After much anticipation, NFT-focused blockchain Efinity will launch on the Polkadot network on March 11. Days back, Enjin, the developers of Efinity, announced that the Efinity parachain is live on the Polkadot Rococo testnet. Much to everyone’s delight, it also announced the launch date of the parachain on the mainnet.
Efinity Parachain: All you need to know
The leading ecosystem for NFTs, Enjin, developed Efinity, a next-generation blockchain for NFTs. Basically, Enjin offers a range of products to create, trade, distribute, and integrate NFTs into virtual worlds. The company’s mission is to “eliminate the expensive fees and fraud” associated with the transfer of virtual goods. Apart from Efinity, it offers several other products including Enjin Wallet, Platform, Marketplace, and Jumpnet.
“Efinity is a cross-chain token highway meant to enable a certain future, in which NFTs are as common and as simple to use as smartphones are now,” Polkadot wrote in a blog post. “Any NFT from any chain (for example, Ethereum) can be ported to Efinity and supercharged with next-generation capabilities.”
Back in December 2021, Efinity won the Polkadot parachain auction. In other words, Polkadot will onboard the Efinity network as a Polkadot parachain. Essentially, parachains are individual layer 1 blockchains that are integrated within the Polkadot ecosystem. These are custom, project-specific blockchains that feed into the main blockchain, called the Relay Chain. Now, the Relay Chain is at the core of the Polkadot network. It is responsible for the networks’ security, consensus, and cross-chain interoperability. So, by integrating into the Relay Chain, all parachains can enjoy its features.
Parachains are useful because they can help perform faster transactions at lower costs. Apart from this, parachains can also create blockchains that effectively store personal data. In addition, parachains can help in increasing scalability and can even have their own parachains.
What does this mean for NFTs and blockchain gaming?
“The Efinity blockchain is a parachain that uses Polkadot Relay Chain validators for its consensus, wrote Efinity. “…allows Efinity to have an independent economic framework, data, and state”. Efinity’s collator nodes are responsible for transactions on the Efinity parachain. However, Polkadot’s Relay Chain validators will take care of the security. This means that Efinity parachain users will not have to pay for validation.
Apart from low transaction fees, Efinity parachain will also offer higher scalability. Apparently, Efinity can process up to 700-1,000 transactions per second. Ethereum, on the other hand, can only process about 15 transactions per second. Additionally, the Efinity network will confirm transactions in 6 seconds.
Besides, we will get to have decentralized metaverses where users can transfer NFTs across parachains and other blockchains. What’s more, over 75 developers and partners have already partnered with Efinity to develop games and apps on the network. Game developers will also be able to offer a seamless experience.
All in all, the Efinity parachain spells big things for the blockchain gaming space. Users have much to look forward to in the coming weeks and months!