Immutable X is a layer-2 blockchain project aiming to provide a scaling solution for NFTs and other projects on the Ethereum network. It focuses on improving transaction speed, scalability, and illiquidity of blockchain projects while providing all users with the best user experience.
What is the issue with the current blockchain?
Blockchain networks such as Ethereum and Bitcoin are highly decentralized, which ensures security and immutability. However, scaling is achieved at the cost of reducing transactional speed.
Ethereum is a layer 1 blockchain that has just recently migrated to proof-of-stake (PoS). However, before the merge, it made use of proof-of-work (PoW) consensus, which caused it to experience a scalability bottleneck. This technology has led to an increase in transaction fees and a delay in transaction times for users. Recent developments have shown that blockchains could be more scalable with the proof-of-stake (PoS) consensus mechanism. However, PoS still has issues with security and remains untested in main chain scenarios.
What is the solution for this issue?
Instead of adding layers to the existing blockchain, Immutable X adds to an already existing layer by creating a layer-2 blockchain that sits on top of existing main chain blockchains . At this layer, tokens are staked, which then allows parties to mint blocks. These blocks are then sent back down to the main chain. The result is that transactions can occur on the layer-2 blockchain without affecting the performance of the main chain and will only be recorded on the main chain once consensus has been reached.
Why does the world need a layer-2 blockchain?
Therefore, instead of adding layers to blockchain technology, Immutable X aims to implement a layer-2 solution that will improve performance by adding on top of existing blockchains using the innovative zk-rollup technology. It uses StarkWare’s revolutionary zero-knowledge-proof technology called Starkey to provide NFT creators and game developers with unmatched throughput with zero fees for creating and trading NFTs in a carbon neutral environment.
Who are the Founders of Immutable X (IMX)?
The founder of Immutable X is James Ferguson, who is also the CEO of the company. He has founded multiple companies and led a software development team at a billion-dollar tech firm. Along with being a successful developer, he is also a Forbes 30 under 30 entrepreneur.
Robbie Ferguson, who is the brother of James Ferguson, is a serial entrepreneur and advisor to other high-profile blockchain projects. He has been involved in the blockchain industry since its early days and has also been included in the Forbes 30 under 30 list.
The team consists of other members with solid backgrounds in different niches, including blockchain, finance, law, management consulting, and so on.
What is Immutable X (IMX) used For?
The project aims to provide solutions to the intricacies of the problem and the challenges faced by NFT projects on the Ethereum network. The main problem that it aims to solve is that of scalability. Immutable X will solve this problem and will allow NFT creation and trading in a carbon neutral way, which goes beyond its use as a currency. As a scalable platform, it has been designed with robust technology that can handle high volume transactions while maintaining security. Moreover, it also aims to decentralize the traffic while providing sufficient privacy and anonymity to users through smart contracts.
The IMX token serves as the fuel of the Immutable X ecosystem, providing liquidity, governance, fees, and staking to the platform’s users.
What is the unique point of Immutable X (IMX)?
The uniqueness of the IMX token lies in its ability to provide users with a seamless experience in the creation and transfer of NFTs. Since it is associated with the Ethereum network, this means that anyone who wants to create an NFT will have access to a platform that has high-throughput, security, and ease-of-use. This makes it easy for users to trade NFTs at gas-free prices while also allowing them to create unlimited quantities of the same.
Another unique feature that separates it from other platforms is its commitment to providing users with a low carbon footprint through zero fees, which ensures that all transactions are cost effective and harmless to the environment.
Immutable X also has a unique API abstraction layer that makes it easy to onboard builders into the ecosystem. NFT-related interactions such as minting, trading, sending, and receiving can be triggered using simple API calls.
How many Immutable X (IMX) coins are in circulation?
Immutable X has a circulating supply of 235,284,001 IMX coins and a max. supply of 2,000,000,000 IMX coins.
How is the Immutable X (IMX) Network Secured?
Immutable X is a layer-2 blockchain solution built on Ethereum, which provides an extended layer of security, decentralization and transparency. The Immutable X team believes that Ethereum depends on centralized means to scale properly, which is a major conflict to its identity. Hence, they divulge into zk-rollups as a means to solve the blockchain’s issue of scalability for NFT creators and builders on the Immutable X platform.
Immutable X is also resistant against 51 attacks as it is not a centralized chain and it inherits security features from Ethereum.
How do I buy Immutable X (IMX)?
The IMX token can be used for a wide range of uses, like staking and gaming.
IMX tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy IMX through your trading account.
Which Cryptocurrency Wallet Supports Immutable X (IMX)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Immutable X (IMX). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their IMX wallet because it offers a simple interactive interface, making it easy for people to navigate.