Efinity is apolka dot parachain that competes
with flow, bsc binance, smart chain and matic aka polygon but it focuses on blockchain gaming
and non-fungible tokens specifically. Efinity’s value proposition goes beyond gaming in polkadot’s
ecosystem the bottom line is that efinity will provide the infrastructure that could
open up for mass adoption. But how many efinity coins will you need to become rich? Let’s
find out. Hello and welcome to daily crypto facts, before
Moving further, let me remind you that we’re giving away 25 Dollars by the end of next
month to our one random subscriber to start them on their crypto journey. To enter, all
you need to do is: like the video, subscribe, and comment on your favorite crypto coin in
the comment section down below. So, without further ado, let’s dive into the topic.
Enjin is developing Efinity, and next generation blockchain for digital assets and is built
on polka dot.
The reason why Efinity was created was because of the businesses and developers
as they need it the platform that can deliver a modern mainstream and developer friendly
NFT experience. Since the release of ethereum there have been attempts to build infrastructures
and organizations around this general purpose computing blockchain but there is an ever
growing thirst for a better solution and that’s where we are with Efinity. Efinity is actually
built to solve these problems that we have with cryptocurrency in this modern age. Efinity
was created to help solve this problem so that at the moment creators are forced to
work with crippling fees. There is a lot of fees and these fees are expensive especially
on interior. There is also inflexible smart contracts and disjointed interoperability
so adaptions of today’s NFTS he’s still largely limited and there’s a problem because
a lot of people can’t actually get into the NFT space as it’s so expensive and fees
are high, making more people interested in NFTS.
These days it’s mostly the diehard crypto enthusiasts who are really into cryptocurrencies
and understand cryptocurrencies.
So blockchain like ethereum have become so expensive that
the average user might pay $7 plus to move a single token. Well, it also depends on the
price of the token on the day, to particular time and what day of the week it is. NFT gas
space ethereum gas fees are always moving up turned down and on some days are a lot
cheaper. However sometimes if the days are a lot cheaper, other days are much more expensive
so there has to be ways to deal with this. Hence the main purpose of Efinity is to be
an NFT highway and not a general computing blockchain token creation transfers and purchases
and it works priority.
The transaction fee or Efinity are designed
to stay in the background and allow users to experience their favorite collectibles
without worrying about how the network operates. This the excess into an incentive as well.
Now that we have a general idea of what Efinity is, let’s have a look at the token itself
because right now it’s live. So as they have said that, open codes we are thrilled
to share that the Efinity which is the E FI token he’s being released and listed today
on blockchain.com, crypto.com and the coin list ”. You may remember that when they
had launched their ICO, it was also launched on the coin list.
It’s a big news that’s
good and this token is actually built on polka dot. This announcement came in March that
there is a next generation blockchain for non fungible tokens or. However, since it’s
built by Angel so there is a lot of things that goes into Efinity to understand.
We have already been through the listing partners of this token. At the moment, it is one of
the logics exchanges with over 20 million users alone and that’s kind of crazy 1st
of next, let's have a look at the six ways Enjin and Efinity work together. We have already
been talking about affordable transaction on ethereum network but now affordable NFT
transactions is even more interesting because they themselves can be very expensive. So
the Efinity token is used to pay for the low cost transactions to move your Enjin powered
in FT on the network unlike other networks where fees are paid fully to the network administration
miners and nodes Efinity transaction fees are used to a governance.
They nominate efficient
network administrators and encourage active participation in the network it goes into
collateral rumination governance marketplace feeling, so Efinity is a decentralized network
and it’s governed by the community. So even an Efinity holder can submit in collateral
nomination can use their Efinity token to also participate in governance.
Now marketplace Enjin and NFTS can continue to be used in Efinity’s marketplace and
other applications. Since the token remains in the address on Efinity, it is transferred
or melted steak Enjin will be automatically unstated. There’s also fueling innovation
over 1.1 billion digital assets have already been created with Enjin.
That's just with
Enjin alone and those are all NFTS so every single one of them will be benefited from
the low cost speed and next generation features of Efinity such as crafting and fuel tanks.
Efinity is also big bringing a lot of usefulness so the crypto world not just in NFTS but cheaper
transactions. It’s exactly what people need to get from the crypto world and get involved
in as well as it also goes into jump net. So Efinity token also unlocks utility and
Enjin jump net, a fee free blockchain holding on jumping it increases your transaction limit
so you can continue enjoying instant free NFTS and Enjin token transactions on chain.
It’s mostly about incentives that we wanted to get into but before we can go into the
incentives Part. Let’s just take a look at the price of the
Efinity token at the moment and we can do a quick price analysis as well so because
it’s only on a limited amount of exchanges, the transaction itself is actually quite limited.
You can see for yourself that it doesn’t look like there's much going on the network
and that's because it is still in its beginning stage of trading.
Now consider that there
is 54.9 million tokens in circulation that’s 3% of its 2 billion Max supply. So if you
are wondering why the price is already over a dollar, it’s mostly because of this. The
small extremely small circulating supply for the rest of the suppliers actually loaded
up is actually in the maximum supply and that’s dedicated for various reasons.
If the circulating supply stays the same then you can expect the price to go up because
we do think that more the people going to trade with this crypto especially because
you can use it for end facts and also use it for cheaper transactions. The incentives
ethereum and Bitcoin rewards miners with, coin for securing the network share but there
isn’t any similar incentive for the NFT industry to fuel growth and development which
can be problematic in the long term stop so I compensates network participants with the
Efinity token collaterals nodes who can run on the network, users who govern the direction
of the network, buyers and sellers who facilitate price discovery, developers who propose projects
build an Efinity, are all eligible to grants from the community pool.
Early adapters and
creators, increased their token value with bonding curves and liquidity.
Well, All in all great things are coming from Efinity and we want to see what it’s going
to look like a couple of weeks from now, a month or a couple of months from now. Also,
what it’s going to look like in terms of trading the volume and not to mention what
it’s going to look like in terms of market capitalization. Right now the market capitalization
is 60 million but thus this token have 100 X potential, well that’s a big question
that only time can tell, especially with tokens like these.
What are your views on this? What do you think
the future holds for Enjin Efinity? Do you own any Enjin Efinity? Or do you plan on buying
them any time soon? Let’s discuss about this in the comments below. If you want to continue to know about Cryptocurrencies,
we have got 2 more videos waiting for you on the end screen to check out. Make sure
to subscribe and give us a thumbs up! Before heading forward, kindly note that prices
of cryptocurrencies frequently change, so by the time you watch this video, it might
have changed to a whole new value. The information provided in this video does not constitute
investment advice, financial advice, trading advice, or any other sort of advice, and you
should not treat any of the content as such. The content in this video is for educational
purposes only and hence should not be considered as financial advice.
Do conduct your own due
diligence and consult your financial advisor before making any investment decisions..