Non Fungible Tokens (NFTs) are being regarded as the big thing in crypto these days. This article is about the Efinity token created by Enjin. This Enjin is a cryptocurrency running on the Ethereum blockchain. The project intends to enable any developer to design, maintain, mix and share non-fungible tokens. This Enjin is responsible for the ERC-1155, the NFT token standard.
Efinity Token: So, What the hell is Efinity?
According to its website, Efinity is a next-generation blockchain developed for digital assets. It is created on Polkadot. Efinity describes itself as the cross-chain NFT blockchain. It comes with a deflationary EFI token. The network is scalable and created for games, apps, companies, and authors to produce their own non-fungible tokens for the public.
Polkadot is a bridge to combine various blockchains. The project was launched in 2016. The Web3 Foundation manages the project. It was founded by Gavin Wood, Rober Habermeier, and Peter Czaban. Polkadot is a blockchain platform that allows a fully decentralized web of parachains where people fully own their identity and data.
The Polkadot is outlined to run two kinds of blockchains:
- Relay Chain: The heart of Polkadot, accountable for the network’s distributed security, agreement, and cross-chain interoperability.
- Parachains: Main blockchains that utilize the transfer chain’s calculating sources to verify that transactions are safe and reliable.
The Efinity is a parachain that utilizes Polkadot Relay Chain validators. This enables Efinity to become a self-governing financial structure, data, and environment. The Efinity is trying to solve the current blockchain issues such as interoperability, scalability, agility, safety, isolation, and much more.
EFI Token: How does Efinity Work?
Efinity Token (EFI) is created for transaction charges, liquidity, and prizes. Highlighting community governance for EFI owners to offer and vote on plans to drive the prospect of the network.
Transactions are managed by the parachain’s nodes, and the system issues EFI to users. The purpose of Efinity is to work as an NFT bridge. It doesn’t want to be a general-purpose calculating blockchain. The network focuses on token making, transfers, and buying.
Efinity wants to give its users a strong set of instruments for building and placing bookings for any token. This feature promotes the growth of third-party apps utilizing Efinity to carry NFTs to other blockchains and NFT marketplaces. The important thing to note here could be that the network charges, marketplace fees, cross-chain bridging prices, and smart contract payments will be moved to the yield that can be obtained by staking and implanting Enjin Coin (ENJ) and competing in trading and finding NFTs. ENJ is a significant component of the project, enabling any user to choose the most suitable collator nodes that drive the Efinity blockchain.
Efinity Token: Where to buy EFI Token?
The Efinity token can be purchased on the top cryptocurrency exchanges such as OKEx, ZT, Uniswap (V3), Gate.io, and Crypto.com Exchange.
Efinity Token: Will it really be listed on Binance soon?
Efinity is a part of Binance’s DOT Slot Auction. This auction is a parachain auction. It utilizes a candle auction method to randomize the precise time the winner of an auction is decided. Projects need the largest DOT requests for the parachain slot, which can strongly be rented to grow as a Polkadot parachain, through doing “cross-chain”. Slots can be rented for 3 months per period, with the highest term of 2 back-to-back years.
Now, the important question is will it really be listed on Binance? The answer to this question is NO. According to Binance’s DOT slot auction page, for the trading and listing of tokens on Binance, these DOT tokens will have to face the corresponding stringent listing review method as Binance does for any other coin/token. The Binance further has said that carrying the DOT Slot Auction does not ensure or endorse the listing of tokens of the Polkadot parachain projects.
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* This article was originally published here