- Is Efinity Enjin Coin’s Saving Grace?
Just now·2 min read
Sourced from Enjin
Enjin Coin has undoubtedly found its footing in the crypto scene. Being a unique token whose focus is on gamers, it’s uniquely situated to take over mass-market adoption as soon as more titles use the blockchain’s progressive technologies. There have been several games released already using Enjin. Minecraft, Age of Rust, Altverse, and Lost Relics.
The connection to the blockchain all these games have are backing their items on Enjin. Meaning items in any of those games are worth an intrinsic value outside of cyberspace. Don’t like your current item? Melt it. Want to trade for a different item? Sell it. Don’t wanna grind an item yourself? Buy it.
Their utilization of the blockchain allows your in-game work to relate to an actual value.
Enjin Coin has one lurking issue. Being an ERC-20 token, it follows the rules of the Etherum blockchain. Being based on Ethereum means it’s also suffering from the same gas fee issues debated on the main chain.
Gas is fundamental to the way a blockchain works. Gas is the fee to conduct a transaction on the blockchain. If you’re new to blockchains and want to learn more, check out Ethereum’s explanation — it’s way better than what we could do in this document.
There have been several proposals to change the fee mechanism in Ethereum, most notably EIP-1559 taking the stage as of late¹. Yet, there hasn’t been a solution to the fee situation, and it’s been crippling to the ERC-20 community.
For Enjin to take the spotlight as a viable token, it needs to either switch blockchains or create a layer for its needs. The latter is precisely the plan.
Efinity looks to solve the occurring gas fee frenzy by providing a scalable solution build upon the Ethereum network. Efinity has been in the talks for several years. Undoubtedly, with the increased gas fee, the developers have been trying to rust to market as fast as possible.
The most information we have on the project is Enjin’s recent launch of nft.io and developer Witek’s recent update on Telegram. Although it seems that the Efinity platform should be launching sometime this year, if not even in Q1.
This solution could be the fix to the scalability issues preventing Enjin Coin from becoming the defacto NFT.
- Date of publication:
- Tue, 02/23/2021 - 16:48
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