Find News

JumpNet: Enjin’s Solution To Mint NFTs For Free

JumpNet is a high-speed Proof-of-Authority (PoA) method of consensus blockchain that offers the user secure, instant, and gasless on-chain transactions.

The platform is governed by JENJ, a private version of Enjin backed token that operates on the JumpNet network. Users can use JENJ to mint NFT on the JumpNet platform.

Since its inception, the platform has received an overwhelming response in the crypto industry. More than 50 NFT projects and Enjin partners have adopted the platform within just two weeks of launch. Many big companies including Microsoft, Binance, Kriptomat, OKEx, BlockDown, Ludena Protocol, Lost Relics, Japanese VTubers, MyMetaverse, The Six Dragons, Beauty in the Streets, and MetaverseMe etc. have chosen the platform to connect with their users to distribute their NFT’s.

To work with Jumpnet, users are required to migrate their ENJ token from the Ethereum network to the Jumpnet network. The migration process will be achieved via the Enjin wallet. Note that you have to pay for the gas charges to migrate the token from ENJ (Ethereum network) to JENJ (Jumpnet network). But once you are in Jumpnet, you can enjoy the facilities provided by the platform without paying any gas charges. Alternatively, you can perform the same activity in reverse to convert the token back from JENJ to ENJ anytime just by paying the gas fee.

Platform Features

Currently with JumpNet users will be able to do the following activities:

  • Create Projects and their associated assets.
  • Mint ERC-1155 tokens.
  • Send/ Receive (Single/ Multiple) NFT’S to another Enjin wallet user via wallet address or QR codes‍.
  • Trade NFT’s on the Enjin Marketplace.
  • Automatically distribute ERC-1155 tokens from your app or game.

Read our guide on How to mint NFT’s using Jumpnet, and how to list and trade Jumpnet NFTs in Enjin Marketplace.

JENJ Token

JENJ token operates on the Jumpnet network. As we have mentioned earlier, it is an Enjin-backed token that is needed to mint NFT’s on the Jumpnet network.

You cannot purchase the token from any exchanges. Enjin wallet user can use their wallet to migrate the ENJ token to JENJ via a bridging smart contract.

A Bridge to Ethereum & Efinity

The current bridging smart contract allows the users to move their Enjin Coin (ENJ) from Ethereum to the JumpNet network.

The platform is planning to launch a permanent two-way ERC-1155 and ENJ bridges between JumpNet, Ethereum, and Efinity. Once it launches, users will be able to move their existing ERC-1155 tokens onto JumpNet, and port tokens from multiple networks without worrying about high gas fees.

Limitations

JumpNet allows you to mint NFT’s and use the platform services free of cost. However, the platform has set certain restrictions for each address on the network. Below are the limits that it is currently imposing on its users:

  • 20 transactions per minute;
  • 240 transactions per hour; and
  • 2,880 transactions per day.
Advantage To Efinity Token (EFI) Holders

The platform has provided some added advantages to Efinity Token (EFI) holders. EFI holders can enjoy more transactions if they hold Efinity Token on JumpNet i.e JEFI.

Currently, for every 100 JEFI tokens, the above limitation has been revised and set to double, which can further be extended up to the following value:

  • 60 transactions per minute;
  • 3,600 transactions per hour; and
  • 72,000 transactions per day.

Note that all the above-mentioned limits are variable and may change in the future.

Transferring Efinity Token (EFI) to JumpNet

Users can transfer their Efinity Token (EFI token) into Jumpnet by using the Dapp (desktop version). Enjin wallet users can check for this application in the DAPP Browser section.

Users can use this Dapp after connecting their wallet that contains the EFI token.

Next, they need to specify the amount of EFI that they wish to transfer to Jumpnet and click on the Migrate to Jumpnet button. Once the transaction is successful, the tokens will be visible in your linked Jumpnet account. They can migrate the JEFI token back to EFI anytime.

However, the token migration process (EFI to JEFI) is currently not available through the Enjin wallet. The platform is planning to embed this conversion step in their upcoming releases.

Enjin Steps Towards Carbon-Neutral NFTs 

With JumpNet and Efinity solutions, Enjin is planning to enable carbon-neutral NFTs by the year 2030.  The Jumpnet network runs on four nodes and it consumes 30,000,000 watts per year which are approximate ~0.000002 of the electricity of the Ethereum blockchain.

Efinity will consume approximately 4,060,000,000,000 watts per year, which is ~0.15 of the electricity used by Ethereum.

Conclusion

With Jumpnet, Enjin has positioned itself in a distinctive position in the NFT industry by offering free transactions to its users. This is an important accomplishment as it relieves the users not only from the high gas charges but it has put an end to the gas cost issue. Users can now mint and distribute NFT’s free of cost as much as they want. If we say that it has given the users the freedom to use NFT for their regular purpose that wouldn’t be wrong as earlier it was restricted due to most of the popular projects build on Ethereum, and minting/ transferring NFT’s puts immense pressure on your wallet. The platform is user-friendly with a simple UI. In future releases, Jumpnet has planned to include bridges to Ethereum and Efinity that will increase the platforms as well as NFT adoption in common users.

 

Resources: ENJIN

Read More: How to Stake Polkadot (DOT) Using Ledger – Part III

The post JumpNet: Enjin’s Solution To Mint NFTs For Free appeared first on Altcoin Buzz.

 1 total views

Share this

Leave a Reply

Your email address will not be published. Required fields are marked *

  • Subscribe to our weekly digest to stay in the loop!

    or follow us on our social channels