Immutable x (IMX) is a blockchain platform based on Ethereum that has been created explicitly for NFT-based projects and token-driven video games.
in this Article, we’ll go through what Immutable x is who created it how it works what IMX is and I’ll of course share my personal opinion on it
What is Immutable x?
Immutable X is a blockchain platform where developers can create Non-fungible token (NFT) projects more easily. The protocol aims to achieve network scalability and security without sacrificing either one. It’s an Ethereum layer 2 scaling mechanism for NFTs. It enables transactions at breakneck speeds while using minimal computing power and having a minor environmental effect. It supports instant trade and has no gas fees for trading or minting and additional security features inherited from Ethereum. It processes hundreds of thousands of transactions on its blockchain before committing them to Ethereum via rollup. Gamestop and its massive marketplace for buying and selling in-game assets have teamed up with immutable x for its NFT marketplace. These firms have also formed a 100 million dollar NFT Gaming fund to support NFT content creation. This fund is made up of Immutable X or IMX tokens and will help developers who want to put their gaming NFT products on the market.
Who created Immutable x?
Immutable is an Australian firm that developed immutable x. Robbie Ferguson is immutable’s co-founder and current CEO. Steadfast x’s goal is to tap into the immense potential of blockchain-based games and NFTs by providing a unique l2 solution to the Ethereum network’s challenges. Gods unchained a popular trading card game is the first to launch on Ethereum using immutable x. Until recently developers have been difficult to produce in-game products that players can genuinely own due to exorbitant gas fees. Robbie Ferguson said of immutable x and its cooperation with GameStop. By leveraging immutable x GameStop hopes to gain access to Ethereum’s dominating and open ecosystem of NFTs, hence offering significant prospects for participation and liquidity. This is a substantial advancement for the gaming sector and blockchain.
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How does Immutable x Work?
Immutable x is a blockchain designed exclusively to exchange NFTs on Ethereum. It guarantees speedier transfers with no fees. It accomplishes this goal by using Starkware’s zero knowledge rollups or ZK rollups. It conducts transactions on GameStop’s NFT marketplace using zero-knowledge proofs. Essentially this allows third parties to validate transactions without knowing every data detail. It’s the primary cause for the network’s greater scalability and lower gas expenses without jeopardizing user custody. The project makes use of ZK rollups and layer 2 scalings. This signifies that many transactions are combined into a single transaction. Smart contracts can then independently validate each transaction. However, as the term implies the transaction must be authenticated with zero knowledge of the entire transaction data. This significantly reduces the processing power and storage required to validate blocks dramatically improving scalability. Immutable x supports over 9000 NFT trades mints and transfers every second. Immutable also created the digital card games gods unchained and guild of guardians. Both of which are NFT-based projects and follow the play to earn paradigm. NFTs are items found in-game NFT functions in a similar way to ownership of a specific digital item because the player has a fundamental right to their in-game products. They can trade them outside an authorized marketplace. The Ethereum-based game Axie infinity is a prominent illustration of this concept. It has tradable NFTs such as monsters and land plots. The in-game economy is powered by NFTs and cryptocurrencies which players can exchange for real money. Similarly gods unchained weaves immutable x into its gameplay by allowing players to buy and sell digital items. The immutablex exchange is the company’s marketplace. Furthermore, the NFTs developed by the participants can be traded on other platforms.
What is IMX token?
The immutable x protocol’s native token is IMX. IMX coins can be used to stake votes and pay transaction fees. IMX coins must be used to pay 20 of the protocol charge. likewise, tokens earned as part of the fee capture mechanism are forwarded to the staking reward pool, which rewards qualified stakes proportionally. Users who own IMX tokens can vote on token-related proposals via decentralized governance. These proposals may cover subjects, like how to allocate token reserves and voting on developer awards. Daily reward activation and token supply modifications. However, Immutable x is not yet a decentralized autonomous organization and all decisions concerning the project’s future development stay with the team. At the time of writing this article, IMX has a circulating supply of over 235 million 284 000 tokens. The maximum token supply is 2 billion IMX tokens making it a deflationary currency.
My thought about immutablex: The utility and purpose of immutable x are found in the field of NFTs. NFTs saw a remarkable surge in 2021 and their future relevance in many different industries is undeniable. This also indicates that there’s a lot of competition in this market. Enjoy! For example, is already well known in the NFT arena. It remains to be seen whether Immutable x can carve out a niche for itself in the NFT space. Immutablex’s other significant job is to provide a scaling solution for Ethereum, although it appears to be a helpful and intentional answer to Ethereum users’ challenges.
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The only lingering concern is how long it will last. If the Ethereum 2.0 update resolves the network’s issues, scaling solutions like immutable X and polygon may become obsolete.