Deepika- The Enjin network was launched by Enjin company in 2017 and is hosted on the Polkadot blockchain.
- EFI is the native token based on the para tokens standard.
The Enjin company was launched in 2009 by Maxim Blagov and Witek Radomski and saw the growth of their first product, the Enjin Network. In the next decade, it would host more than 20 million gamers worldwide. It entered the blockchain space in 2017 and successfully hosted the ICO of its Enjin Coin (ENJ). Their integrated blockchain ecosystem consists of the Enjin platform, marketplace, Beam, Explorer, and Wallet. These will be the tools for developers and businesses to tokenize their digital assets.
Companies like Microsoft, BMW, and Samsung have benefited from Enjin’s products. The ENJ token became the first gaming token to be approved by Japan’s financial regulators and was successfully listed on CoinCheck. In 2020, collaborating with Microsoft, they created a user engagement project named Azure Heroes. Over 32,000 Azure Heroes badge NFTs were created under the project and distributed among more than 64,000 community members globally. CoinGecko, OKEx, CoinMarketCap, and over 1300 blockchain marketing campaigns used Enjin’s products to gamify the online engagement of users.
There exist two classes of tokens on blockchains, the fungible and non-fungible. Fungible tokens are like a $10 bill which are all identical and replaceable. They are interchangeable with popular examples like bitcoins and ether, USDC, etc. Non-fungible tokens (NFTs) are all unique and they provide proof of ownership. Popular examples of NFTs are BAYC, Azuki, Crypto Punks, and others.
The NFT boom which began in 2017 already includes several individuals, art creators, and companies trying to fit in their shape and complete the jigsaw. However, utilizing them has been difficult because of technical limitations, poor ecosystems, and high-cost barriers. We need a strong token network to make acquiring, developing, and trading these NFTs cheap and quick.
Welcome to Affinity
The Enjin network is developing a blockchain for digital assets, the Effininty powered by Polkadot. The Polkadot network is integrated with two types of blockchains. First, the Relay Chain handles all the measures related to security, consensus, and interoperability. Second, the Parachains, which are independent chains utilizing only the main chains’ computing resources.
Affinity is a para chain in the Polkadot ecosystem where it acts independently and has its economic structure and state. The Relay Chain validators are responsible for network security and validation. Affinity’s collators only have to verify the transactions on the para chain and are paid in EFI tokens.
Effinity currently has a processing speed of 700-1000 TPS (Transactions per Second) compared to Ethereum’s just 15 TPS and takes around 6 seconds to achieve confirmation. Developers can write smart contracts in Rust programming language using Ink!, the smart contract framework supported throughout the Polkadot ecosystem. Nodes, buyers and sellers, developers, and early adopters are benefitted from the incentives by the Effinity network.
Tokenomics
Affinity is working on developing a token standard that will be compatible across the whole Polkadot called the Paratokens. The EFI is a partaken and native to Affinity. The token holders have the right to vote and speak their opinion on governance protocols and guide the future of Affinity. The transaction fees associated with different transaction types such as Bid orders, Ask orders, or simple transfers are priced based on network congestion and processing requirements. The total supply is limited to 2 Billion EFI tokens.
Final Thoughts
The platform offers several key features such as Fuel tanks and Affinity Swap which makes it different from other competitive projects. It announced the launch of its Metaverse fund in November 2021 which holds funds up to $100 million and intends to do a series of funding in projects shaping the future of metaverse, gaming, and NFTs. The project aims to make NFTs familiar to everyone and reward not only the miners but all network participants.
