Crypto FAQs: Enjin Blockchain and Efinity Matrixchain – A New Era for NFTs and Web3

Introduction

In a groundbreaking development, Enjin has released the Enjin Blockchain and the Efinity Matrixchain, a revolutionary blockchain designed specifically for NFTs and digital assets. This marks a new era for the Enjin and Efinity communities, as well as for NFTs and Web3.

What is Enjin Blockchain?

Enjin Blockchain is a custom-built blockchain with NFT-specific features at the protocol level. It is supported by a user-friendly application layer that can be seamlessly integrated. The Enjin Blockchain consists of two core components: the Enjin Relaychain and dynamic Matrixchains.

The Enjin Relaychain serves as the foundation of the Enjin Blockchain, handling security, node synchronization, and block validation. It is a Substrate-based consensus mechanism built using the open-source Substrate framework.

What is Efinity Matrixchain?

Efinity, previously on Polkadot, has been forked onto the Enjin Blockchain as the “Efinity Matrixchain”. It is currently awaiting ratification through a referendum. The Efinity Matrixchain’s data remains readable on Polkadot, and the community is able to guide its future.

Is the Enjin Blockchain live and operational?

Yes, both the Enjin Blockchain and the Efinity Matrixchain mainnets are now live and operational. Users can explore them using the Enjin Console or Efinity Subscan.

How does the Enjin Blockchain work?

The Enjin Blockchain is a complex ecosystem with different interconnected chains working together. At the core is the Enjin Relaychain, which handles security, node synchronization, and block validation. Each Matrixchain is like a branch of the Enjin Blockchain tree, with developers able to create their own Matrixchain for their projects, apps, games, or platforms.

What is the purpose of the Enjin Relaychain?

The Enjin Relaychain is the foundation of the Enjin Blockchain, handling security, node synchronization, and block validation. It is a post-Ethereum, Substrate-based consensus mechanism that enables fast and low-fee transactions. The Enjin Blockchain will continue to develop in its own direction while staying updated with the latest changes from Polkadot.

Do I need to know about Matrixchains as a user?

No, as a user, you do not need to have detailed knowledge of Matrixchains. They operate “under the hood” of the Enjin Blockchain, and all you need to know is that they are part of the Enjin ecosystem.

What is the Enjin Matrixchain?

The Enjin Matrixchain is the primary Matrixchain within the Enjin Blockchain that offers NFT-specific functionality at the protocol level. Other Matrixchains can be created for different projects, allowing for customization and tailored solutions.

Is the Efinity Matrixchain already operational?

Yes, the Efinity Matrixchain is already operational, ensuring a seamless transition for existing Efinity users. All blockchain data from the Polkadot Efinity parachain has been securely inherited by the Efinity Matrixchain on the Enjin Blockchain, preserving the continuity and integrity of user data.

What are the advantages of using Matrixchains?

Matrixchains offer various advantages, including fast and scalable transactions, security, customization, and cost-effectiveness. They allow for complete customization to suit specific projects or niches, making them ideal for enterprise users and large-scale teams. Matrixchains also enable isolated data storage on individual chains and the creation of internal economies focused on specific chains.

Do I need to deploy dedicated Matrixchains?

Not necessarily. Dedicated Matrixchains are primarily meant for enterprise establishments that require separate chains for data storage or additional customizations. However, the Enjin Matrixchain is flexible and advanced enough for most projects and use cases. Its NFT-specific functionalities and ability to create tailored Matrixchains make it a transformative solution in the NFT landscape.

What can we expect from the proposed referendum?

Stay tuned for details regarding the proposed referendum. More information will be provided soon.

What is the proposed migration for Enjin Coin (ENJ) and Efinity Token (EFI)?

Enjin Coin (ENJ) is proposed to migrate from the Ethereum network to become the native token of the Enjin Blockchain’s mainnet on a 1:1 basis. Additionally, the Efinity Token (EFI) is proposed to be merged with Enjin Coin (ENJ) through a fair and transparent process, reflecting the communities’ commitment to decentralized governance and participation.

How can I stay updated on the proposed migration?

For the latest updates on the proposed migration, follow Enjin ecosystem social media accounts, including Twitter, Telegram, Facebook, Instagram, YouTube, Discord, and Reddit.

Are there any upcoming events or announcements?

Currently, there are no scheduled events or announcements. Stay tuned for further details.

Where can I find more information about the Enjin Blockchain?

You can refer to the Enjin Whitepaper for more in-depth information about the Enjin Blockchain.

What is the explanation for the vesting schedules?

The vesting schedules were originally designed to align with the expiration of Efinity’s parachain lease. When Efinity was forked onto the Enjin Blockchain, the remaining crowdloan rewards through Polkadot.js were released. The community will have the opportunity to vote on ratifying the fork and its associated changes.

When will the DOT used for the Efinity crowdloan be released?

The DOT used for the Efinity crowdloan will be automatically released once the Efinity Polkadot parachain lease expires on January 16, 2024.

Are Enjin products compatible with the Enjin Blockchain?

Yes, all Enjin products are compatible with the Enjin Blockchain. Developers also have the freedom to create additional apps and products that seamlessly integrate with the Enjin Blockchain.

Can the Enjin Blockchain be supported on various wallets?

Yes, the Enjin Blockchain can be supported on various wallets. Since it is Substrate-based, integration is already supported by all wallet software that also supports Substrate. This ensures compatibility and widespread adoption among different wallet providers.

Is there a process for migrating assets to the Enjin Blockchain?

Yes, there is a process for migrating assets, including NFTs, from Ethereum, JumpNet, or Polkadot:Efinity to the Enjin Blockchain. Further details will be provided soon to facilitate a smooth and speedy transfer, ensuring that early adopters are not left behind on legacy platforms.

Where can I find the press release?

You can find the press release regarding the Enjin Blockchain and Efinity Matrixchain on the Enjin website.

What is the vision of the Enjin ecosystem?

The Enjin ecosystem’s vision is to drive mass adoption of blockchain technology among developers, indie game devs, artists, and more. It aims to enable easy integration of Web3 technologies without the complexity and cost associated with traditional blockchain development.

Conclusion

The Enjin Blockchain and Efinity Matrixchain mark a significant milestone in the world of NFTs and Web3. With their NFT-specific functionalities, seamless integration, and unparalleled flexibility, they are set to transform the NFT landscape. Developers, gamers, artists, and users can expect new and innovative ways to interact with digital assets. Stay tuned for more announcements and updates from the Enjin ecosystem!