What is Immutable X?

According to its developers, Immutable X is the first layer-2 scaling solution for Ethereum's NFTs. Immutable X claims that its blockchain eliminates Ethereum's problems with scalability, usability, liquidity, and development speed. On the other hand, users may benefit from gas-free NFT minting and trading, instantaneous trades, and vast scalability without having to worry about their user or asset security being compromised. This is made possible by the use of STARK zk-rollups, a technique that Vitalik Buterin has said Ethereum is all-in on.

This technology will allow for the widespread generation and distribution of digital assets like as ERC-20 and ERC-721 tokens. Gods Unchained is an ongoing project that is now expanding on Immutable X. The game's director, Chris Clay, has claimed that thanks to Immutable X, Gods Unchained can finally integrate a new meta-system that was previously unachievable. In this way, Immutable X hopes to provide a first-rate experience for both end users and developers.

How is Immutable X different?

Immutable X is efficient since it is one of the first layer-2 solutions to employ zk-rollups and concentrate solely on NFTs. The rising significance of zk-rollups as a scaling solution places the project at the forefront of innovation within the Ethereum community. If the projected transaction speed of more than 9,000 tps can be realized, Immutable X has a high possibility of being the default NFT blockchain in the future.

The application programming interface (API) abstraction layer is essential to delivering on this promise. Minting, trading, and transferring NFTs are all as easy as making an API call on Immutable X because of REST APIs. The business believes this will be an important factor in luring new competitors to the market, such as major gaming and entertainment companies.

In addition, users may link their wallets without changing networks. Furthermore, the protocol offers a middleman layer dubbed the Link, which makes it possible for Immutable X to support a third-party marketplace environment without compromising security

Immutable X allows NFT markets to be created without a backend thanks to its global order book that may be used to facilitate protocol liquidity. This means that the protocol's native marketplace does not have to exclude other marketplace solutions built by third parties. The protocol hopes that by providing this alternative, it might reduce entry barriers for content providers and smaller developers.

How many IMX tokens are in circulation?

The IMX coin (an ERC-20 utility token) is the protocol's native token. Fees, staking, and tokenized governance are the three main applications for this token. Users can stake IMX to earn a proportional share of the network's revenues, and the protocol requires IMX to pay for 20% of its fees. Token holders of IMX can participate in governance elections by owning IMX. In all, two billion IMX will be minted and distributed as follows:

• Ecosystem development (51.74%): user rewards, developer awards, liquidity availability, marketing.
• Project development 25%
• Private sale - 14.26%: one-year cliff, monthly unlock over two years
• Public sale 5%: 6-month unlock.
• Foundation 4%: ecosystem development measures such as liquidity provision, one-year cliff, and monthly unlock over four years.

Network security

With Immutable X, operators may choose their own trading fees while still using a blockchain that operates at layer 2. Since Immutable X is not a centralized side chain but rather inherits the security features of the Ethereum blockchain, it is immune to 51% attacks and so provides a superior scaling option to Ethereum. Assets in Immutable X are exchanged on the second-layer blockchain using zk-rollups, but transaction validity proofs are kept on the first-layer Ethereum blockchain. Even though STARK proofs are more expensive than SNARKs, they offer better security for users and are thus used by Immutable X.

As a first-layer solution, Immutable X has decided to remain on Ethereum since its developers believe it best exemplifies the principles of trustless, decentralized asset ownership. The team argues that despite Ethereum's recent gas price spikes and network congestion, it will continue to serve as the primary blockchain upon which NFT applications are built since it has always put centralization ahead of short-term scalability enhancements.

Founders

Robbie Ferguson, a Thiel fellow, and James Ferguson, a Forbes 30 Under 30 entrepreneur who oversaw software development for a billion-dollar eCommerce firm, established Immutable X.

Over a hundred people from diverse fields including blockchain, FAANG, finance, fintech, and management consulting make up the team. In 2018, it completed a seed round, then in September of this year, it closed a Series A funding round for $15 million. Companies including Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital, and Galaxy Digital were among the project's backers.

Where can you buy IMX?

IMX is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

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