Singapore-based Enjin, a pioneer in the blockchain ecosystem for non-fungible tokens (NFTs) and digital assets, has launched the Enjin Blockchain. The innovative new blockchain, dedicated to NFTs, is based on the open source Substrate framework, setting it apart from others by integrating NFT-related transactions directly into its underlying code, instead of relying on smart contracts.
Incorporating NFT transactions at the protocol level improves scalability and prepares blueprints for future-proof digital assets. In particular, Enjin Blockchain features like fuel tanks and discrete accounts simplify end-user interaction by subsidizing transaction fees and eliminating the need for dedicated wallet software.
In the proposed restructuring, Enjin Coin (ENJ) will transition from the Ethereum network to become the native token of the Enjin Blockchain mainnet at a 1:1 ratio. Furthermore, it is suggested that Efinity Token (EFI) be merged with ENJ, further promoting decentralized governance and participation.
Efinity, the Polkadot parachain, has been successfully forked on the Enjin Blockchain, now known as the Efinity Matrixchain. Matrixchain retains all Efinity data, ensuring a seamless user transition and data integrity. A flagship Matrixchain, the Enjin Matrixchain, will be launched using ENJ as its native currency and primary platform for NFT creation.
Enjin plans to implement additional Matrixchains designed to meet the specific needs of businesses and large communities, expanding opportunities for digital ownership and interaction.
Existing Enjin community projects will use the Enjin Blockchain, inviting all members to participate. The Enjin App Layer, essential for low-cost NFT integration, will be available for developers to incorporate into their projects.
Enjin Blockchain and Enjin Matrixchain will be protected by Substrate’s robust proof-of-stake system, powered by ENJ, which promises maximum security, reliability, and sustainability.
Since its inception in 2009, Enjin has remained at the forefront of blockchain innovation, continually seeking to revolutionize the digital goods and NFT landscape. With its dedicated community and cutting-edge technology, Enjin is poised to shape the future of digital ownership and blockchain technology.