Against the backdrop of soaring “gas” fees on the Ethereum network, blockchain platform Enjin is looking to tackle issues of scaling and interoperability.
According to a press release shared with CoinDesk on Wednesday, the platform will be releasing two new offerings it claims will redefine the non-fungible token (NFT) market.
Dubbed JumpNet and Efinity, the company says its two blockchain solutions will increase support for NFTs while removing Ethereum’s expensive gas fees from the equation altogether.
Gas refers to the Ethereum’s fee required to execute transactions on the network. The rising costs have prompted other networks to seek alternatives or create their own solutions. According to data from Glassnode, the average price of gas paid per transaction on the Ethereum network has risen roughly 16.5 times over a year from 10.6 in March 3, 2020, to around 175 today.
This has the potential to cause major headaches for a company like Enjin with developers building apps and games under a “freemium” monetization model.
JumpNet is an interoperable bridging network that will operate under a proof-of-authority (PoA) consensus mechanism. A PoA mechanism refers to a solely permissioned setting on a private blockchain where only invited parties can participate as nodes.
The bridging network will be rolled out in two phases, with the first enabling users to move their Enjin Coins (ENJ)