these exchanges.
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