- What is Efinity Token (EFI)?
- Who are the founders of Efinity Token?
- How does Efinity Token work?
- Key Attributes of Efinity Token
- How to buy Efinity Token (EFI) in India
What is Efinity Token (EFI)?
Efinity Token is developed by Enjin but is built on Polkadot. The token is built to serve cross-chain metaverses and can facilitate artists to mint upto 2,200 tokens. The Efinity token acts as a gateway for NFT minting powered by Polkadot. EFI is a deflationary token that channels fee delegation, smart contracts, fuel tanks, crafting, discrete accounts, instant swaps, native multi-sig, and price discovery.
Who are the founders of Efinity?
Maxim Blagov and Witek Radomski co-founded Enjin. While Radomski took the Chief Technical Officer position, Maxim directed the firm in marketing, product design, and production.
Radomski was intrigued and impressed with Bitcoin and even got the firm to accept the golden token for payments. Later when Ethereum technology bloomed Radomski wanted to build a chain of his own.
How does Efinity work?
Efinity is a token that will be working as a parachain on the Polkadot ecosystem. Developers can create their own smart contract with Ink – a universal smart contract framework. Orders, bids and any transactions made on the network to swap or pay for NFTs on the network will be paid in EFI tokens. The collators of the network are the nodes that keep a backup of the transactions that take place on the network. The collators who validate nodes do not receive an incentive to participate in the network if they are not active.
There are four pools in the Efinity network
Collator Pool: This is broadcasted to active users and collator nodes. Each active collator node receives EFI on validating a block.
Community Pool: The community pool offers some EFI tokens to worthy projects to be able to make initial transactions to test their product.
Price Discovery Pool: The price discovery pool is an amazing feature for NFT artists. This pool encourages the bidders to bid to be able to receive EFI tokens if their bid gets selected. This pool encourages people outside the ecosystem to participate in the network and promote cross-chain NFT transactions.
Fuel Tank Pool: This pool is used only for paying transaction fees in EFI.
Read more about the pools: EFI pools
Key Attributes of Efinity Token
Cross Chain transactions: Efinity allows the transfer of digital assets from other blockchains using the Efinity bridge.
Fuel Tanks: Fuel tanks on the Enjin platform allows creators to reduce costs by fuelling it with EFI.
Price Discovery: This pool encourages the bidders to bid for assets and receive incentives in EFI if their bid gets selected. To help creators get their work noticed and for EFI to be utilized to its fullest, price discovery makes both the creator and the community happy.
Decentralized Governance: EFI token holders get to vote and submit proposals. The individual submitting a proposal to vote on a certain topic or change in the ecosystem must bond 100,000 EFIs’. The bonded tokens will be unbonded only after three governance periods.
Crafting: Crafting is a unique feature of the Efinity ecosystem that allows users to modify a token using a ‘recipe’. A recipe is a signature that can be generated off-chain, which means the NFT modifications are done offline. To perform this off-chain, an individual must possess certain digital assets like the hammer or an anvil to be able to access this feature. As this is a sensitive activity the rare digital asset makes it more sustainable for creators to have access to modifying NFTs seldom to themselves.
What sets Efinity Token apart?
Efinity token is one of the rarest platforms that offer NFT and Metaverse collectibles adoption and promotion via tokenization. After Enjin made its mark in the collectibles space, its focus pivoted to making NFT even more mainstream with tools like price discovery that actually mitigates the creator’s problem of netting getting their work noticed to actually getting bids on it. All thanks to the Price Discovery Pool.
Apart from this, Efinity also offers a cross-chain transfer of assets from any blockchain to Efinity via Parachain making it fluent for a creator to sell and create without having to worry about the transaction fee. Apart from making NFT adoption look seamless, Efinity also offers voting rights and rewards for individuals who make the system work by validating transactions whenever required.
How to buy Efinity token (EFI) in India
Use this three-step process to buy your first Efinity Token using the CoinDCX crypto app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy the Efinity Token on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy Efinity Token: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!