coincodex.com
Key highlights:
- NFT and blockchain gaming project Enjin has announced two new blockchain platforms designed to bring scalability and interoperability to NFTs
- Efinity will be a decentralized blockchain for NFTs designed to interoperate with other chains
- JumpNet will be a private Ethereum variant with PoA consensus that will allow users to transact with NFTs at no cost
- ENJ gained more than 40% in the last 24 hours, setting new ATHs in the process
Enjin is tackling NFT scalability and interoperability with Efinity and JumpNet
Enjin, one of the most established projects in the field of NFTs and blockchain-powered gaming, has revealed its plans for two different scaling solutions designed to deliver cross-chain support and cheaper transactions.
The project says they will launch a decentralized blockchain platform for NFTs called Efinity that will interoperate with multiple other blockchains and support "next-generation token features". Interoperability is becoming increasingly relevant – even though Ethereum is still the most commonly used platform for NFTs, other blockchains like Flow and WAX are also becoming relevant players. However, details about Efinity are still scarce, apart from the Enjin team saying that they plan to launch it sometime this year.
However, we do know a bit more about JumpNet, the second solution unveiled in Enjin’s announcement. JumpNet will be a private variant of Ethereum featuring Proof-of-Authority consensus that will allow users to mint and transact NFTs without having to pay gas. In other words – JumpNet will trade off decentralization in order to provide a better user experience.
Users will be able to move their ENJ tokens back and forth between Ethereum and JumpNet. On JumpNet, users will be able to perform various operations such as minting, distribution and trading with ERC-1155 tokens at no cost. ERC-1155 is a token standard introduced by Enjin CTO Witek Radomski in 2018 through an Ethereum Improvement Proposal. The main idea behind ERC-1155 is that one smart contract can control multiple different tokens, providing an efficiency boost.
The first iteration of JumpNet will be launching on April 6, and users will already be able to bridge their ENJ coins over from Ethereum. In the future, JumpNet will also be interoperable with Efinity.
Here’s how the Enjin team envisions its scalability stack playing out:
"Thanks to this new multi-chain approach, our ecosystem will offer users robust decentralization via Efinity and Ethereum, while using JumpNet to provide industry-leading UX with forever free and instant transactions."
ENJ soars to new all-time highs
It’s no secret that NFTs are booming at the moment, with auctions for hyped NFTs breaking records seemingly on a daily basis. Combined with the recent announcements from Enjin, this has provided the perfect market environment ENJ token to surge to new all-time highs. The token is up a whopping 44.47% in the last 24 hours, even though the total cryptocurrency market cap has declined by 4% in the same time frame.