KardiaChain’s SEA Project Highlight #9:  Introducing Effinity

DISCLAIMER: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT A RECOMMENDATION TO PURCHASE ANY ASSETS. ANY PURCHASES MADE IN THE PROJECT MENTIONED ABOVE ARE DONE SO AT YOUR OWN RISK. THIS IS NOT FINANCIAL ADVICE.

Overview: Effinity

• Efinity, a next-generation blockchain for digital assets (NFTs), built on Polkadot.
• Efinity aims to be a decentralised cross-chain protocol that will allow users to bridge NFTs to Polkadot.
• Addressing gas fees and congestion head-on, Efinity provides world-class scalability, currently testing at 20 million NFT mints/transfers per second.

Project Team:

• Maxim Blagov, CEO and co-founder: Until now, he has spent nearly 14 years devoted to the Enjin ecosystem. He graduated with a degree in computer science from the University of Technology Sydney.

• Witek Radomski, CTO: Also an early contributor to Enjin, he has 13 years of working experience and pioneered the ERC-1155 token standard.

• Caleb Applegate, COO: In the past, he was an advisor, film producer, and former COO of Mineplex, one of the world’s largest Minecraft gaming servers.

Effinity Features and Offerings:

Fuel Tanks:

• Fuel Tanks are a special feature of Efinity that allows projects to subsidize the cost of transactions on Efinity for their users.
• Fuel Tank addresses are special discrete accounts set up by projects to pay transaction fees on behalf of the project’s users.
• EFI tokens deposited into these fuel tanks are non-withdrawable.

Crafting:

• Efinity’s Crafting feature allows existing tokens to be modified or new tokens to be created using a Recipe.
• A recipe is a signed message that is generated completely off-chain. Recipes can be coded to burn, mint, melt or transfer game assets.
• For example, as a user, I can exchange five regular swords to mint a rare sword if the game offers such a recipe.

NFT Marketplace:

• Efinity’s Marketplace provides a comprehensive set of tools for buyers and sellers to create and fill orders for any token.
• Efinity’s marketplace encourages price discovery.
• The highest (unfilled) bid on any token receives a portion of fees and gains weight in the Price Discovery Pool over time for any transactions using that token, incentivizing price discovery.

Token Utility: $EFI

• Rewards for Collator Nodes who run the network.
• Governance
• EFI will serve as the currency for transactions on the according marketplace
• Network transactions: paying for transaction fees on the network (approximately 2.5%) and will be distributed to EFI pools on the network.
• Rewards for buyers and sellers who facilitate price discovery.
• Developers who propose projects built on Efinity are eligible for grants from the community pool.
• Holding EFI on JumpNet (“JEFI”), users will be able to increase their transaction limits and continue enjoying instant, free NFT and ERC-20 token transfers on-chain.

Summary

Efinity is a next-generation blockchain which is being developed as a parachain on Polkadot.

Businesses and developers seriously need a platform that can deliver a modern, mainstream and developer-friendly NFT experience. Since the release of Ethereum, there have been attempts to build infrastructure and tokenization around this general-purpose computing blockchain, but there’s an ever-growing thirst for a better solution.

DISCLAIMER: THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT A RECOMMENDATION TO PURCHASE ANY ASSETS. ANY PURCHASES MADE IN THE PROJECT MENTIONED ABOVE ARE DONE SO AT YOUR OWN RISK. THIS IS NOT FINANCIAL ADVICE.

Researched by: Abhinav | KardiaChain