The Crypto Basic

Enjin will release two Ethereum scaling solutions: JumpNet and Efinity, that will improve NFT support and help fight against high ETH transactions fees.

According to the press release, Enjin will release two new solutions that will change the way the Non-fungible Token (NFT) market works. In addition, the solutions will help solve the problem of high fees on the Ethereum network. According to Glassnode, the average gas price paid per transaction on the Ethereum network has increased about 16.5 times over the year.

JumpNet is an interoperable network of “bridges” that will operate on the basis of a proof-of-authority Consensus (PoA) mechanism, where only invited parties can participate in the network as nodes.

The network of “bridges” will be deployed in two stages, the first of which will allow users to move Enjin Coins (ENJ) from the Ethereum network to JumpNet. By transferring tokens to JumpNet smart contracts, users will be able to lock their tokens on Ethereum, and then unlock the corresponding number of tokens on the other side.

In this way, users will be able to create NFTs using the Enjin-developed ERC-1155 standard without the normally required gas. Users will then be able to send and receive these tokens through their Enjin wallet or trade them on the NFT marketplace.

“In the second phase, we will ensure an uninterrupted connection between Ethereum and JumpNet for ENJ and all ERC-1155 tokens,” said Simon Kertonegoro, vice president of Developer Success.

“This will allow our users to choose whether they want free transactions on JumpNet or trustless transactions on Ethereum and Efinity.”

Enjin claims that the launch of Efinity will give developers the ability to issue tokens for multiple chains at once and move them to other compatible blockchains. The project will allow users of various blockchains to move their tokens to Efinity using non-trusting smart contracts. JumpNet will be rolled out on April 6, and Efinity will be rolled out later this year.

“These technologies will enable developers to provide users with state-of-the-art capabilities without worrying about the unpredictable costs caused by gas charges,” said Enjin CTO Witek Radomski.

Recently, Litecoin creator Charlie Lee criticized the NFT industry, comparing it to the ICO boom in 2017.


Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link

Read Also:   Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services | by The Crypto Basic | The Capital | Jul, 2021