EFI meaning in Cryptocurrency ?

Answer:

To find out even more about this project, check out our deep dive of Efinity.

Efinity is developed by Enjin. Enjin pioneered the NFT industry in 2017 - authors of ERC-1155, the groundbreaking NFT token standard, and the first NFT creation platform.

Efinity is the world’s cross-chain NFT blockchain. Powered by the deflationary EFI Token, the network is environmentally friendly, scalable, and built for games, apps, enterprises and creators to deliver their own non-fungible tokens to mainstream audiences.

Built on Polkadot in partnership with Parity Technologies and the Web3 Foundation, Efinity is a new blockchain that's purpose-built for NFTs. It's a token highway designed to enable a specific kind of future—where NFTs are as widespread and easy to use as smartphones today.

Featuring transaction fee delegation, smart contracts, fuel tanks, crafting, discrete accounts, instant swaps, native multisig, price discovery, cross-chain marketplaces, and a NFT launchpad. Efinity’s transactions are confirmed in 6 seconds and scale to 1000 TPS; in comparison, the Ethereum network currently runs at around 15 TPS.

Efinity will enable NFTs to be utilized by virtually any industry, unlocking trillions of dollars in currently illiquid and unique real-world and digital assets.

Efinity is developed as a parachain on Polkadot, the next-generation, fully decentralized network that is solving the largest issues facing blockchains today, including interoperability, scalability, speed, security, privacy, developability and governance.

Efinity Token (EFI), Efinity’s deflationary token is designed for transaction fees, liquidity, and rewards. Featuring community governance for EFI holders to submit and vote on proposals to steer the future of the network.

Efinity’s network fees, marketplace commissions, cross-chain bridging tolls, and smart contract fees will go towards yield that can be earned by staking and infusing Enjin Coin (ENJ) and participating in trading and discovering NFTs. ENJ is a critical part of the solution, allowing any user to nominate the most efficient collator nodes that run the Efinity blockchain.

Additionally, EFI will be a core utility of NFT.io, the next generation multi-chain NFT launchpad and marketplace. Earned EFI will be required to farm exclusive NFTs and participate in the NFT.io network.

reference

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