Enjin Funding Round Sources $18.9M to Launch Polkadot-Based NFT Blockchain

Enjin has managed to raise 18.9 million dollars to launch Efinity, the first dedicated NFT blockchain on the Polkadot network. With the ongoing NFT uptrend, the move will see better commerce for NFT-based games and other applications.

Working on NFTs Since 2017

Behind cryptocurrencies like Bitcoin, blockchain is the open and safe digital ledger. Enjin helps developers with NFTs to mint one-of-a-kind digital elements that can be blockchain authenticated.

Last week, Ludena Protocol, the publisher of GameTalkTalk’s social player website, established a new partnership with Enjin, Singapore. In South Korea, cryptocurrency and gaming excitement is also a drive to give a boost to NFTs.

Enjin was created in 2009 and centered on NFT’s in 2017, which is the main platform for game-based tokens to compete with Ethereum. One of their benefits is that Enjin has launched a 5-step plan for carbon-neutral NFTs by 2030. To date, $37.8 million has been raised. Enjin has also worked with Microsoft just recently to launch more NTFs.

One of the challenges for cryptocurrencies such as Ethereum and Bitcoin early on in blockchain was that it needed a lot of computer power to mine coins, based on the “proof of work” design miners needed to solve the complex computer puzzle. However, Enjin switches to “proof of stake,” which relies on a smaller number of trusted computer partners to verify data. This verification method does not use as many resources. Compared to Bitcoin and Ethereum, the difficulty is that not as many users are aware of Enjin.

Caleb Applegate, Enjin’s chief operating officer, said the NFTs should be for everybody in the declaration. And with Polkadot building, Enjin will have an open, scalable solution that enables everyone to participate in the evolving NFT economy. With Efinity in mind, he said, it will give everyone a fun, convenient, and affordable experience.

Introducing the New Efinity Token

The team has published an overview of the new EFI intended to cover transaction charges, liquidity, and returns by staking Enjin Coin (ENJ). Community governance would enable EFI holders to apply and vote on proposals to guide the network’s future.

Enjin initially allotted 15% of the total EFI supply to be earned by staking ENJ on Efinity and using ENJ minting tokens. ENJ stakers can also receive EFI from network charges, marketplace fees, cross-chain bridge charges, and smart contract fees.

To allow NFTs to run between Polkadot, Ethernets, and other blockchains, Enjin will be investing further in developing open-source bridges in Snowfork. Starting at NFT.io, Efinity marketplaces can reward EFI bidders, generate perpetual liquidity of all assets, and enable collectors to see their NFT portfolios valued up to date.

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Polkadot (DOT) to Introduce Bridges to Connect Blockchain Networks in Its Ecosystem

The Polkadot (DOT) project sets to integrate bridges to connect blockchain networks within its ecosystem. Parity Technologies and Web3 foundation are the head developers of the project’s plans. 

Achieving Decentralization and Interoperability

According to the Polkadot team, the highly anticipated internet generation Web 3.0 will drive the internet to adopt decentralized blockchain technology. 

Polkadot will develop bridges to external networks, enabling cryptocurrency and blockchain die-hards to enjoy a fully decentralized network. The main focus for developing bridges, stated by the Polkadot team, is to enhance blockchain interoperability and diversity. 

Coupled with the rollout of Web 3.0, Polkadot plans to connect blockchains from its network to external ones like Bitcoin and Ethereum. Despite the difference in governance and protocols, bridges will create a common interoperable rule to ensure tokens or information is transferred fast and securely.

The Web3 Foundation has created several grant programs that have birthed massive bridges in the Polkadot ecosystem.

The programs include Interlay and (PolkaBTC), ChainX (BTC to Substrate bridge), Snowfork (Ethereum and Polkadot), Darwinia, and Chainbridge (Non-fungible token transfers), Bifrost (EOS network bridge). The programs will improve decentralized technology internet services and connect blockchain networks since Polkadot’s modus operandi is to create a multi-chain world. 

Polkadot’s Proof-of-Authority Network

The Web3 Foundation launched the genesis block of Polkadot in mid-2020 as a Proof-of-Authority(PoA) mode. The PoA network enables blockchain users to acquire tokens from their own Ethereum contracts, stake them and determine whether they will become validators or nominators. 

Validators can create their session staking keys and acquire Nominated Proof-of Stake rights. Late last year, the Web3 foundation announced that enough validators had accumulated to trigger Polkadot’s network transition to the Nominated PoS phase, which will enhance decentralization and increase the number of active validators.

Bridges and Substrate-based Chains

Polkadot plans to introduce bridge modules and contracts that will create parachains that will serve as adaptors to external blockchain networks. The modules will entail non-parachain blockchains that can either be integrated as an extension to the Polkadot technology software or a community-controlled parachain. The bridge modules will work as ‘virtual parachain networks’ that will tune the external blockchain’s operations to the Polkadot network’s benefits.

According to Polkadot’s team, the substrate-chain building framework will enable developers to create blockchains with its security and consensus. Parity Technologies are developing an inter-connected bridge that will join several substrate-based chains together. The bridge will entail a two-way communication network between independent Substrate-based chains and a Polkadot parachain. Additionally, the bridge will facilitate users’ interactions within the Polkadot network with those within the Kusama network.

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