Cryptocurrency Explained: What Is Immutable X? And How Does It Work?
21 May 2022
What is Immutable X? A layer-2 scaling solution for NFTs on Ethereum, Immutable X explained. To mint and trade NFTs, it charges almost no gas and provides immediate transaction confirmation. A user’s assets are safe since NFTs can be created and traded without putting them at risk.
Scalability in Immutable X is provided through an engine known as Zero-Knowledge Rollup. Up to 9,000 transactions per second can be processed by this system. Because of Immutable X’s worldwide shared NFT order book, the liquidity of NFTs can be improved and their trading volume increased. Any marketplace based on Immutable X can buy and sell NFTs.
Utility and governance come together in the form of the ERC-20 token, IMX. Immutable X uses it to pay transaction fees and reward users and developers. Staking and participation in the platform’s governance are two ways token holders might receive benefits on the blockchain network.
Keep reading this bePAY’s insight post will introduce in-depth information about what is Immutable X?
What Is Immutable X?
Immutable X Explained?
James Ferguson, Robbie Ferguson, and Alex Connolly launched Immutable X in 2018. It provides immediate transaction confirmation and near-zero gas prices for minting and trading NFTs. Users may easily produce and exchange ERC-721 and ERC-20 tokens at reduced prices without compromising the security of their assets.
What is Immutable X?
Immutable X Token?
In Immutable X, IMX serves as the utility token. Immutable X Token is an ERC-20 token designed to promote the development of the platform by rewarding trade transactions and protocol adoption. These rewards are allocated to community members that assist Immutable X in becoming a scalable NFT ecosystem for Ethereum.
The Immutable X Token, which has a supply of 2 billion, gives platform users the ability to vote on the future direction of Immutable X. Important to note, however, is that the platform is not a decentralized autonomous organization (DAO), meaning that the team will ultimately choose Immutable X’s path.
In addition, Immutable X Token is not issued by Immutable X but by an independent Token Foundation, meaning that the team cannot buy tokens. The platform will soon create a staking reward pool, allowing users to earn extra cash by staking their IMX tokens.
>> Learn more about what is a DAO?
How Does Immutable X Work?
Zero-Knowledge Rollup (ZK-Rollup), a layer-2 mechanism for authenticating transactions on the Ethereum blockchain, lies at the heart of Immutable X.
Instead of adding every transaction to the blockchain, ZK-Rollup combines hundreds of transactions into a single zero-knowledge proof called the ZK-STARK proof. ZK-STARK stands for zero-knowledge, concise and transparent arguments of knowledge. It is a verification technique used to establish ownership of certain knowledge without exposing it. It can offer enhanced privacy and security for Immutable X transactions.
After batching the transactions, the evidence is sent to the blockchain and validated by a smart contract. The ZK-Rollup smart contract stores all transaction information on layer 2, allowing the proof to be swiftly checked since they do not include full transaction data.
The computational and storage resources necessary to validate a block will also be reduced. Thus, Immutable X may support up to 9,000 transactions per second (TPS) with drastically decreased gas expenses. Gas prices are not included in immutable X transactions for end users.
Immutable X working algorithm
>> Exploring the problem of high gas fees on the Ethereum Network
All NFTs that users trade or mint on Immutable X are carbon-neutral. For instance, minting 8 million NFT trade cards for the play-to-earn game Gods Unchained would need around 490 million kWh (490 MWh) on Ethereum. With ZK-Rollup compressing the data necessary for minting, Immutable X only consumed 1,030 kWh to mint the same quantity of NFTs, which is 475,000 times less energy use. Carbon credits are used to offset the residual energy use.
Immutable X is distinguished by a set of robust REST APIs that facilitate sophisticated blockchain interactions. Through API calls, users may simply generate and transfer NFTs without interacting directly with smart contracts. Using Immutable X’s simple software development kits (SDKs), developers may quickly incorporate the APIs and Wallet into their systems. This will enable them to construct NFT initiatives, such as play-to-earn games, in a matter of hours as opposed to weeks.
To encourage a third-party NFT marketplace ecosystem, Immutable X offers a global order book that enables the purchase and sale of NFTs on any marketplace that implements their scaling solutions. This implies that orders issued in one marketplace may be completed in another, thus enhancing the trading volume and liquidity of NFTs. Immutable X is compatible with all Ethereum desktop wallets. Users may trade NFTs on several NFT-enabled crypto wallets without transferring their assets across networks.
Immutable X Features
Immutable X Exchange
Immutable X Exchange is a P2P marketplace for NFTs. Its true value lies in its low transaction costs, great scalability, and guarantee of 9,000 TPS (Transaction Per Second). Indeed, it also supports the ERC-721 and ERC-1155 token specifications.
Immutable X Exchange also brings together artists and art buyers to exchange NFT artworks. It is a marketplace where players can trade their in-game assets for God Unchained, GreenPark Sports, Kolectiv, and a multitude of other NFT titles.
Immutable X features
Immutable X Mint
As the platform is based on Ethereum and employs Layer-2 technology, all transactions on the platform are free and have an average throughput of about 9,000 TPS.
Therefore, Immutable X is also an excellent location for minting NFT using a quick, safe, and cost-effective approach.
Immutable X Link
Immutable X Link links users’ immutable X Key on Layer-2 with their private key on the main Ethereum network.
Therefore, Immutable X Link functions as an Ethereum wallet manager, enabling users to approve and authenticate trading activity and forward transactions to the main blockchain for confirmation.
The Distinction Of Immutable X
Users are not needed to do anything to join this protocol, and you may utilize your current digital wallet. This implies that your current wallet generates the private key necessary to power this protocol. Thus, you may use popular wallets like MetaMask or any other solution you want.
What does liquidity on the blockchain entail? It implies that you may always purchase and sell any asset on the blockchain at a fair price. This is precisely what Immutable X enables you to achieve. Moreover, Immutable has maximized liquidity by permitting the establishment of virtual fungible marketplaces based on any subset of the token’s properties.
For instance, if you have a Rare Quick Quail VeeFriends NFT, you may search for it using single phrases such as Rare, Quail, or VeeFriends NFT. You may also simultaneously offer your assets on all marketplaces depending on each of these individual characteristics.
Listing your assets on all of these exchanges simultaneously helps you to get the highest price and the greatest liquidity. Now, as a buyer, you may get precisely what you want at the lowest price and with the most liquidity.
Why is Immutable X different?
Technically speaking, if you want to achieve scalability on the blockchain, you must either compromise security or centralization.
This is why Immutable X and StarkWare collaborated to enable enormous batching of transactions off-chain, with users signing for the transaction, and then being placed on-chain in a single proof that effectively compresses those trades into a single transaction at a set gas cost, which Immutable X pays.
As a user of Immutable X, you pay zero gas costs for trading NFTs, and as a developer, you also pay zero gas fees.
On-Chain Validity-Based Proof
Immutable X employs validity-based proof. Validity-based evidence ensures that your assets can never be exchanged without your consent, which is the same security precaution as the Ethereum main chain, and that your staff can also never be removed from you.
Immutable X For Developers
What Immutable X has designed for NFT developers is an extremely easy technique to generate digital content. APIs can nearly entirely swap immutable X. As a developer, you can simply state that you want to mint (x) number of assets with (y) scarcity, making the development process very user-friendly.
What Is Immutable X Roadmap?
Immutable X roadmap
Phase 1 – Deus
Gods Unchained players get exclusive access to Immutable X, and live trading is enabled.
Through the new expansion set card Trail of the Gods, Gods Unchained players can ensure that their Gods Unchained assets are among the first to be minted on Immutable X. 1.45 million Trial of the Gods assets had been created on Immutable X at the time of publication.
Gods Unchained users can now link wallets, create and trade Trial of the Gods cards, and mint cards.
Phase 2 – Cosmos
During the second phase of Cosmos, Immutable X will be made available to all other exchanges and decentralized applications. The integration with TokenTrove has begun, and we are now integrating additional partners. APIs test environment via full integration, NFT deposits + withdrawals, Trader sorts + filters, and Set trading costs are examples of confirmed phase 2 features.
Phase 3 – Metaverse
Immutable X will introduce major exchange success, expansion, optimization, and scalability features during Metaverse phase 3. Liquidity incentives: fiat support, drops, unique awards, frictionless onboarding, wallet management, and mobile are examples of confirmed features planned for Metverse’s phase 3 release.
>> Have no ideas about what is metaverse?
Phase 4 – Universe
During Multiverse phase 4, Immutable X will introduce mind-boggling developer and trader UX enhancements. Examples of confirmed Multiverse phase 4 features include Developer User Experience: demonstrating platforms, primitives, and services. Metadata orders and AMMs for NFTs for Trader UX
Phase 5 – Utopia
In phase 5 of Utopia, several new verticals will be added, and Immutable X will have made progress towards a utopia in which the world is more marketable.
It is the most fluid phase since it is the most distant and involves the most shape-shifting strides. At this time, Immutable will reveal its vision for tangible assets. How we will address titles for tangible assets, such as real estate, and rare resources, such as diamonds. Digital ownership through NFTs is merely the beginning.
Where Can I Buy IMX Crypto?
IMX is accessible on the following exchanges:
Bitstamp – Founded in 2011, Bitstamp is one of the oldest and most reputable exchanges in the world. They presently accept customers from Canada, the United Kingdom, and the United States, excluding Alabama, Hawaii, Idaho, Louisiana, Nevada, and New Jersey.
Where can I buy IMX crypto?
Binance is the best cryptocurrency exchange for Australia, Canada, Singapore, the United Kingdom, and the majority of the world. Residents of the United States are forbidden from purchasing Immutable X.
Kucoin – This exchange presently supports the trade of over 300 different major cryptocurrencies. It is frequently the first to offer purchasing options for new tokens. This exchange currently accepts both international and U.S. citizens.
Coinbase – There are numerous alternatives for purchasing cryptocurrency. Fortunately, you can purchase Immutable X using the Coinbase app everywhere Coinbase is accessible. It is efficient, uncomplicated, and secure.
FAQs About Immutable X
Should I Buy IMX Crypto?
The use of Immutable X is increasing as more game projects adopt it. It is in demand on exchanges such as Binance, Primexbt, Kraken, etc… However, do your research before investing in Immutable X.
Should I buy IMX crypto?
What Is The Cost Of Immutable X?
Immutable X is free to use for both developers and consumers. Keep in mind, though, that other applications can still charge users their fees by default. In other words, Immutable X will always be able to handle certain use cases across several platforms.
You explained what Is Immutable X? And fulfillment information about Immutable X – Immutable X utilizes layer-2 scaling technology to overcome the gaps in NFT trading on Ethereum. It provides a growth platform for NFT enterprises, such as play-to-earn games and marketplaces.
Layer 2 is the future of blockchain technology for the aforementioned reasons, notably the zero-gas-fee proposal. People want to engage with this new technology, but it must be economical for them to do so. To gain mass acceptance in the NFT and blockchain gaming industries, we must be able to make these expenditures so little that they are almost free. This is how we will enroll the next billion web3 consumers after our whole industry has accomplished this tremendous achievement.