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Immutable X: A Game-Changing Layer-2 Scaling Solution for NFTs on Ethereum
If you are involved in the NFT market, you know how expensive it can be to trade and mint NFTs on Ethereum. During high traffic, users need to pay higher gas fees to confirm their transactions quickly. Moreover, minting transactions often fail, causing significant losses. Immutable X offers a solution to these issues through its layer-2 scaling technology. In this article, we will explain what Immutable X is, how it works, and its native token IMX.
What is Immutable X?
Immutable X is a layer-2 scaling solution for non-fungible tokens (NFTs) on Ethereum that offers instant transaction confirmation and near-zero gas fees for minting and trading NFTs. Immutable X aims to improve Ethereum’s scalability and user experience. It was founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly.
How does it work?
At the core of Immutable X is a scaling technology called Zero-Knowledge Rollup (ZK-Rollup), a layer-2 protocol for validating transactions on the Ethereum blockchain. Instead of adding every transaction data to the blockchain, ZK-Rollup batches hundreds of transactions into a single zero-knowledge proof known as the zk-STARK proof. After batching the transactions, the proof is submitted to the blockchain and verified by a smart contract. The ZK-Rollup smart contract maintains all transaction details on layer 2, so that the proof can be quickly verified, as they don’t contain the complete data of every transaction.
NFTs users trade or mint on Immutable X are 100% carbon-neutral. With ZK-Rollup compressing the data required for minting, Immutable X only used 1,030 kWh to mint 8 million NFT trading cards for the play-to-earn game Gods Unchained, which is 475,000 times less energy consumption than Ethereum. The minuscule energy consumption remaining is offset with carbon credits.
Another unique feature of Immutable X is a set of powerful REST APIs that can simplify complex blockchain interactions. Users can create and transfer NFTs easily via API calls without having to interact directly with smart contracts. Combined with Immutable X’s simple software development kits (SDKs), developers can integrate the APIs and Wallet to their platforms easily.
To facilitate a third-party NFT marketplace ecosystem, Immutable X provides a global order book that allows NFTs to be bought and sold on any marketplace that implements their scaling solutions. This means that orders created in one marketplace can be filled in another, effectively increasing the trading volume and liquidity of NFTs. Immutable X also supports all desktop Ethereum wallets. Users can seamlessly trade NFTs on different NFT-enabled crypto wallets without moving their assets across networks.
What is IMX?
IMX is the native token of Immutable X. It’s an ERC-20 utility and governance token with a 2 billion total supply. IMX is used to pay for transaction fees and incentivize users and developers on Immutable X. They can earn IMX tokens by contributing to the platform’s growth, such as trading NFTs and building applications.
As a utility token, IMX allows token holders to earn rewards through staking in reward pools. They can also participate in the governance of Immutable X by submitting and voting on community proposals. The more IMX coins they hold, the greater their voting power.
How to buy IMX on Binance?
You can buy Immutable X (IMX) on cryptocurrency exchanges like Binance. Log in to your Binance account and click [Trade]. Select either the classic or advanced trading mode to start. Search “IMX” to see the available trading pairs.
Immutable X (IMX): A Scalability Solution for Non-Fungible Tokens (NFTs) on Ethereum Blockchain
In today’s world, digital assets are becoming increasingly important. NFTs, in particular, are gaining popularity among people who want to own unique digital assets that are not interchangeable. However, Ethereum’s scalability limitations, poor user and developer experience, and illiquidity issues have made it difficult for NFT traders to trade their assets smoothly. This is where Immutable X comes in.
Immutable X is a layer 2 scaling solution for non-fungible tokens on the Ethereum blockchain. It aims to solve Ethereum’s scalability limitations by using a technology called StarkEx ZK-Rollup. The co-founder of Ethereum, Vitalik Buterin, has endorsed this technology, which aims to create a user experience with zero gas fees for trading NFTs while maintaining security.
Immutable X is marketed as a “limitless exchange protocol” that can handle 9,000 transactions per second (TPS). This is achieved through ZK-Rollups, where transactions are processed and finalised in batches off-chain, then transferred on-chain in a single proof. A smart contract then verifies this single proof on-chain. The protocol can compress or batch thousands of trades off-chain into one on-chain transaction while maintaining the immutability of decentralised transactions. Immutable X pays the fixed gas cost, which guarantees ultra-fast transactions and near-zero trading fees.
Immutable X was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur who worked as a software developer in the eCommerce company ShopYak, and his brother Robert Ferguson, a Peter Thiel fellow and entrepreneur. The team consisted of over 100 members from various backgrounds, including people from FAANG, traditional finance, fintech, and management consulting areas. The project raised $15 million in its seed round and Series A funding round in September 2019, with crypto and blockchain investors such as Coinbase, Sapers, Nirvana Capital, Apex Capital Partners, Continue Capital, and Mike Novogratz’ Galaxy Digital.
IMX is an ERC-20 token with a circulating supply of 240 million and a max supply of 2 billion tokens. IMX has three main use cases: fees, staking, and governance. 20% of the protocol’s fees are paid in IMX by design, and users can stake tokens to receive a proportional share of network fees. Token holders have voting rights on IMX improvement proposals. IMX also hosts a play-to-earn project, where users can play a game called Gods Unchained and earn IMX tokens in return.
IMX also has a marketplace that aims to solve the user experience problem. The platform boasts zero gas fees for peer-to-peer trading, custom trading fees, the possibility for users to keep their private keys, and more. With a shared global order book facilitating liquidity, NFT marketplaces can be created without a backend. This approach caters to different levels of expertise with a simple application programming interface (API).
In conclusion, Immutable X is a promising project that aims to solve Ethereum’s scalability limitations and improve user and developer experiences. It has a strong team and has raised significant funds from reputable investors. With its layer 2 scaling solution and marketplace, it has the potential to become a leading platform for NFT trading.