For another person, the “kind” of token may be more relevant to them, if its utility is equivalent. Grouped NFTs are non-fungible tokens that are a part of a family, and share the same Base ID. Fungible tokens are stackable, have a quantity and optional decimal places. An example of a fungible token is a twenty dollar bill – each bill is worth the same amount as another twenty dollar bill. We organize and partner with some of the biggest web3 events to help showcase your brand and project at giving you maximum visibility so there’s enough brand awareness and engagement. Helping web2 brands and businesses develop cutting edge web3 strategy.
- This functionality is intended to be further developed by third party apps that facilitate transfers within other platforms such as games or that function as NFT marketplaces.
- The Efinity Network will require 10 active collator nodes and optional backup nodes that maintain a full copy of the chain data and state.
- Paratokens on Efinity may move between parachains on Polkadot and Kusama using Direct XCMP (Cross-Chain Message Passing).
- Developers can also write code to extend a paratoken’s functionality.
Pioneering creators, developers, and companies like Microsoft (Azure Heroes), Samsung (Samsung Blockchain Keystore), and BMW (Vantage), have integrated Enjin’s products and services. Forged in gaming, Enjin’s blockchain ecosystem has also attracted attention from some of the world’s leading brands. In today’s digital age, creating and leveraging digital assets has become essential for businesses and individuals alike. A discrete account can be given permission to mint and distribute tokens, allowing for infinitely flexible minting without code required.
What are NFTs?
These nodes can elect to be “backup” collators by staking some ENJ to their own accounts. Efinity’s collator nodes are responsible for transactions on the Efinity parachain, and the network pays out EFI to participants. Security, however, is handled by Polkadot’s Relay Chain validators, which means that end-users of Efinity are not burdened with paying for validation. Transaction fees are priced and distributed based on the transaction type. Transfers, bridges, Bid Orders and Ask Orders (as described in the Marketplace section below), and smart contracts will all be priced according to their processing requirements and benefits to the network. The Efinity Network will require 10 active collator nodes and optional backup nodes that maintain a full copy of the chain data and state.
- Make data-driven decisions to drive reader engagement, subscriptions, and campaigns.
- Enjin is developing a token standard called Paratokens for Polkadot.
- A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
- This opens possibilities for development and extension by the entire Polkadot ecosystem.
- Enjin is working in collaboration with the web3 foundation and building Efinity on Polkadot.
A blockchain-based crowdfunding platform for early crypto projects that utilizes any one or more chains. Non-fungible tokens are not interchangeable; each token has its own unique identifier. Examples of NFTs are original art, gaming characters and pets, numbered collectibles, and more. A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Powered by Enjin
Every asset on Efinity can be exchanged for any other NFT or other digital token that is bridged onto the network. For example, an imported coin such as ETH can be exchanged for a non-fungible token, since both are interoperable Paratokens. This functionality facilitates development of third party apps using Efinity to transfer NFTs to other blockchains, from blockchain-based games on other networks to NFT marketplaces and exchange platforms. Tokens internet node token price don’t need to be listed for sale or even exist on the network to receive a bid. In fact, users can be compensated for initiating Bid Orders or Ask Orders (as described in the Marketplace section below) and stimulating network usage by initiating transactions which may be completed by other users. This mechanism will naturally attract buyers and sellers to join the network and create network effects by incentivizing users to initiate transactions.
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. ENJ staked by a user for nomination is still eligible for use in marketplace and other applications, as this ENJ still exists on the address created by that user on Efinity. Enjin is developing Efinity, a next-generation blockchain for digital assets, built on Polkadot.
As of July 2021, over 800 million ENJ is owned by over 125,000 individuals worldwide (not including exchanges), with a market cap of $1.5 billion. Make data-driven decisions to drive reader engagement, subscriptions, and campaigns. By applying a bonding curve, the general public could even be allowed to mint, paying an increasing base cost for each token. Supply would be kept in check depending on current minting cost and the demand for the token. Curated and original news on everything NFT, Web3, Blockchain, and Metaverse. The Enjin leadership team is comprised of savvy entrepreneurs and tech industry experts, bringing decades of experience to a global company.
Enjinstarter Ecosystem
It will be great if you can help me to spread the word about this Enjin Coin (ENJ) white paper by sharing this post. Without wasting any further time lets get started to dive right in and lets understand white paper first. I can ensue you that, you will be able to understand every bits and pieces related to Enjin Coin (ENJ) after going through the Enjin Coin ENJ white paper. The aim of this blog post is to help you quickly understand about the philosophy behind the Enjin Coin (ENJ). There is a lot to learn about this futuristic tech, lets get started to dive into the Enjin Coin ENJ white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications. We’re a fully distributed team spread across five continents and 20 countries—unified by a mission to build futuristic, world-class products.
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution. Hello and welcome to this blog post about Enjin Coin ENJ White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain. The network that solves the challenge of facilitating the pricing and exchange of NFTs will naturally gain traction, because it will create network effects by attracting increasing volumes of transactions. The Paratoken standard accepts tokens from any other chain, including the popular ERC-721, ERC-1155, and ERC-20 standards. Transaction fees on Efinity are designed to stay in the background, and allow users to experience their favorite collectibles without worrying about how the network operates.
Unleash your trading skills and discover rare NFTs, from gaming items and digital art to collectibles from your favorite brands. Enable groups of users to work together to streamline your digital publishing. Enjin was the world’s first platform to offer token infusion at a fixed bonding cost per token. By being an integral part of the Efinity network, ENJ is receiving significant additional utility and importance. Enjin Coin can be moved between Ethereum and Efinity using our cross-chain bridge.
Infused ENJ contained inside minted NFTs, and Discrete Accounts that hold such assets may also be used for the nomination of collators. Efinity will process up to 700-1,000 transactions per second based on current benchmarks; in comparison, the Ethereum network currently runs at around 15 TPS). Optimizations to the Efinity and Polkadot runtime code may lead to future increases in TPS.
The collator’s income is visible to all stakers and may influence which collator they will choose to stake towards. Enjin Coin (ENJ) is the original utility token for minting and infusion that was released to the Ethereum community in 2017. ENJ is currently held by over 100,000 wallets, and ENJ (including NFTs containing ENJ) will be used for infusion and nomination of collators on Efinity. Microsoft and Enjin teamed up in 2020 to create Azure Heroes, a user engagement project that made the distribution and acquisition of tokens something that anyone, regardless of experience with blockchain, could participate in. They can be everything from gaming items and digital art, to sports collectibles and real-world assets.
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Whitepapers are an essential tool in the world of business and academia. They serve as authoritative documents that provide in-depth analysis, research, and solutions to… «Enjin’s tech has made it easy for us to turn innovative, blockchain-powered ideas into reality for our players. Using their SDK and API, we how to trade litecoin for ripple were able to integrate blockchain in 48 hours.» Bring your NFTs to life via a simple interface, send them through QR codes, and give them utility using tools that make it feel effortless. Designed and built for NFTs at the protocol level, supported by Enjin’s leading end-to-end, easy to use product ecosystem.
Collator Nomination
Enjin is working in collaboration with the web3 foundation and building Efinity on Polkadot. The Efinity blockchain is a parachain that uses Polkadot Relay Chain validators for its consensus, which allows Efinity to have an independent economic framework, data, and state. Ethereum and Bitcoin reward miners with coins for securing the chain, but there aren’t similar incentives in the NFT industry to fuel growth and development. Efinity’s purpose is to be an NFT highway, not a general computing blockchain. Token creation, transfers and purchases are the network’s priority. «Enjin’s platform is exactly what we needed to enable us to innovate at the forefront of play-to-earn blockchain gaming.»
This functionality is intended to be further developed by third party apps that facilitate transfers within other platforms such as games or that function as NFT marketplaces. Orders and trades on-chain are charged a transaction fee (approximately 2.5%) that is distributed to EFI pools on the network. Developers can also charge additional fees to profit from transactions hear that its your taken profit. conducted by third party apps and smart contracts using Efinity. Collators will not collect fees when they are not providing service. This provides an incentive for users to switch their stake to a more reliable collator if their existing collator remains offline. Certain organizations may choose to run a full Efinity collator node for local access to chain data.
The nomination of Efinity collator nodes will be provided by users who vote on and select the best performing collator nodes. The collators with the most votes will be allowed to process network transactions and be compensated with EFI from the collator pool. Nominators will be required to stake or deposit ENJ (which may include ENJ infused in ENJ-minted NFTs). ENJ holders represent a diversified, distributed community who are existing stakeholders in the development of NFTs, a community that is not dominated by any large holder of ENJ. A nominator will, in turn, be compensated for their oversight and nominators will receive a portion of the EFI compensation received by the active collator node voted for by the nominator.. This model ensures that the most reliable and competitive collators are selected by the community.