Enjin Launching 2 New Products to Tackle Gas, Scaling Issues
- Launching on 6 April, permissioned network JumpNet will enable users to mint NFTs and trade ENJ with low fees.
- Efinity is set to launch later in 2021 and will enable the adoption of multiple blockchains.
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According to the company’s announcement, the growth of NFT ecosystems has pushed Enjin to focus on multi-chain interoperability. The company’s open cross-chain solution Efinity will enable wallets, marketplaces, and exchanges to adopt multiple blockchains and allow users to create and port tokens onto multiple chains. Efinity’s launch date is yet to be revealed, but the company said it should be released by the end of the year.
However, a core piece of Enjin’s scaling tech stack is set to launch next month. Called JumpNet, the second product is a private version of the Ethereum blockchain with a Proof-of-Authority (PoA) consensus mechanism. The bridging network will enable users to lock up their Enjin Coins (ENJ) on the Ethereum network and unlock the corresponding amount of tokens on JumpNet. The permissioned blockchain will then enable users to mint NFTs using Enjin’s ERC-1155 standard without incurring the cost of Ethereum’s gas.
Enjin’s native wallet can be used to send and receive both NFTs and ENJ. All NFTs minted on the JumpNet can be traded on the NFT marketplace, the company said.
JumpNet is set to launch on 6 April. The first phase of the launch will enable users to move ENJ from Ethereum to JumpNet. Future updates will enable permanent two-way ERC-1155 and ENJ bridges between JumpNet, Ethereum, and Efinity, the company said.
- Called “Efinity Metaverse Fund”, the initiative will support metaverse-based projects being developed on Efinity.
- The fund will also help projects focused on cross-chain NFT assets, digital collectible apps, gaming, virtual events, and multichain infrastructure.
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- Named “Go! By Health Hero”, the app will allow users to create unique Well-being Non-Fungible Tokens (W-NFTs) based on their health and activity characteristics.
- The app will use Enjin’s gas-free JumpNet blockchain, which uses 99.99% less electricity than Ethereum, in order to remain environmentally friendly and cheap for users.
- The new partnership will award contributions of Azure cloud community members with non-fungible tokens.
- The price of the ENJ token, the digital assets of the Enjin ecosystem, jumped 50% to reach more than $70 million market cap, right after the announcement.