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Kishan Yadav
Mar 22, 2022
by Kishan Yadav

Immutable X - Layer 2 Technology for NFT Market!

Immutable X
Today, we will introduce you to the Immutable X premise solution, a Layer-2 blockchain built for NFTs and quick-and-cheap transaction settlement. Technology is continually advancing, and computer algorithms are becoming smarter than ever before. Every sector in the world is currently using artificial intelligence (AI) to improve its working structure. Many of us have probably encountered the high gas fees and slow transactions on the Layer-1 blockchain, particularly Ethereum. 

What is Immutable X (IMX)?

Immutable X, abbreviated as IMX, is an Ethereum-based Layer-2 protocol built for trading NFTs. The platform also addresses common concerns with Ethereum-based transactions by providing rapid trade confirmation without a gas tax.

Additionally, Immutable X (IMX) is an open-source platform allowing developers and the tech-savvy to thoroughly and simply create games and apps on the Ethereum network. At the same time, the platform touts its excellent security and ease of use for NFT trading.

Immutable X's Development Team

CEO - James Ferguson

James has been the CEO of Immutable since 2018. He graduated from the University of Sydney with a Bachelor of Laws and a Bachelor of Commerce. He was previously the CEO and co-founder of Shopyak and Rivlr.

Co-founder and President - Robbie Ferguson

Robbie also received his bachelor's degree in computer science and law from the University of Sydney. He previously worked for the Thiel Foundation and YPO before joining Immutable.

Immutable X is also backed by possible partners like Nirvana Capital, Galaxy Digital, and Coinbase.

Immutable X Features

Immutable X Exchange 

Immutable X Exchange is a P2P trading platform featuring an NFT marketplace. Its primary advantage is its low transaction costs, excellent scalability, and 9,000 TPS guarantee (Transaction Per Second). It does, in fact, support the ERC-721 and ERC-1155 token specifications.

Immutable X Exchange also brings together artists and art collectors in order to trade NFT arts. It is regarded as a marketplace for gamers to trade in-game assets on God Unchained, GreenPark Sports, Kolectiv, and a variety of other NFT titles.

Immutable X Mint

This platform is built on Ethereum and uses Layer-2 technology, all transactions are free and have an average throughput of roughly 9,000 TPS. As a result, immutable X is also an excellent location for minting NFT using the rapid, secure, and cost-effective approach.

Immutable X Link

Immutable X Link connects a user's immutable X Key on Layer-2 to their private key on the main Ethereum network. As a result, Immutable X Link functions as an Ethereum wallet manager, allowing users to authorize and authenticate trading activity before sending transactions to the main blockchain for validation.

ZK Rollups: Immutable X's Sidechain

ZK Rollups (Zero-Knowledge Rollup) is a cryptographic protocol on Immutable X Layer-2 that leverages ERC-20 and ERC-721 digital assets on the Ethereum blockchain.

Immutable X's ability to achieve 9,000 TPS with low-cost transactions relies heavily on ZK Rollups. Its primary job is to aggregate all IMX transactions into a single bundle so that Ethereum Chain may validate the transactions more quickly while using less storage space and spending less money on the process overall.

The Uniqueness of Immutable X

  • Immutable X is effectively secure since it is a layer-2 platform.

  • Layer-2 protocol also offers no gas fee to users, as well as quick and exact transactions.

  • The primary purpose of Immutable X is to trade NFTs.

  • Immutable X can also be used to produce a Private Key for users' wallets.

    • What is IMX Token?

    With a total supply of 2,000,000 IMX, IMX is a utility native token for Immutable X. According to coinmarketcap.com, the token presently has a current circulating supply of 235,284,001 IMX and a total market capitalization of 378,124,069 USD as of March 11, 2022. On November 26, 2021, the IMX reached an all-time high of $9.50 USD for 1 IMX.

    The Overall Supply of IMX is Divided Into the FollowingUuses:

    51.74 %– For the advancements of the Immutable X environment

    25% – For the development of the Immutable X projects

    14.26 %— For private company and individual token sales

    5% — For token sales for public organizations

    4% – For the foundation reserve

    IMX Token Can be Used for a Variety of Purposes, Including the Following:

    • Users can use IMX tokens to pay for every Immutable X transaction since IMX coins will be held for 20% of the transaction cost.

    • Staking of IMX tokens is enabled for incentive payouts at the "Staking Reward Pool" at a fixed amount assigned from the entire supply.

    • Holders of IMX tokens also have governance rights, allowing them to steer the platform's development path by voting on community ideas.

      • In a nutshell, Immutable X (IMX) is a crypto project that uses Layer-2 technology to overcome traditional transaction difficulties on the Ethereum blockchain. Immutable X users may now be confident that their transactions are safer, faster, and less expensive than ever before.

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      NFT IMX Token marketplace Immutable X
      Immutable X - Layer 2 Technology for NFT Market!
      Kishan Yadav
      Kishan is a blockchain and crypto enthusiast, crypto investor, trader, and marketer with 3 years of experience in the crypto and blockchain space. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. Hence one of his favorite quotes is an old saying which goes, "No research without action, no action without research".

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