Immutable X is the first Ethereum layer 2 protocol for minting and trading NFTs. With the development of Immutable currency. So, what exactly is Immutable X (IMX)? How does it work? This article will analyze in detail the technical principles, token uses and future potential of Immutable X.
What is Immutable X (IMX)?
Immutable X (IMX) is a layer 2 scaling solution for NFTs on Ethereum. It provides instant transaction confirmations for minting and trading NFTs with near-zero gas fees. Users can easily create and trade NFTs without compromising the security of their assets. Its platform token IMX is an ERC-20 functional and governance token. This token can be used to pay transaction fees and incentivize users and developers to use Immutable X. Token holders can earn rewards by staking and participating in platform governance.
How does Immutable X work?
At the heart of Immutable X is a scaling technology called zero-knowledge rollup (ZKRollup). It is a Layer 2 protocol used to verify transactions on the Ethereum blockchain. Rather than adding all transaction data to the blockchain, ZKRollup consolidates hundreds of transactions into a zero-knowledge proof called a zkSTARK proof. zkSTARK stands for zero-knowledge concise and transparent knowledge discussion. This is a verification method used to prove possession of a specific piece of data without revealing any key information.
After the transaction is rolled up, the proof is sent to the blockchain and verified by the smart contract. The ZKRollup smart contract maintains all transaction details on layer 2. Therefore, the proof can be quickly verified since it does not contain complete data for each transaction. It requires fewer computational and memory resources to verify blocks. This allows Immutable X to significantly reduce gas costs and provide high TPS.
Another unique feature of Immutable X is the powerful set of REST APIs that simplify complex blockchain interactions. Users can easily create and send NFTs through API calls without interacting with smart contracts directly. With Immutable X’s simple software development kit (SDK), developers can easily integrate APIs and wallets into their platforms. This allows them to create game-like NFT projects in hours instead of weeks.
What is IMX coin? What are the uses? IMX is an ERC20 token that serves as the native currency of the Immutable X ecosystem. It is a utility and governance token with a total supply of 2 billion. Users can earn IMX coins by contributing to the growth and development of the cluster by creating applications and trading NFTs. The IMX currency also has multiple uses in the Immutable X ecosystem.
The use of IMX coins
IMX Staking: IMX coins can be used to pay transaction fees and incentivize users, and people can put their assets in the staking pool to collect staking rewards.
IMX Governance: Token owners can also participate in voting and decisions related to the growth of the native community. Voting rights depend on the number of tokens held. The greater the number of tokens, the greater the voting power.
Immutable X network fee: Users need to pay 20% of the protocol fee, paid in IMX tokens. Users can choose to pay this fee directly with IMX, or have Immutable automatically convert the actual purchased currency to IMX on the open market. That is, you don’t need to hold IMX tokens to trade on the protocol.
IMX token economy: 51.74% is used for ecosystem development (user rewards, developer rewards, liquidity supply and marketing); 25% is used for project development (development of the Immutable X protocol); 14.26% is used for private sales (30 locked up released in 12 months); 5% is used for public sales (the first round is locked for 6 months, the second round is locked for 3 months); 4% is used for foundation reserves (ecosystem development related agreements) .
Representative projects on IMX
God UNchained: God UNchained is the first game developed by Immutable X. It is a card game similar to Hearthstone. The token is GODS. In 2019, it received tens of millions of dollars in financing and was listed on OK’s Jumpstart.
Illuvium: Illuvium is a AAA game developed by the founders of SNX brothers. The game is not yet online yet. The token is $ILV and has been migrated from the MATIC network to IMX.
Guid of Guardians: Guid of Guardians is a mobile AAA RPG game developed by Stepico. It has 140,000 players who have registered in advance. The token is $GOG and has been publicly raised on the CL platform.
Which one has more potential, OP coin or IMX coin?
The upgrade process of Ethereum 2.0 is quite long, and it may take 6 years to see the full version of 2.0. During this period, many experts believed that Layer 2 might be the most effective scaling solution for Ethereum. Therefore, Layer 2 is likely to become one of the focuses of the future market. OP Coin and IMX Coin, as the two most potential currencies on Layer 2, are often compared. So which one has more potential, OP Coin or IMX Coin?
Both coins have potential, and IMX coins may be a very attractive choice for long-term investors. Next I will tell you in detail.
The potential of OP Coin: OP Coin is a cryptocurrency launched by a music platform called Opus. The goal of this platform is to solve music property rights and copyright issues through blockchain technology. The potential of OP coins lies in its unique positioning, which can help musicians better protect their works and ensure fair distribution of profits through smart contracts. The Opus platform also plans to launch a series of music-related applications to further expand the use scenarios of OP coins. These characteristics make OP coins have huge potential in the music industry.
The potential of IMX coins
IMX uses zkrollup technology to effectively reduce gas fees when minting and trading NFTs and solve scalability issues. In the medium to long term, as ZK-rollups technology continues to improve, ZK-rollups will have an advantage in all cases. IMX coin is a cryptocurrency launched by a real estate platform called Imbrex. This platform aims to change the way the real estate industry works through blockchain technology. The potential of IMX coin lies in its ability to provide a more transparent and efficient real estate transaction process. By using IMX coins, users can buy, sell and rent properties more conveniently and reduce the involvement of intermediaries. These characteristics make IMX coins have huge potential in the real estate industry.
Summary: Immutable X takes advantage of Layer 2 scaling technology to bridge the gap in trading NFTs on Ethereum. It creates a platform for the development of NFT businesses, including earn-while-playing games and markets. We believe that IMX will have great potential, let’s wait and see!