What Is Efinity (EFI)?
Efinity is a blockchain built on the Polkadot network. According to the whitepaper, the developers of Efinity believe that a modern and developer-oriented (https://www.coinbase.com/learn/crypto-basics/what-are-nfts#:~:text=NFTs%20(or%20%E2%80%9Cnon%2Dfungible,worth%20exactly%20the%20same%20amount.&text=Each%20Beeple%20piece%20is%20paired,version%20is%20the%20real%20one.) experience is necessary for today’s digital space. Efinity aims to create a better infrastructure for its blockchain to address the issue of developer experience. Efinity proposes to create a network that would facilitate and host all NFTs.
The current blockchain network is fragmented by different competitors who strive to emerge dominant in the industry. The competition causes hindrance for the Metaverse to continue to grow. The Metaverse is a digital ecosystem that is created using virtual reality.
Consequently, Efinity seeks to become a hub for all NFTs and not be limited to a general blockchain. NFTs and other forms of token creation and transfers are the priority of the platform. On the other hand, transaction fees are kept in the background of the platform activities. By shifting the focus from transaction fees, users are offered a better experience without understanding the network mechanics. Efinity strives for more transactions to be completed by ensuring a better experience for the users.
Efinity Token (EFI) is the utility token that would propel the services and functions of the Efinity platform. Holders of EFI can participate in voting procedures regarding the governance of the platform. Furthermore, participating in community activity also incentivizes the user with token rewards. Efinity also aims to create an interactive community.
The various services and functions of Efinity would be priced as per their unique requirements. Users of the Efinity platform can also exchange EFI for any token or NFT that is bridged with Efinity. Efinity creates an ecosystem where external parties would also be encouraged to develop on the Efinity platform.
Moreover, Efinity would attempt to reduce friction while converting the tokens on the platform using the Para Swap application. Efinity seeks to create a space that uses Smart Contracts to ensure the platform's functionality generates utility.
History of Efinity (EFI)
The whitepaper of Efinity was released in 2021. Efinity was co-founded by Maxim Blagov and Witek Radomski, Oscar Franklin Tan, and Caleb Applegate. The total supply of EFI tokens is to be limited to two billion.
