Enjin raises nearly $19 million to build Polkadot-based blockchain for NFTs

Mar 31, 2021 | The Block News | 0 comments

enjin-raises-nearly-$19-million-to-build-polkadot-based-blockchain-for-nfts

Blockchain development firm Enjin has raised $18.9 million to build a Polkadot-based blockchain network, especially for non-fungible tokens (NFTs).

The network, dubbed Efinity, will have its own token called Efinity Token (EFI), Enjin CTO Witek Radomski told The Block. And the funding has been secured via selling EFT tokens, said Radomski.

Crypto.com Capital, DFG Group, and Hashed Ventures led the funding round, with participation from BlockTower, Blockchain.com Ventures, Fenbushi Capital, Arrington XRP Capital, and several others.

Enjin is not new to the NFT space. It created the ERC-1155 standard for NFTs in 2017, and it is used by companies like Microsoft and Nike.

Microsoft uses ERC-1155 to reward the Azure developer community with “provably scarce, unique NFT badges based on their contributions and achievements,” Enjin’s VP of operations Bryana Kortendick told The Block. As for Nike, it has patented a system for tokenizing shoes on Ethereum using the ERC-1155 standard, said Kortendick.

The new Efinity blockchain will be purpose-built for NFTs and is being developed as a parachain on Polkadot, Radomski told The Block.

When asked how Efinity will be different from Ethereum and Dapper Labs’ Flow blockchain, Radomski said Efinity aims to resolve the friction points that users and developers hit with the two blockchains.

When interacting with Ethereum-based NFTs, frictions like “transaction fees, the requirement of ether (ETH), account security, disjointed applications, problematic multisig security” are present, said Radomski. While Flow is tackling some of these issues, they have built the blockchain from the ground-up, along with their own scripting language, which could pose challenges, according to Radomski.

“Flow may see challenges if they aren’t able to attract enough nodes to become sufficiently decentralized, and they might also face an uphill battle convincing developers to learn their proprietary language,” he said. “On Efinity and Polkadot, developers can use Rust which is a well-established language, and every parachain will benefit from the combined security of the entire Polkadot network.”

“Finally, each parachain can easily interact with other parachains using XCMP [Cross-chain Message Passing], which creates a powerful network effect,” Radomski told The Block.

Efinity’s Phase 1 is expected to launch around the end of this year or the beginning of 2022, said Radomski.

“After that point, we will continue our roadmap, adding more planned functionality to the blockchain through upgrades and decentralized governance,” he said.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Mapping out Genesis Block Ventures’ portfolio

Mapping out Genesis Block Ventures’ portfolio

Quick Take Based in Hong Kong, Genesis Block was founded in 2017 by Wincent Hung and Clement Lp. Aside from operating a proprietary trading desk and offering market making, the firm formed Genesis Block Ventures (GBV), a separate entity that provides investment to the...

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody takes new route to ‘qualified custodian’ status

Standard Custody received its license to operate as a New York state-chartered trust on May 4, and it's already making a play to gate-crash the institutional custody space. Just days after its licensing, the firm announced the close of a $53 million Series B round for...

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

Elon Musk tweets BTC price bottom? 5 things to watch in Bitcoin this week

It's all about Elon as Twitter provides the backdrop to an ongoing battle between hodlers and the "Dogefather." Bitcoin (BTC) is nearing $40,000 this week as “Dogefather” Elon Musk deals out pure pain to hodlers — what’s next?After a traumatic weekend for many crypto...

Pin It on Pinterest

Share This