The new blockchain, called Efinity, aims to offer tokens that cannot be exchanged from any network.
As Ethereum’s immutable token (NFT) craze increased, blockchain development startup Enjin decided to take it a step further and build a brand new decentralized network specifically dedicated to these crypto collections.
“We are building a groundbreaking blockchain for NFTs designed to accelerate the emergence of an advanced digital asset economy that spans the world,” said Maxim Blagov, CEO of Enjin.
Called Efinity, the blockchain was built as a parachain in the Polkadot (DOT) network and aims to solve large-scale problems that are already plaguing existing projects. For starters, Efinity disabled the energy and computationally intensive proof of work consensus protocol (currently used by Bitcoin and Ethereum’s blockchains) in favor of a proof of stake solution.
According to the announcement, Polkadot’s technology also allows Efinity to achieve more “interoperability, scalability, speed, security, privacy and governance”.