Enjin is developing Efinity, a next-generation blockchain for digital assets, built on Polkadot.
Jun 25, 2021 00:00:00
Jun 25, 2021 23:59:00
ICO Details
What Is Efinity?
Enjin is developing Efinity, a next-generation blockchain for digital assets, built on Polkadot. Businesses and developers seriously need a platform that can deliver a modern, mainstream and developer-friendly NFT experience. Since the release of Ethereum, there have been attempts to build infrastructure and tokenization around this general-purpose computing blockchain, but there’s an ever-growing thirst for a better solution. Creators are forced to work with crippling fees, inflexible smart contracts and disjointed interoperability. Adoption of today’s NFTs is still limited to die-hard crypto enthusiasts. The blockchains that non-fungible tokens live on give actual users no incentives (other than the prices rising), because miners are given the full share of generated tokens. Prices rise, infrastructure companies create silos and paywalls, and it becomes difficult to make real progress in this industry – unless we can unify the community and think a bit differently. Efinity is built to solve these problems.
Efinity Unique Features
Transactions Every transaction sent to the network must include one or more signatures from a valid key pair. Multiple signatures allow for multi-transfers, trades, minting, and crafting where more than one wallet or token is involved in the transaction. With discrete accounts, more than one signature may be required to control the account. In governance, multiple owners of a discrete account can approve a vote together. Transfers Transfers of Paratokens can be simple or complex, including the ability to include multiple senders and recipients. To perform a trade, two or more accounts could sign a transfer transaction.
Transaction Fee Delegation A transaction can include a fee payer signature, which allows someone else to sign responsibility for fees before broadcasting. This is hugely beneficial for companies and creators who want to subsidize transaction costs for their users.
Discrete Accounts Discrete Accounts are unique addresses that can be created and operated on the parachain. They do not have an associated private key. A discrete account’s address can be used in any transaction, if that transaction is also signed by a wallet that is allowed to use the discrete account.
A discrete account can be configured with various permissions and roles:
- Owners
- Can set operators, owners and admins
- Admins
- Can set operators
- Operators
- Can sign for transactions
More than one signature may be required per role if multisig security is needed; for example, these accounts can be used by a company’s stakeholders to securely manage its assets. Fuel Tanks Fuel Tanks are special discrete accounts that are used purely for transaction fees. Developers can choose to subsidize costs for their customers by depositing EFI tokens to a Fuel Tank they control. EFI tokens deposited to a Fuel Tank cannot be withdrawn. A fuel tank can whitelist specific tokens, tags, transaction types or users that will be permitted to use it. The fuel tank’s ID may be specified in any transaction. The chosen fuel tank will cover transaction costs if its requirements are met. Any remaining costs will be paid by the Fee Payer.
A fuel tank can be configured with owners, admins and operators who may tap into it for transaction fees.
Scopes are added to a fuel tank to fine-tune its permissions for specific operators, tokens, time limits and value limits. Crafting Crafting allows existing tokens to be modified, or new tokens to be created by using a Recipe. A recipe is a signed message that is generated completely off-chain. Anyone who has a copy of the recipe will be able to execute it on Efinity. The system is useful for gamifying collectibles with minimal effort. Redemption of multiple “common” tokens for a rare token is easy to achieve and may allow for some simple game mechanics. A recipe may require ownership of certain tokens (for example, a hammer and an anvil), and it can be coded to perform a number of actions: minting, burning, melting or transferring. The recipe creator may limit the number of times a recipe can be used, or even blacklist a recipe ID directly. Tags Tags can be used to group related tokens (for example, covering transaction fees for an entire game’s token collection). Efinity Swap Efinity Swap is an automated conversion function which further facilitates exchanges of Paratokens by allowing automatic conversion of Paratokens into other Paratokens without friction, in order to complete existing Bid Orders and Ask Orders involving other Paratokens. Existing Bid and Ask orders are used to facilitate these swaps. Paratokens that meet a minimum threshold of Bids and Ask orders are enabled by the chain for these automatic swaps.
Roadmap
Phase 1
- EFI Token launch
- Jumpnet with ERC-1155 and ERC-20 bridge
- Early Adoption Staking
- Private Sale
- Public Sale
- Paratoken Standard
Phase 2
- Discrete Accounts
- EFI Network Fees & Pools
- Collator Node Staking
- Multisig Transactions
- Polkadot Bridge
- Fuel Tanks
Phase 3
- On-chain Marketplace
- Crafting
- Governance
- Treasury Pool
- Smart Contracts
EFI Utility
Transaction Fees Efinity Token (EFI) is used for all transaction fee payments on the Efinity network. Transaction fees are priced and distributed based on the type of transaction. Examples of some common transaction fee distributions:
Transfers & Bid/Ask Orders
- Collator Pool
- Community Pool
- Price Discovery Pool
- Fuel Tank Pool
Bridges
- Collator Pool
- Community Pool
- Fuel Tank Pool
Smart Contracts
- Collator Pool
- Community Pool
The fees for each transaction type are based on storage and processing requirements and may be adjusted through governance. Governance Participating in the governance process may provide users with an opportunity to earn a small rebate for their vote in EFI tokens to encourage community participation. Marketplace Orders An account placing bid orders will be required to stake, at minimum, the number of tokens required for their largest order. Bid orders can be placed on other items, and they will reuse the same staked tokens. This staking mechanism allows other users to complete transactions initiated by existing Bid Orders and facilitates the development of third party apps for exchanges of NFTs and marketplaces. Network Transaction Fees Any filled orders will deduct a 2.5% fee that is distributed to the four pools:
- Collator Pool
- Community Pool
- Price Discovery Pool
- Fuel Tank Pool
Fees that would normally go to a centralized network operator will instead be claimed by the nodes and participants of Efinity. By offering a robust collection of tools for creating decentralized marketplaces, and by supporting any blockchain and token standard, we believe that Efinity can capture a significant portion of NFT transaction volumes. The marketplace network fee amount may be updated through on-chain governance. Developer Fees Developers who mint NFTs may set an optional fee for marketplace orders (2.5% is recommended). This can be set to a maximum fee of 25%. An optional Transfer Fee also allows the developer to monetize direct trades and transfers. For example, this functionality enables a digital artist who mints artwork into NFTs to charge a Transfer Fee for subsequent transfers of these NFTs. Accounts Discrete accounts can be created on-chain by paying a transaction fee or staking EFI tokens. When tokens are staked to create an account, the initial cost is higher but all tokens will be usable for transaction fees by the account until the stake period ends. Fuel Tanks EFI tokens can be staked to a fuel tank for a fixed period of time. By staking, users have the opportunity to reduce fees for all transactions that the fuel tank processes during the staking time. Progressive savings up to 50% are achieved by larger amounts staked and a longer stake time. Un-staking tokens before the end of the staking period will deduct any savings on transactions made during the stake period. JumpNet The Enjin JumpNet blockchain allows users to execute transactions for free. In order to offer this, JumpNet imposes a series of limits against each address on the network. By holding EFI on JumpNet (referred to as “JEFI”), users will be able to increase their JumpNet transaction limits. For every 100 JEFI* a user holds on JumpNet, their limits will be doubled (up to designated limits).
Token Distribution
Token Release Schedule
Private Sale The private sale release schedule is as follows:
- Month 3 (Aug 4, 2021): 10%
- Month 6 (Oct 28, 2021): 15%
- Month 9 (Jan 26, 2022): 15%
- Month 12 (Apr 26, 2022): 15%
- Month 15 (Jul 25, 2022): 15%
- Month 18 (Oct 23, 2022): 15%
- Month 21 (Jan 21, 2023): 15%
Public Sale Linear vesting until 100% unlocked at the end of vesting period.
- Total vesting period: 9 months
- Vesting begins: August 4, 2021 (40 days after Public Sale closing date)
Company Monthly vesting over 5 years with milestone accelerations. Team 3 years vesting after 1 year cliff. Ecosystem 3% to the decentralized Treasury Pool on genesis. The remainder is unlocked monthly to the Ecosystem fund over 3 years. Staking & Pools 15% of the total EFI supply will be reserved for distribution to EFI pools as a Block Reward. The supply will be fully distributed after 8-10 years:
Approximate release amounts per year:
- Year 1: 2.85%
- Year 2: 2.55%
- Year 3: 2.25%
- Year 4: 1.95%
- Year 5: 1.65%
- Year 6: 1.35%
- Year 7: 1.05%
- Year 8: 0.75%
- Year 9: 0.45%
- Year 10: 0.15%
This will provide an incentive to early users and developers who create value during the initial adoption period. As revenue from Transaction Fees and Marketplace Fees increases, this will eventually surpass the block rewards. Block rewards will be distributed among the four pools regularly, and the percentage allocated to each pool can be adjusted by the community through governance.
Partners
Team Members
UpdatingInvestors
