Efinity is the world’s first cross-chain NFT platform. It is an eco-friendly, scalable, and fast blockchain solution developed by Enjin. The system essentially defines itself as a cross-chain platform to suit the problems imposed on the world of NFTs. The technology used in the system goes beyond just being applied to regular blockchains systems, its use case can also cover the creation of games, companies, apps, and virtually every part of the integrated technology industry and allows those systems to create their non-fungible tokens which can then be deployed to publicly accessible marketplaces.
On a broad scale, the Efinity ecosystem allows its users and developers to make purchases, sales and also distribute NFT items. The team behind its creation also promotes its use as a parachain specifically created to serve the world of NFTs which are developed on the Polkadot Relay Chain. Due to its nature being a blockchain too, the platform has independent economic data, state, and framework. The platform also provides an avenue where individuals who are new to the Polkadot ecosystem or even NFTs can learn about their uses.
The Efinity network, according to its website, will become the first trustless token marketplace in the world that allows users to earn rewards from their provision of liquidity for NFTs. This will further provide a space where users can earn passive income from placing bids on NFTs, regardless of whether they are listed for sale or are even existent on the network. The platform claims that they are not only trying to create a better blockchain for the vast crypto use cases but also improve on the existing platforms by adding a few perks.
Who are the Founders of Efinity (EFI)?
The Efinity platform was co-established by a pair of professionals with several years of experience between them and degrees. They are Maxim Blagov and Witek Radomski.
Blagov holds a degree from the University of Technology Sydney. After obtaining his degree, he moved to establish the Enjin platform where he devoted 14 years of his life to the development of the platform and established the Efinity platform as a subset of its ecosystem. Radomski on the other hand also holds a degree in a similar field. Upon completion of his education, he joined Blagov in the development of the Efinity platform. So far, Radomski has dedicated over 13 years of his life to the development of the platform. He also serves as the current CTO of the network.
Caleb Applegate is also a part of the entire ecosystem as he serves as the COO of the platform. Before becoming Part of the Efinity platform, he was a film producer, an advisor, and the former COO of the Minplex platform, one of the largest Minecraft gaming servers in the world.
What is Efinity (EFI) used for?
The Efinity Token and the platform were created for transaction charges, prizes, and liquidity purposes. Additionally, the token also serves the purpose of governance on the platform, thus allowing network participants who hold the EFI token to vote on the platform and drive it to its next phase of development. The transactions on the platform are managed through a series of parachain nodes, and then the system assigns EFI tokens to its users. The main idea behind the creation of the Efinity network is to act as a bridge to connect the world of NFTs to other mainstream parts of cryptocurrency. Unlike most of the other platforms with similar development mechanisms, it doesn’t serve as a general-purpose calculating blockchain; instead, the network is more focused on token making, transfers, and buying.
The Efinity platform aims to provide its users with a strong set of tools to allow for the development and bookings of any kind of token. This feature is also aimed at the promotion of the use of third-party apps by using Efinity to carry NFTs to the other blockchains, as well as NFT marketplaces. however, with the platform, there is a possibility of having network charges, marketplace fees, cross-chain bridging prices, and smart contract payments which will, in turn, be moved to the yield and allow users to still earn EFI tokens from staking. Additionally, the feature also allows the users the choice of the most suitable collator nodes that will drive the Efinity blockchain.
The EFI token also holds some level of value and can be exchanged with other pairs, some of which may include AAVE.
What Is the Unique Point of Efinity (EFI)?
The Efinity platform has several unique characteristics which set it apart from the majority of the other blockchain platforms available. For starters, the platform features significantly low fees. Additionally, the platform also features a state of the art technology which enables all its features including its cross-chain functionality, which is its Parachain function.
When the Polkadot platform was launched in 2016 as a wed3 enabled system, it changed the world of blockchain technology as a whole. The same protocol used in its blockchain is applied to the Efinity system allowing it to run.
* Relay Chain: The main part of the Polkadot system is its accountability for the network’s distributed security, agreement, and cross-chain interoperability.
* Parachains: Main networks that make use of transfer chain’s calculating sources to verify that transactions are safe and reliable.
The Efinity is a form of parachain that makes use of the Polkadot Relay Chain validators. This allows Efinity to stand as a self-governing financial structure on its own, and that cuts across to its data and environment. Currently, the Efinity platform is trying to solve the existing blockchain issues such as interoperability, scalability, agility, safety, isolation, and much more.
How many Efinity (EFI) coins are in circulation?
The Efinity Token has a total supply of 2,000,000,000 EFI coins, and of that amount, the system has a circulating supply of 169,857,481 EFI coins.
Shortly before the total tokens were released to the general public, the platform had a private sale round of its own which managed to raise amounts totaling $18.9M and then including $3M from the Seed Round, with an additional $8.4M from the Early Round and $7.5M remaining for the Strategic Round. The system has some other notable investors weighing into its flagship product token and some of them include Hashed, Hypersphere, Crypto.com, and Defi Alliance, among others.
Is the Efinity (EFI) Network secured?
The Efinity platform was created under Ethereum’s ERC-20 specifications and because of that, it follows the same security protocol as the Ethereum blockchain as a whole.
The network has m nodes that have the main responsibility of protecting the platform from any form of malicious activities and it can achieve this via its dedicated proof of stake consensus algorithm. The system follows a procedure where the nodes are obligated to validate transactions before they are added to the blockchain and also, the nodes with the highest stakes have the most say on the platform thus making sure that it’s safe because their tokens are tied to its safety.
How do I buy Efinity (EFI)?
The Efinity platform offers its users several advantages which cut across virtually every use case of the blockchain industry. Some of these provisions include a reduction in the regular fees for NFT’s as designed by the Ethereum blockchain and also add a layer of speed with an incentive system to keep the users earning. This has made the EFI token more available on several exchanges. It can be actively traded on OKX, Huobi Global, Gate.io, BingX, and Crypto.com Exchange.
Which Cryptocurrency Wallet Supports Efinity (EFI)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Efinity (EFI). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their EFI wallet because it offers a simple and interactive interface making it easy for people to navigate its system.