Immutable X
featured image

What is Immutable X (IMX)? Explained

Immutable X

It has been only a little more than a decade since we got our first cryptocurrency, ‘Bitcoin’ unveiled as a paperless decentralized currency. The project pioneered a new wave of digital currency that eliminated the dependence on central banks and financial institutions. While many experts failed to trust the project, more because of its decentralized nature, some managed to see beyond the veil. The rigorous support from the industry helped crypto grow as a billion-dollar worth industry. 



Soon, crypto upgraded itself and introduced a wide range of improved and upgraded versions of itself. This paved the way for the development of the industry we see today which comprises stablecoins, DeFi, Non-Fungible Tokens, etc. These assets constitute a significant portion of the investment portfolio of people from different geographical and financial fields. 

 

As NFTs strived to open new opportunities and a never-experienced trading experience for users, they became immensely popular amongst Millennials. Today, NFTs are the favorite investment tool for global celebrities hailing from varied domains including music, sports, entertainment, etc. Non-Fungible Tokens allow users to own exclusive items such as art, merch, signature, and many other things in the form of digital collectibles. These tokens can be owned, traded, and monetized for fetching lucrative returns.   

 

As we delve deeper into NFTs, we have tried to bring your attention to one of the most hyped NFT platforms presently i.e.  Immutable X. A detailed analysis of a high potential NFT interface like Immutable X will give you a much-needed exposure of the industry. Learn more about cryptocurrency trading on Immutable X with us. Let’s start our expedition to the world of Immutable X to explore new investment opportunities within the NFT hub.

What is Immutable X

Created to enhance the scalability level of Ethereum for NFT projects, Immutable X is a popular name in the industry. Thriving as a Layer 2 scaling solution for NFT collections running on Ethereum, Immutable X is a complete goodie bag for NFT lovers. 

The platform allows users to enjoy a seamless experience of minting and trading digital collectibles. The perks of using this revolutionary interface involve zero gas fees, carbon-neutrality, processing of 9000 transactions per second (TPS), and access to instant trades, games, and applications without any compromise. Achieving the mentioned TPS rate is one of the most important targets set by Immutable X crypto portal and the team is constantly developing itself to live up to the predetermined goals. 

 

Immutable X is powered by StarkWare’s revolutionary zero-knowledge-proof technology called Starkey. The platform provides game developers and all NFT creators with unmatched throughput at zero gas rates for trading and mining NFTs in a carbon-neutral environment. The powerful suite of unprecedented trading tools allows creators to design in-game assets for a better experience.

 

When it comes to trading, Immutable X promises to offer the best in-class services to the users. Ensuring high-end security and maintaining transparency while catering to the user requirements make Immutable X a perfect choice for NFT lovers. You can assemble and grow your NFT business in a few hours using the powerful infrastructure tools and services offered by the portal.

 

Immutable X ensures the trade security of NFT projects through a well-structured decentralized ecosystem. Users can effortlessly create and exchange ERC-721 and ERC-20 tokens at comparatively lower fees without compromising the safety of their assets. It helps NFT developers to create digital assets in a simple yet impactful way. Immutable X is almost completely tradable via the API.

 

Going digital is the future of asset trading and with Immutable X one can keep themselves way ahead in this regard. The entire Immutable X trading channel is fueled by its native NFT ticketed as IMX. It is an Ethereum token that plays a significant role in strengthening the core cluster of Immutable X. IMX can be used for a plethora of services such as to pay Immutable X stakes, vote for the protocol’s future, and pay transaction fees. 

 

Immutable X is a more ethical option in crypto when compared to bitcoin. It is growing as a potent solution for blockchain gaming projects as it offers easy adaptability for users. The project provides a greater rate of investment return in comparison to some of the top-tier crypto coins in the market. IMX is a good option for traders considering the recent hype in the NFT sector. 

 

Founders of Immutable X

Headquartered in Australia, Immutable X was launched in 2018 by siblings James Ferguson and Robbie Ferguson along with Alex Connolly. The NFT project has witnessed tremendous support from the U.S-based cryptocurrency exchange Coinbase and billionaire Sam Bankman-Fried helmed Almada Research. With such a backing, you can easily visualize the future of Immutable X. 

 

About Immutable X Token IMX

IMX is an ERC20 token that works as the native currency of Immutable X ecosystem. The digital coin is the utility and governance token with a total supply of 2 billion. Users can fetch IMX coins by contributing to the growth and development of the cluster in ways such as creating apps and trading NFTs. The coin can be used to pay trading fees and incentivize the users. One can place their assets in staking pools to collect juicy staking rewards. Token owners can also participate in voting and decisions related to the growth of the native community. The voting power depends upon the volume of tokens held. The more the token volume, the more the voting right. 

 

How Does it Work?

At the heart of Immutable X is the scaling technology called ZeroKnowledge Rollup (ZKRollup). It is a Layer2 protocol for validating transactions on the Ethereum blockchain.

 

Instead of adding all the transaction data to the blockchain, ZKRollup consolidates hundreds of transactions into a single zero-knowledge proof called the zkSTARK proof. 

 

ZkSTARK stands for Zero-Knowledge Concise and Transparent Knowledge Discussion. This is a validation method used to prove possession of a particular data section without disclosing any crucial information. Immutable X transactions are processed ensuring the highest levels of privacy standards and security norms.

 

After the transaction is stacked, the proof is sent to the blockchain and validated by the smart contract.  ZKRollup smart contracts maintain all transaction details at Layer 2. Therefore, the evidence can be quickly verified because it does not contain the complete data for each transaction. It also requires less computational and memory resources to validate the block. This allows Immutable X to significantly reduce gas charges and offer high TPS.

 

Another unique feature of Immutable X is the powerful set of  REST APIs that can simplify complex blockchain interactions. Users can easily create and send NFTs via API calls without interacting with smart contracts directly. With Immutable X’s Simple Software Development Kit (SDK), developers can easily integrate  APIs and wallets into their platform. This allows them to create game-like NFT projects in hours instead of weeks.

 

What makes Immutable X Different from Others?

As mentioned earlier, Immutable X is one of the first Layer 2 solutions known to use zkrollups and focus only on non-fungible tokens (NFTs).

With zkrollups becoming more important as a scaling solution, the platform is at the forefront of developing the popular Ethereum ecosystem.

 

The API abstraction layer is an important component in popularizing Immutable X. It allows users to avoid switching between networks when connecting wallets. The use of REST APIs help to simplify blockchain interactions. The users can design and trade NFTs via API calls without requiring to interact directly with smart contracts. The developers can integrate ImmutableX’s Software Development Kits (SDK), API, and wallet to design NFT products such as P2E games. 

 

To offer a third-party NFT marketplace, Immutable X renders a global order book that helps users to trade NFTs on any ecosystem that uses their sailing tools. This implies that orders created in a particular marketplace can be filled in any other marketplace easily thus increasing the volume and liquidity of NFTs. 

 

The protocol provides an intermediate layer called “links” that aims to enhance the NFT-specific wallet experience. The users can enjoy seamless trading and NFT minting experience with no security risks.

 

Immutable X offers support to all Ethereum wallets and so traders can purchase or sell NFTs across multiple NFT-supported wallets without switching assets from one network to another. 

 

The solution strives to resolve the issue of network congestion which is quite common on Ethereum during peak trading hours. With high scalability one can ensure speedy processing of bulk transactions at a reduced rate. Thus, Immutable X offers a faster and pocket-friendly solution for NFT users. 

 

The platform provides access to a decentralized trading interface for Non-Fungible Token developers and investors. 

 

It is said that Immutable X is likely to become the standard NFT blockchain in the future if it can achieve the promised transaction speed of about 9000 TPS.

 

The native currency of the channel IMX is currently available on all major crypto exchanges. The most  popular names on the list are Huobi Global, OKX, Binance, Bybit, FTX, etc.  

 

Conclusion

As mentioned earlier, the world of crypto is a very volatile space where one can expect anything and everything. If you are someone who loves taking risks then crypto and NFTs can be a good investment for you. In your NFT expedition, Immutable X can emerge as your perfect partner. The portal offers a wide range of benefits to its users including zero gas charge and higher scalability. So, if you are planning to invest in NFTs, act prudently and invest your time and money in trustworthy projects.

If you want to keep up with the trends of blockchain industry, join our communities on Discord, Reddit and Telegram.