Enjin will release two scaling solutions for Ethereum: JumpNet and Efinity. They will improve NFT support and help combat high transaction fees in Ethereum.
According to the press release, Enjin will release two new solutions that will change how the non-fungible token (NFT) marketplace works. In addition, 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 grown by about 16.5 times over the year.
JumpNet is an interoperable bridging network that will operate on a Proof of Authority (PoA) consensus mechanism where only invited parties can participate as nodes in the network.
The bridge network will be rolled out in two phases, 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.
This way, users will be able to create NFTs using the ERC-1155 standard developed by Enjin without the commonly needed gas. Users will then be able to send and receive these tokens through Enjin’s own wallet, or trade them on the NFT marketplace.
“In the second phase, we will provide a seamless 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 trustless smart contracts. JumpNet will roll out on April 6 and Efinity later this year.
“These technologies will allow developers to reach mainstream users and provide them with state-of-the-art capabilities without worrying about unpredictable gas costs,” said Witek Radomski, CTO at Enjin.
Litecoin creator Charlie Lee recently criticized the NFT industry, comparing it to the ICO boom in 2017.
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