Immutable X is an Ethereum layer 2 scaling solution designed specifically for NFTs. As Immutable X continues to develop, its original token IMX has gradually attracted the attention of more investors and has now become the 55th largest cryptocurrency by market capitalization.
What is Immutable X (IMX)?
Immutable X (IMX) is a Layer-2 extension protocol on Ethereum focused on the minting and trading of NFTs. It provides an efficient and convenient platform for the minting and trading of NFTs by providing instant transaction confirmations and extremely low gas fees. Users can easily create and trade NFTs on Immutable X while ensuring the security of their assets.
IMX Token: Its platform token IMX is a token with ERC-20 functionality and governance properties. IMX can be used to pay transaction fees while motivating users and developers to actively participate in the Immutable X ecosystem. The token system also has the opportunity to earn rewards through staking and participating in platform governance.
Technical features of Immutable X
Immutable X uses the ZKRollup engine to achieve high scalability and can handle up to 9,000 transactions per second. Its shared global NFT order book effectively improves NFT liquidity and increases trading volume. Users can freely buy and sell NFTs on various markets based on Immutable X.
Zero-knowledge rollup (ZKRollup)
The core technology of Immutable X is zero-knowledge rollup (ZKRollup). The way ZKRollup works integrates hundreds of transactions into a zero-knowledge proof called a zkSTARK proof, rather than just adding all transaction data to the blockchain. This approach guarantees high levels of privacy and security standards for Immutable X transactions. The collated transaction proof is sent to the blockchain and verified by the smart contract.
REST API set
Another unique feature of Immutable X is the powerful set of REST APIs that simplify complex blockchain transactions. Users can easily create and send NFTs via the API without having to transact directly with smart contracts. With Immutable X’s simple software development kit (SDK), developers can easily integrate APIs and wallets into their platforms to create game-like NFT projects in a matter of seconds.
Founder of Immutable X
Immutable X was founded by James Ferguson, a former software developer at e-commerce company ShopYak and a Forbes Under 30 Entrepreneur. Meanwhile, the team at Immutable X also includes James Ferguson, researcher and entrepreneur Peter Thiel. The team consists of more than 100 members from diverse backgrounds including FAANG, traditional finance, fintech and management consulting.
Financing process
A total of $15 million was subscribed to Immutable X in a 2018 seed round and a September 2019 Series A round. The funding round came from a variety of sources, including Coinbase, Sapers, Nirvana Capital, Apex Capital Partners, Continue Capital, and Mike Novogratz’s Galaxy Digital. The support of these investors provides a strong financial foundation for the development of Immutable X.
Purpose of IMX Token
IMX is the native token of the Immutable X ecosystem and uses the ERC-20 standard. As a utility and governance token, IMX has a total supply of 2 billion. Users can make corresponding contributions to the growth and development of the ecosystem by creating applications, trading NFTs, etc., and obtain IMX tokens.
IMX Staking: Holders can use IMX tokens to pay transaction fees and earn staking rewards by putting their assets into the staking pool.
IMX governance: Token holders have the right to participate in voting and decision-making related to the new community. The size of the voting power depends on the number of tokens held, so the more IMX a token holder holds, the greater the voting power.
Immutable X Network Fees
When transacting on the protocol, users are required to pay a 20% protocol fee, which can be paid for using the IMX token. Users can choose to pay fees directly in IMX, or have Immutable automatically convert the actual purchased currency to IMX on the open market.
IMX Token Economics: The total supply of IMX tokens is capped at 2 billion and is distributed as follows: - 51.74% allocated to ecosystem development - 25% allocated to project development - 14.26% for private token sales - 5% for use At public token sale - 4% retained in foundation reserve
To encourage long-term holding of tokens, tokens in the allocated area will be locked progressively to ensure that token owners play an active role in the long-term success of the project. In addition, the circulation supply of IMX tokens must follow the purpose of stimulating the long-term growth and sustainability of the project.
Summary: Immutable X takes full advantage of Layer 2 scaling technology to bridge the gap that exists when trading NFTs on Ethereum. The platform offers comprehensive solutions for growing your NFT business, with an in-depth look at the game and market for earning while you play. Based on price predictions, IMX coin is considered an investment with profit potential.