Enjin, the blockchain gaming platform, has announced its plans to launch new solutions designed to remove gas prices and support cross-platform Non-Fungible Tokens (NFTs).
Named JumpNet and Efinitiy, these solutions will be launched later this year to allow users to easily mint and transfer tokens between multiple networks without having to pay for gas in Ethereum.
Ethereum transactions have become increasingly troublesome in the blockchain gaming industry due to their reliance on a high volume of low-value transactions.
Enjin and JumpNet Could Drop Costs
JumpNet, scheduled to be launched on April 6, will operate as a highspeed bridge network that will remove gas prices on on-chain transactions of Enjin Coin (ENJ) and ERC-1155 tokens while providing instant transactions.
The launch date of Efinity has not been determined yet but is scheduled to launch sometime in 2021. Efinity will be a decentralized blockchain network specifically designed for NFTs, offering support for digital assets of any network and “next-generation” token features.
Multi-chain interoperability has been a growing concern in the blockchain gaming industry and other niches due to the increasing congestion and gas prices in Ethereum resulting from the DeFi boom of 2020.
While Ethereum 2.0 is expected to solve some of these issues, it is still uncertain whether the update will be able to do so or not.
By working on its own blockchain network, Enjin is sending a clear message that the increasing market fragmentation marks an opportunity for the NFT industry to lower the entry barriers and provide a better experience that facilitates adoption by different industries.
JumpNet: What is it?
JumpNet will be a private version of the Ethereum blockchain focused on enabling instant, secure, and gasless transactions on the network. It aims to provide these features by using a Proof of Authority (PoA) consensus algorithm which operates based on a node’s reputation.
The first version to be deployed in April…