World-renowned, blockchain-based software development platform Enjin has disclosed plans to launch two new scaling solutions. The scaling solutions – JumpNet and Efinity – will provide assistance to all forms of non-fungible tokens (NFTs) and fungible tokens from any blockchain.
Aside from this, the solutions will also completely eliminate the need for gas fees on Enjin (ENJ). The first scaling solution, dubbed JumpNet, according to a press release shared with Altcoin Buzz, is expected to go live on April 6, 2021. Efinity, the second scaling solution, is expected to follow suit at a yet undisclosed date later this year.
1/ Over the last year, we've seen vibrant NFT ecosystems pop up across networks.
As #NFTs continue to gain attention, traction, and users, the next step in the evolution of the Enjin ecosystem has become clear:
— Enjin (@enjin) March 3, 2021
Enjin (ENJ) resolves to make use of the multi-chain strategy that will help drive decentralization using Efinity and Ethereum. JumpNet, on the other hand, will work on ensuring a top-notch user experience (UX). Interestingly, it will also ensure transactions are completed in real-time and for free.
Witek Radomski, CTO of Enjin (ENJ), spoke extensively on the announcement. He pointed out that JumpNet currently serves as the platform’s “high-speed bridge network that will allow creators to mass-distribute thousands of NFTs at no cost.” Efinity, according to Radomski, will serve as Enjin’s proposed “NFT highway.”
Interestingly, tokens on the JumpNet high-speed bridge will be able to move between the Ethereum chain and Efinity when it officially goes live later this year. These solutions will provide developers with a growth-conducive environment as well put an end to gas fees crises. Subsequently, eliminating uncertainties associated with doing business requiring gas fees.
JumpNet makes use of the proof-of-authority (PoA) consensus mechanism. The mechanism is built on a private ETH-based blockchain and will enjoy free scaling to Ethereum for infinity. This is huge news as current Ethereum gas prices are ridiculously high. Therefore, making the minting, buying, selling, and distribution of non-fungible tokens (NFTs) impracticable. Several projects built on Ethereum are currently at their wit’s end due to high gas prices. The Enjin (ENJ) scaling solutions will help reduce the platform’s susceptibility to high gas fees.
More on Enjin’s Proposed Efinity Network
Enjin’s Efinity network will function as a decentralized multi-chain highway providing support for both fungible and non-fungible tokens (NFTs) from any blockchain. This means that any interested wallet platform, exchange, or marketplace will have access to its services. Ensuring top-notch scalability at all times.
Enjin (ENJ) currently boasts of over 8,700 developers and creators. These creators with JumpNet and Efinity will be able to mint tokens and then move them among supported blockchains. Interestingly, creators on other blockchains will also be able to enjoy low gas fees via Efinity.
Several top institutions like Microsoft and Atari have disclosed plans to take advantage of Enjin’s proposed scaling solutions. Starting from April 6, 2021, Enjin’s JumpNet will be available for use and will help in the completion of a number of actions. Find out more about Enjin’s JumpNet here.
At the time of writing, ENJ was trading at $0.904584, with a market cap of $853,559,195 and a 24-hour trading volume of $852,353,522.
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