- Enjin Blockchain forks the Efinity parachain from Polkadot to create new Matrixchains.
- Matrixchains are the future of NFT creation and adoption.
- ENF and ENJ tokens merge to combine utility.
Polkadot and the newly announced Enjin Blockchain are revolutionizing how we perceive and interact with Non-Fungible Tokens (NFTs).
Polkadot: Empowering Interoperability and Scalability
Polkadot is a modular Layer 0 heterogeneous blockchain that operates on the Substrate framework. Its native currency, DOT, fuels the network and enables cross-chain scalability. The platform’s modularity divides node responsibilities, ensuring consistent consensus, data availability, and transaction execution and preventing network congestion from enhancing scalability, making Polkadot a robust blockchain solution.
As a Layer 0 protocol, Polkadot provides a foundation called the Relay Chain, where other blockchains, known as parachains, can build upon it. Polkadot’s heterogeneity allows permissionless parachains to operate parallel to the permissioned Relay Chain and share interoperability. This unique approach enables high transaction validation volume and consistent finality rates across the network.
Polkadot adopts a Nominated Proof of Stake (NPoS) consensus mechanism for on-chain governance, transaction validation, and block production. NPoS democratizes participation in consensus, and within this model, there are two roles: validators and nominators. Validators propose new blocks and authenticate user transactions, while nominators are responsible for nominating new validators.
Any user can be a nominator by staking a minimum of 100 DOT. On the other hand, to be considered a potential validator, a user must operate a node on the network. The selection of new network validators is based on the number of nominations received.
Validators who receive the most nominations are elected and receive the staked DOT from the nominators who supported them. The validators with the most nominations become network validators, receiving staked DOT from nominators as an incentive.
Enjin Blockchain: Revolutionizing NFT Innovation
What sets Enjin Blockchain apart is its unique approach of integrating critical NFT functions directly into its foundational code, eliminating the reliance on smart contracts. This revolutionary design philosophy allows projects to create scalable and future-proof digital assets while ensuring seamless interoperability with other ecosystems.
With a keen focus on cost-efficiency, scalability, and security, Enjin Blockchain’s architecture strikes a delicate balance. One of its notable features, Fuel Tanks, enables developers to subsidize transaction fees, making them transparent to end-users. Moreover, Discrete Accounts provide users with the ability to interact with Enjin Blockchain projects without the need to download dedicated wallet software, simplifying the user experience.
At the core of the Enjin Blockchain lies the Enjin Relaychain, the foundation of Enjin that secures the network, ensures functionality and data provision, and oversees node operations.
The Enjin ecosystem has been pivotal in driving NFT integration since 2018. It offers a comprehensive suite of tools, including the Enjin Wallet, NFT.io Marketplace, Enjin Beam, and the Enjin Platform, which streamline the integration process for developers and creators.
In a strategic move, Enjin Coin (ENJ) is proposed to migrate from the Ethereum network to become the native token of the Enjin Blockchain’s Mainnet. This migration empowers the ENJ community to leverage the cutting-edge capabilities provided by Enjin Blockchain.
Additionally, the merger of Efinity Token (EFI) with ENJ aims to unite the EFI and ENJ communities through a transparent and fair process, emphasizing the commitment to decentralized governance.
Matrixchains Explained
The successful forking of Efinity, the Polkadot parachain, onto the Enjin Blockchain, has resulted in the new Efinity Matrixchain, which continues the operations of existing Efinity users. By securely inheriting all blockchain data from Polkadot Efinity, the Efinity Matrixchain ensures the progression and integrity of user data.
Looking towards the future, Enjin Blockchain is preparing to deploy the Enjin Matrixchain as its flagship Matrixchain. This upcoming Matrixchain, utilizing ENJ as the native currency, will be the primary platform for creating NFTs and digital items.
Inheriting data from Efinity, the Enjin Matrixchain represents Enjin’s unwavering commitment to innovation, user-centric design, and mass adoption. It symbolizes the evolution of Enjin’s ecosystem and its dedication to empowering creators, enterprises, and individuals in digital ownership.
Enjin Blockchain envisions the deployment of additional Matrixchains tailored to meet the specific needs of enterprises and large communities. These specialized Matrixchains will provide a Web3 environment that addresses unique application requirements and use cases, unlocking new digital ownership and interaction possibilities. By expanding the horizons of NFTs, Enjin Blockchain strives to drive widespread adoption and revolutionize the landscape of digital assets.
Conclusion
The Enjin ecosystem dates back to 2009, when Enjin, a Singapore-based software company initially focusing on developing a gaming content management system, was founded by Maxim Blagov and Witek Radomski.
However, Witek Radomski, a self-taught blockchain developer, recognized the limitations in earlier ERC standards and authored the ERC-1155 standard for NFTs, setting the stage for Enjin’s foray into the blockchain space. This rich history and the thriving Enjin community continue to drive continuous innovation and advancement within Enjin’s blockchain ecosystem.
Polkadot and Enjin Blockchain have emerged as significant milestones in the blockchain realm, particularly in digital assets and NFTs. Polkadot’s modular architecture and NPoS consensus mechanism enable cross-chain interoperability and scalability. Enjin Blockchain’s unique design philosophy and integration of NFT functionalities at the protocol level empower creators and enterprises to build scalable and future-proof digital assets.
As these ecosystems evolve and attract more projects and communities, the future of digital ownership and NFTs appears promising. Join the Enjin and Polkadot communities on this remarkable journey toward mainstream adoption and revolutionizing the world of digital assets.
