Enjin, the co-creator of the ERC-1155 token standard, today announced it is launching two scaling solutions to remove gas and support fungible and non-fungible tokens (NFTs) from any blockchain: JumpNet, launching on April 6th, and Efinity, launching later in 2021.
JumpNet will use Proof of Authority (PoA) consensus logic on a private Ethereum-based blockchain to bring ‘forever free’ scaling to Ethereum. The scaling solution comes at a time when the network is crippled by high gas fees, which has made minting, trading, and distributing the majority of NFTs unsustainable.
Enjin has also announced an expanded scope for the upcoming Efinity Network, a decentralized multi-chain highway that will support fungible and non-fungible tokens from any other chain.
Efinity is built to be an open platform that any wallet, marketplace, or exchange can use to adopt all blockchains and manage transactions in a scalable way.
“JumpNet is our high-speed bridge network that will allow creators to mass-distribute thousands of NFTs at no cost. Tokens on JumpNet can jump between the Ethereum network or Efinity (our upcoming NFT highway) when it launches later this year. These technologies will enable developers to reach mainstream users and provide modern experiences without worrying about unpredictable business overhead caused by gas fees.”
– Witek Radomski, Enjin CTO
Enjin
The Enjin Platform has been adopted by over 8,700 creators who will soon be able to mint multi-chain tokens and port them onto compatible blockchains, and creators on other blockchains will be able to move their tokens onto Efinity to reduce gas fees.
Companies like Microsoft, Atari, and different industries are already leveraging the Enjin Platform to deliver next-gen experiences and outcomes for their customers. From April 6th, Enjin’s JumpNet will allow these organizations to complete a wide range of actions with zero gas or transaction fees:
- Send and receive Enjin Coin (ENJ) and ERC-1155 tokens via the Enjin Wallet
- Mint ERC-1155 tokens on the Enjin Platform
- Trade ERC-1155 tokens on the Enjin Marketplace
- Distribute ENJ and ERC-1155 tokens via QR codes
- Automatically distribute ERC-1155 tokens from Enjin-integrated apps and games
