Efinity EFI Price

What is Efinity (EFI)?

Enjin, a trailblazer in the NFT space, has introduced Efinity, a blockchain infrastructure protocol tailored for Non-Fungible Tokens (NFTs) and operating on the Polkadot network. The Efinity ecosystem is fueled by the Efinity Token (EFI), offering solutions to scalability, speed, and interoperability challenges within the blockchain and Web3 realms. Built on Polkadot as a parachain, Efinity leverages Relay Chain validators for consensus, ensuring an independent economic framework and decentralized governance through EFI holder voting on proposals. Notably, Efinity distinguishes itself with innovative features such as Fuel Tanks for transaction fee subsidies, Multisig Transactions for multi-party involvement, Crafting for token modification, and a Cross-Chain Bridge facilitating the import of tokens from other chains.

Efinity's vision extends beyond just being a cross-chain NFT platform; it aims to redefine the NFT landscape by providing an environmentally friendly, scalable, and user-friendly experience. The platform encourages broader participation by rewarding network participants with EFI tokens, a departure from traditional mining-focused reward systems. Efinity's two-way bridges with JumpNet and Ethereum empower users to seamlessly move NFTs across different chains, unlocking the potential for various industries to leverage NFTs. The project, led by Enjin's co-founders Maxim Blagov and Witek Radomski, emphasizes simplicity, fast transactions, and low fees, making it an ideal solution for businesses, developers, and individuals looking to engage with NFTs in a streamlined manner.

In terms of security, Efinity harnesses the power of the Polkadot parachain ecosystem, ensuring scalability and protection through the connection of validators to parachains. The Efinity Token (EFI) adheres to the ERC-20 token standard, adopting a proof-of-stake (PoS) consensus mechanism for enhanced security. Efinity's commitment to security is further demonstrated by the bug bounty program launched via HackerOne in 2020, reinforcing the platform's dedication to a robust and trustworthy NFT infrastructure. With its unique features, cross-chain capabilities, and commitment to simplicity and security, Efinity stands poised to shape the future of NFTs as an integral and familiar aspect of the crypto landscape.

What is unique about Efinity (EFI)?

Efinity stands out with fast, low-cost NFT transactions, cross-chain compatibility, and participant rewards, revolutionizing the NFT experience.

Who are the founders of Efinity (EFI)?

Efinity was developed by Enjin, with Maxim Blagov (CEO) and Witek Radomski (CTO) as co-founders, leading the project's 14-year evolution.

Who are the backers/investors of Efinity (EFI)?

Efinity secured support from influential investors such as Hashed, Crypto.com Capital, Digital Finance Group, DeFi Alliance, and Hypersphere, showcasing strong industry backing.

Where can I buy Efinity (EFI)?

You can buy Efinity (EFI) on Indodax, Uniswap V3 (Ethereum) cryptocurrency exchanges.