Enjin's scaling solution with Efinity
Enjin is a platform based on Etherum blockchain which delivers an ambitious use case of digitizing collectible items which are truly owned by its users, with its Development team currently heavily focusing on delivering a scaling solution in form of project Efinity which should take the us to the next level in terms of usability & adoption.
One of the key drivers to see Enjin prosper is the attraction of both end users as well as Developers to its platform which should ideally first of all include a diverse set of Software development kits (SDKs) in various popular programming languages along with a relatively cheap cost of operation.
While there is no doubt that Enjin has been improving in both aspects, with the delivery of new SDKs and improvement of current ones to totally wiping the monthly subscriptions fees (which personally threw me off from using it initially) as part of the November 2020 blog post announcement.
One of the last hurdles in attracting both more of Game Developers and the end users is scalability and affordability in terms of both fast and cheap transactions. While developers are now able to mint at no extra cost there is still a substantial fee to transact the digital assets on the Etherum blockchain, with that project Efinity comes into the picture.
Project Efinity is Enjin's own sidechain scaling solution on top of the Etherum blockchain which will allow (ERC-20 & ERC-1155) transactions to be conducted in under a second on the Efinity network, to then settle the results on the Etherum chain in an immensely more affordable manner.
This solution promises to deliver essentially a new phase for Enjin which will see the onboarding significantly simplified as there will be no need for the end user to interact with the Etherum blockchain when receiving and sending digital assets, with the aim of an average user's transaction being totally free.
As the sent and received digital assets will be eventually settled on Etherum blockchain, comes your security. Ultimately even if all the Efinity hubs/nodes were to go offline or even Enjin disappeared, your security comes in the smart contracts set up by Enjin which as long as Etherum is around will grant you the ownership of the digital assets.
While there is no announcement as of Efinity Mainnet launch date, the news in the last days including the NFT.io platform launch announcement sometime in 2021 spark a thought of speculation whether the announcement was done after some positive Testnet results.
Related Reading
- Smart money intensifies its flee to cryptocurrencies, precious metals & commodities from FIAT money
- Beware of scammers impersonating Blockchain.com with rewards distributions
- Bitcoin sets remarkable brand new highs
- Beware of fake Uniswap applications
- Monero, ZCash & Dash tumble following Bittrex delisting news
- The SolarWinds hacks will likely dwarf the Ledger hack with future data leaks
- XRP suffers further blow with Coinbase announcement of trade suspension
- Elon Musk's tweet pumps Dogecoin over 15% in less than 10 minutes
- Apple forces Brave to stop rewarding its iOS users with BAT tokens
- European Union edges closer to Blockchain adoption
- LBRY Credits surges settling with over 100% gain in a day
Ongoing crypto free earn campaigns:
- Earn up to $43 worth of BAND through Coinbase Learn & Earn
- Earn daily through publish0x by tipping & posting, lbry.tv by watching video & media content and presearch for a non intrusive search engine
- Honeygain & Theta Edge for passive gains through participating in content delivery networks
- A brand new Twitter like platform in alpha stage noise.cash rewarding its users in BCH for daily activities
Other crypto gateways:
Most popular & rewarding exchanges currently include Swissborg, Binance, Coinbase, Celsius & Crypto.com
Resources:
Originally published on read.cash