Everything You Need to Know About ImmutableX (IMX)
Non-fungible tokens have significantly grown in popularity since their launch. Many developers, artists, celebrities, and crypto investors have entered the NFT market for several reasons. However, the industry hasn’t yet achieved its true potential due to soaring gas fees and scalability issues of the leading platform.
Many blockchain developers have introduced independent blockchain solutions to overcome these problems. But those projects couldn’t get enough attention because users are more concerned about security and decentralization. So, they’re probably looking for a platform built on their desired blockchain network.
That’s why ImmutableX got a lot of attention when it was launched because it’s built on top of Ethereum.
What is ImmutableX (IMX)?
As it’s mentioned, Immutable X is a layer 2 blockchain protocol built on top of Ethereum. The platform is primarily designed to fix the scalability and high gas fees without compromising on security and decentralization. The users can quickly trade NFT objects on this platform with near-zero gas fees.
The developers and artists are showing interest in its quick verification process. It has an average processing time of 9,000 transactions per second. The best part is that Immutable X is also dedicated to streamlining the trading and minting of NFTs. Immutable X is also trying to prevent the carbon footprint through its carbon-neutral NFT marketplace.
The platform has collaborated with several climate-conscious institutes like Trace and Cool Effect, Galaxy Digital, Apex Capital, and more.
Features of ImmutableX
Immutable X isn’t the only Ethereum-based project designed for NFTs. But it offers some unique features that make it stand out among others.
Zk-Rollups
Immutable is the first NFT-focused platform that incorporates zk-rollups to fix the scalability issue. This technology combines a huge number of transactions into different batches to complete the verification process without any delays. Thus, the platform offers significantly low gas fees due to a reduced workload.
Platform SDKs
The developers can easily integrate their NFT projects into this platform with the help of its software development kits. The platform is committed to supporting the efficient creation of NFTs. Therefore, the team is working on building compatibility with all programming languages and development platforms.
Layer 2 Scaling Solution
Immutable X doesn’t take anything away from Ethereum. It’s designed to offer all the benefits of Ethereum with lower gas fees and quick transaction speeds.
Shared Liquidity and Order Book
Immutable X enables developers to build NFT marketplaces with the help of a shared order book. Thus, they won’t have to build the back end from scratch. The platform offers highly efficient price discovery with the help of cross-market economies.
Decentralized Governance
The IMX token holders can propose changes and vote on the proposals presented by other community members. The token holders even contribute to determining the transaction fees for the platform.
API Abstraction Layer
API Abstraction Layer is designed to build interaction with smart contracts. Thus, new entrants can focus on building their reputation within the ecosystem rather than worrying about connecting to smart contracts.
Zero Gas Fees
The users barely need to pay any fees when requesting a transaction within the platform. The users can either pay the transaction fees in IMX tokens or they can choose any other Ethereum-based token if they don’t hold IMX. According to a recent update, around 20% of IMX transactions include IMX tokens as gas fees.
NFT-enabled Wallets
The NFT holders no longer need to switch to different NFT marketplaces because IMX supports all Ethereum wallet types. The users can even trade the NFT projects of third-party NFT marketplaces without worrying about security. Furthermore, the platform offers a unique kind of wallet experience so that the users can seamlessly trade different NFTs.
Immutable X Brief History
Immutable X was introduced by Robbie Ferguson, James Ferguson, and Alex Connolly as an Australian blockchain gaming project in 2018. The team collaborated with StarkWare to introduce an infrastructure where users can easily transfer NFTs in the gaming industry. The developers and creators can also build ERC-20 and ERC-721 tokens for their specific projects.
How Does Immutable X Work?
Immutable X uses the Zero-Knowledge Rollup technology to quickly validate the transactions. Instead of validating the transactions separately, this technology creates batches of hundreds of transactions and adds them to zk-STARK proof.
This protocol doesn’t reveal any information about the knowledge but verifies the possession of the knowledge. Thus, it ensures the privacy and security of the transactions processed through the network. The smart contracts are used to verify the transactions after the submission of proofs.
Immutable X offers near-zero gas fees because it uses a very small amount of computing equipment to validating the blocks. The developers can build a wide range of gaming options with the help of Immutable X’s software development kits.
Immutable X Tokenomics
IMX is the native token of Immutable X that is used to pay gas fees. The user can also opt for other ERC-20 tokens when paying gas fees. The IMX token also provides governance rights to the holders. With a circulating supply of 731 million tokens, Immutable X has a market cap of $307 million.
It has a total supply of 2 billion tokens that will be released as rewards over time. IMX ranks among the 100 best cryptocurrencies in terms of market cap.
Conclusion
Immutable X is an Ethereum-based project designed to enhance the overall efficiency of Ethereum. The project revolves around NFTs because it’s a rising trend. The users can trade and mint new NFTs using this platform with near-zero gas fees. The best part is that the users can rest assured about security and decentralization.
If you need more information about how Immutable X works, feel free to get in touch with us.