Enjin announces two solutions to take Ethereum fees out of the equation

Enjin (ENJ), one of the rising blockchain projects of the last period, announced two scaling solutions. The team claims that with the solutions, the first of which is planned to be released early next month, the transaction fees, called ‘gas fees’, which have been discussed in the last period as they cause huge costs in Ethereum, will be removed from the equation.

The platform will thus transform the unique token (NFT) market, according to the press release.

These scaling solutions were named JumpNet and Efinity. Witek Radomski, the technology director of Enjin and one of the creators of the ERC-1155 token standard on Ethereum, describes JumpNet as “the high-speed bridge network that allows NFT creators to massively distribute thousands of NFTs for free”. A Proof of Authority (PoA) mechanism will be used in a custom Ethereum-based blockchain to give Ethereum ‘always free’ scaling on JumpNet. It is aimed to be released on April 6th.

JumpNet will work in conjunction with Efinity. Efinity is defined as an “NFT gateway” where tokens on JumpNet can be used between Ethereum network or Efinity. In other words, the Efinity Network will be a ‘multi-chain decentralized gateway’ that will work with a special blockchain that will support fungible or non-fungible tokens on any chain. It is stated that Efinity will be commissioned in the following months of 2021.

The Enjin team argues that rising transaction fees are disrupting Ethereum-based projects and Ethereum users’ transactions. The team argues that these fees make the issuance, trading, and distribution of most NFTs unsustainable.

Join our Telegram channel to be up to date with the latest developments!

Check Also

Ethereum Gas Site Fees.wtf’s $WTF Token Down 80%, Following $SOS and $GAS

Ethereum transaction costs, colloquially referred to as “gas fees,” have long been a pain point …

Leave a Reply

Your email address will not be published. Required fields are marked *