With the rise of non-fungible tokens (NFTs) came the correlative rise in gas fees. This trend in the Ethereum and Ethereum-compatible token standards such as BEP-20 and ERC-20 has brought about unsustainable demand for minting, trading, and transactions for both fungible and non-fungible tokens. Concerns regarding the environmental impact of NFT minting have also been raised by artists producing in the sector, such that the development of layer 2 solutions have come to the forefront of blockchain innovation.
“These technologies will enable developers to reach mainstream users and provide modern experiences without worrying about unpredictable business overhead caused by gas fees,” shared Enjin CTO Witek Radomski.
Enjin is a blockchain ecosystem running a platform, a native wallet, a community marketplace, and an asset distribution network. Following a successful ICO that raised $18.9 million in 2017, Enjin co-founder and CTO Radomski led the development of the ERC-1155 token standard as a way of handling and creating both fungible and non-fungible assets. Initially, the standard was used to represent assets and user-generated items across Enjin’s ecosystem of blockchain games. This has since developed, and the company is now set to launch new scaling solutions for gas-free interoperability: JumpNet and Efinity.
JumpNet is a high-speed Proof of Authority (PoA) consensus algorithm and network built into a private Ethereum-based blockchain that enables gasless, instant on-chain transactions of the Enjin Coin (ENJ) as well as ERC-1155 tokens. JumpNet’s initial version will feature the following core mechanics: porting ENJ from Ethereum core network to JumpNet, gas-free transactions for ENJ and ERC-1155 tokens, gas-free minting, trading, and distribution of ERC-1155 tokens, as well as free and seamless integration of the protocol with community-made apps and games.
The company’s NFT scaling solution, Efinity, is currently being developed as a decentralized network that will enable multi-chain interoperability. Enjin claims that they have expanded the project’s scope to “support tokens from any blockchain network, both existing and upcoming” through zero-friction token creation and transfers. Set to launch in Q4 of 2021, the project addresses the current problems plaguing the sector: market fragmentation, the lack of adoption due to confusing user experiences, and the high barrier of entry to participate.
With this permanent, two-way smart contract bridge built between JumpNet, Ethereum, and Efinity, Enjin enable users to move assets across these networks natively from the Enjin Wallet and open a future for tokenization for the next generations. The announcement slated JumpNet’s launch on April 6th this year.
Disclaimer: 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.