What is Immutable X?Immutable X is a Layer 2 scaling solution for non-fungible tokens (NFTs) on Ethereum. It aims to improve Ethereum’s scalability and user experience. Immutable X was founded in 2018 by James Ferguson, Robbie Ferguson and Alex Connolly. It provides fast transaction confirmations for minting and trading NFTs with near-zero gas fees. Users can easily create and trade ERC-721 and ERC-20 tokens at low cost, and the security of their assets will not be affected.
How does Immutable X work?
At the core of Immutable X is a scaling technology called zero-knowledge rollup (ZK-Rollup), a Layer 2 protocol for verifying transactions on the Ethereum blockchain.
Instead of adding every transaction data to the blockchain, ZK-Rollup adds hundreds of transactions in batches to a zero-knowledge proof, called a zk-STARK proof. Zk-STARK stands for concise and transparent knowledge argument based on zero knowledge. This method of verification proves possession of specific knowledge without disclosing any relevant information. It can provide a higher level of privacy and security for Immutable X transactions.
After the transaction is batched, the proof is submitted to the blockchain and verified by the smart contract. ZK-Rollup smart contracts retain all transaction details at Layer 2, allowing for quick verification of proofs since they do not contain complete data for each transaction.
The computing and storage resources required to verify a block will also be reduced. Because of this, Immutable X can facilitate up to 9,000 TPS (transactions per second) while significantly reducing gas costs. For end users, Immutable X transactions have zero gas fees.
NFTs traded or minted by users on Immutable X are 100% carbon neutral. For example, minting 8 million NFT trading cards on Ethereum for the play-to-earn game Gods Unchained would consume approximately 490 million kilowatt hours (490 megawatt hours). Because ZK-Rollup compresses the data required for minting, Immutable X only requires 1,030 kWh to mint the same amount of NFTs, reducing energy consumption by 475,000 times. The remaining negligible energy consumption is offset by carbon credits.
Another unique feature of Immutable X is a powerful set of REST APIs that simplify complex blockchain interactions. Users can easily create and transfer NFTs through API calls without having to interact directly with smart contracts. Combined with Immutable X's software development kit (SDK), developers can easily integrate APIs and wallets into their platforms.
This way, they can set up NFT projects, such as earn-while-playing games, in just a few hours instead of weeks.
To facilitate the third-party NFT market ecosystem, Immutable X provides a global order book to buy and sell NFTs on any market that implements its scaling solution. This means that orders established in one market can be completed in another market, which can effectively increase the trading volume and liquidity of NFT. Immutable X also supports all desktop Ethereum wallets. Users can seamlessly trade NFTs on different cryptocurrency wallets that support NFTs without the need to move their assets across networks.
What is IMX coin? what is it used for?
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.
Purpose of IMX Coin: IMX Staking: IMX Coin can be used to pay transaction fees and incentivize users, and people can place 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 fees: Users are required to pay 20% of the protocol fee, paid in IMX tokens. Users can choose to pay this fee directly in 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.
Which one has potential, OP coin or IMX coin?
Both OP currency and IMX currency have great potential. OP currency and IMX currency have different application scenarios in different fields. The following is an analysis of the potential of the two currencies:
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.
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.
Introduction to the future value and prospects of IMX currency
A global distributed node platform built on the spirit of blockchain. IMX has a total of 101 super nodes around the world, using POW and POS mechanisms to protect the rights and interests of every user. With the further development and application of blockchain technology, IMX coins are expected to play an important role in more fields and become an important pillar in the NFT and real estate industries.