EFI SCAM OR LEGIT

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Metaglobal

Bforum Member

When it comes to cryptocurrency, there are various options available to investors. However, not all cryptocurrencies are created equal. Some, like Bitcoin and Ethereum, have been around for years and have proved to be relatively stable investments. In this article, we will go into deep dives on EFI and try to find the answer to the question: Is EFI a scam? So, if that sounds interesting to you — keep on reading!

What is Efinity?​

Efinity is developed by Enjin - An ecosystem enabling consumers and developers to purchase, sell and distribute NFT items, founded in 2009 with a network of over 20M gamers worldwide.


Efinity is a Polkadot-based fourth-generation blockchain. The protocol leverages the latest blockchain technology to bring together NFT creators, traders, and collaborators in a secure and responsive way. These users can create, purchase, sell, and trade their NFT collectibles using the protocols cross-chain infrastructure

Efinity Token (EFI)​

EFI operates as the main utility Paratoken on the network. This token can be used for paying fees, purchasing assets, staking, utility, and governance purposes. You can send EFI globally in seconds

EFI Token Use Case
Currently, the EFI token has two use cases:
  • Governance: Submitting and voting on proposals and referendums.
  • Network transactions: Paying for transaction fees on the network (approximately 2.5%) and will be distributed to EFI pools on the network.

Is EFI Safe?​

Team


Note: The Enjin and Efinity are buit and developed by the same team.
  • Maxim Blagov - CEO & Co-Founder: Until now, he has spent nearly 14 years devoted to the Enjin ecosystem. He graduated in Computer Science from University of Technology Sydney
  • Witek Radomski - CTO: Also an early contributor to Enjin with 13 years of working experience
  • Caleb Applegate - COO: In the past, he used to be an advisor, film producer and former COO of Mineplex, one of the world’s largest Minecraft gaming servers.

Project Safety Score according to isthiscoinascam.com: 27%

Over the past months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, EFI does fall under this category.

EFI is, just like all other cryptocurrencies, a risky investment. It does have a higher probability of going up than down because of the good use case, well-designed tokenomics, active community and a solid team behind it. We recommend keeping your eye on Chromia’s announcements, and follow their recent developments closely.

We can not give investment advice. But generally, we recommend instead of “investing in crypto,” invest your time in gaining knowledge in the domain to distinguish great tech from crap.

No one knows for sure what will come, the only thing that’s for sure is that you are likely to lose money if you don’t put in the time to do your own research. And even then, you could still lose big. Please, do it in a responsible manner. Don't invest a lot of money in EFI and always go for low-cost positions. Otherwise, you may find yourself in a difficult situation, both financially and emotionally.


Do you think that EFI could be a scam? Leave your impressions about EFI at the comment section down below.
 
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