TL;DR
Immutable X is a layer-2 scaling solution for NFTs on Ethereum. Its edge is offering almost instant trade confirmation and near zero gas fees when minting or trading NFTs.
Immutable X uses an engine called Zero-Knowledge Rollup that can achieve up to 9,000 transactions per second. Talk about efficiency. Traders can buy and sell NFTs in any marketplace that is built on Immutable X.
IMX is Immutable X's ERC-20 utility and governance token. IMX is the token that is used for transaction fees, and as a reward token for users and developers who are on the Immutable X blockchain. It can also be used for staking on the platform or for governance.
Introduction
Minting NFTs on the Ethereum network, especially during times of high traffic could be excruciatingly expensive. Users need to pay higher fees just to mint a NFT during higher network demand periods. In order for their transactions to go through, users usually need to pay higher gas fees, while some may experience transaction failures, causing losses.
What is Immutable X?
Immutable X’s goal is to improve on Ethereum’s scaling problem. It seeks to amend the user's experience and scalability of Non-Fungible Tokens (NFTs).
According to Immutable X, its blockchain improves on Ethereum’s low scalability, illiquidity, slow developing environment, and user experience. Further, the user enjoys a much better trading experience which includes trading NFTs at near zero gas fees, and faster transaction speeds.
Immutable X was founded by James Ferguson, a Forbes 30 under 30 entrepreneur. The teams consists of many people who have worked in popular blockchain projects, FAANG companies, and reputable consulting firms.
How Does Immutable X Work?
The golden question, how does this blockchain work? At the core of its technology is something called Zero-Knowledge Rolloups (ZK-Rollup). This is Immutable X’s response to the scaling issue that exists in blockchains. ZK-Rollup is simple, instead of adding thousands of single transactions, it bundles hundreds of transactions into a single zero-knowledge proof known as zk-Stark. ZK-Stark is a verification method that proves possession of certain information without revealing any information about it. This adds another layer to security on Immutable X’s blockchain.
With ZK-Rollups playing a significant role in scaling solutions, Immutable X is positioning itself as the default blockchain for the future if it follows with its promise of 9,000 transactions per second (tps) and zero gas fees. Further, those who mint on Immutable X do so with 100% carbon neutrality. Not a bad trade off.
Another great feature on the Immutable X blockchain is its API. Thanks to this, every NFT-related interaction from minting to trading or selling is a simple API call on Immutable X. Talk about simplicity. Immutable X hopes this gives them an edge in attracting new entrants into its ecosystem.
Lastly, Immutable X has a global order book that it uses for its NFT ecosystem. Any marketplace that implements their scaling solution can trade NFTs. Two outcomes of this are an increased trading volume and liquidity for NFTs. One last thing to note is that Immutable X is compatible with any ethereum based wallet.
IMX And Tokenomics
IMX is the utility token for the Immutable X blockchain. It is an ERC-20 utility and governance token. It can be used to pay off transaction fees and to reward developers and stakers.
IMX has a circulating supply of 235 million tokens. However, it is important to note that it has a total supply of 2 billion. The token will be distributed based on the following:
Ecosystem development - 51.74%: user rewards, developer grants, liquidity provision, marketing purposes.
Project development - 25%
Private sale - 14.26%: one year cliff, monthly unlock over two years.
Public sale - 5%: six-months unlock.
Foundation - 4%: ecosystem development-related initiatives like liquidity provision, one-year cliff, monthly unlock over four years.
How to Buy Immutable X
You can currently buy Immutable X on Binance.
Go to Binance
Log into your Binance account or create one if you haven’t already.
Search IMX
From there you can search “IMX” the ticker symbol of the coin.
Spot Box
Go to the spot box and select how much of the token you want to buy. Remember to fund your account if you haven’t already. You connect your bank account or debit/credit card.
From there you will select “Buy IMX” to finalize your order. Once you do, you would have become an owner of IMX.
Final Thoughts
Immutable X is seeking to solve the issue of scalability that is persistent in blockchain technology. They achieve this through groundbreaking innovations that allow traders to leverage this and trade NFTs gas-free. It seeks to build up a marketplace for NFTs, metaverse games, and much more.
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