Briefly
Immutable X positions itself as a large-scale tier one solution for NFT in Ethereum. According to Immutable X, its blockchain eliminates Ethereum's limitations, such as: low scalability, poor user interface, illiquidity and slow developers. Instead, users benefit from instant trading and tremendous scalability, while enjoying zero gas rates for NFT coinage and trading without compromising user or asset security. To achieve this, Immutable X is built using STARK and zk-rolps technology.
What is Immutable X?
Immutable X is a second-tier NFT solution built on Ethereum with instant trade confirmation, significant scalability (up to 9,000+ trades per second), zero gas rate - without compromising user storage. The protocol is built on Starkware testing technology, which allows users to maintain access to the Ethereum ecosystem and network effects.
IMX is an ERC-20 service token designed to drive NFT adoption and help creators, gamers and developers rethink the value of digital ecosystems.
IMX is used to:
-Creating a bet to earn rewards.
-Transaction fees.
-Voting.
How does Immutable X technology work?
Immutable X is the first zero-disclosure (zk-rollup) accumulation package installed on the Ethereum blockchain. It is a scheduling protocol for zero-rollup NFT gas trading developed in collaboration with Starkware.
ZK-Rollups are a Layer 2 security that binds multiple transactions into one. That particular transaction can then be analyzed by smart contracts to verify each one individually. By using a zero-disclosure agreement to openly document transactions in the Ethereum blockchain, ZK-Rollups reduces the amount of storage and processing power required to validate blocks, since zero knowledge of the full transaction data is required to validate a transaction. In addition, ZK-Rollups offers unlimited scalability and acceptance of local transactions without compromising asset security.
Immutable X solves Ethereum's problems
As we already know, NFT is a new class of digital assets that includes everything from digital business cards to art, virtual real estate or gaming items. There has also been an explosive growth of NFT games. Game developers see NFT as a new way to offer players new skills. Markets are emerging where players and collectors can buy and sell in-game items.
According to a report by L'Atelier BNP Paribas and nonfungible.com In 2020, investment in NFT has increased by 299%. NFT creators and resellers made millions. Artist Bipple broke digital art records, becoming one of the most valuable artists who sold a piece of crypto art for nearly $70 million. However, the Ethereum blockchain, which is still the most popular place to issue and trade NFT, is not doing well. Some NFT emissions have clogged up the system and when the network heats up, the flow of gas can explode. These problems may not affect a person buying NFT for a million dollars, but Ethereum should be more than a platform for expensive art.
Key Features of Immutable X
The value of Immutable X is a simple solution to the key cost, capacity, and scalability issues that the Ethereum community has faced in recent years. Immutable X handles incredibly fast transactions, yet maintains a high level of Ethereum security.
In addition, Immutable X Marketplace is the first NFT exchange to offer gasless mining / NFT trading, much needed for smaller artists who need to cut costs.
The NFT concept started gaining popularity in 2017 and even then Ethereum needed to be expanded for mass adoption of various projects. In 2018, the issue of NFT transactions became acute, because of the rapid growth of network activity, gas fees often reached hundreds of dollars, which made it difficult to transact NFT, especially the cheap ones. By doing so, it was very limiting liquidity. Immutable X, an L2 solution for NFT built on Ethereum, was created to solve this problem.
Immutable X did a great job, trading NFT on the platform has certain advantages:
- Fast: Immutable X can handle up to 9,000 TPS (transactions per second) compared to 15 TPS for Ethereum. Consequently, Immutable X can guarantee ultra-fast speed.
- Safe: In terms of security, the protocol is fully protected by the Ethereum network.
- Zero Gas Charge: Immutable X is built on Star Ware's state-of-the-art zk-rollup technology, allowing users to quickly mint and exchange NFT without the cost of gas. Additionally, from a developer perspective, Immutable X's ARIs lower the entry barrier for developers, allowing them to create applications on Ethereum instantly.
Strategic Partners
Cryptocurrency now has dozens of world-class partners based on Immutable X, while most partners represent games, collectibles, marketplaces and DeFi.
Here are some of the prominent partners that are integrating into the protocol:
OpenSea: the world's largest peer-to-peer cryptocurrency collection and NFT trading platform. Currently responsible for billions of dollars in NFT volume. By integrating with Immutable X, OpenSea will provide users with instant gas-free transactions on Ethereum without compromising asset security.
Illuvium: a decentralized collection of NFT and automated wargaming built on Ethereum. Using the hyper-scalable Immutable X protocol, Illuvium users will receive many benefits, including increased NFT liquidity for all traders.
ECOMI: The app has over 350,000 active users and offers the most comprehensive collectible digital experience for NFT, and licenses partners such as Marvel.
Immutable X is ECOMI's chosen blockchain partner for NFT digital collectibles Veve.
Gaming Collaborations
Project Immutable X has partnered with major game publisher Animosas and has also partnered with Lucid Sight, a virtual reality game production studio that uses blockchain technology.
NFT assets from Animoca and Lucid Sight games are expected to be minted, released and sold on Immutable X.
Immutable X: How Does Stacking Work?
Staking Rewards: All fees paid to IMX are transferred to the "Stacking Rewards Pool". Users can get a comparable share of this Rewards Pool by betting on their IMXs.
How is the Immutable X network protected?
Immutable X is a two-tiered blockchain with zero gas rates where traders can set their own trading rates. Unlike other scaling solutions for Ethereum, a 51% attack on Immutable X is impossible because it is not a centered side chain, but benefits from the inheritance of Ethereum's own blockchain security. Immutable X uses zk-rollups, which means that assets are traded on a second-tier blockchain, but the proof of transaction is stored in the first-tier blockchain, in this case Ethereum. Immutable X uses STARK proofs because, unlike SNARK, they are post-quantum secure and provide more security for users, despite the higher cost.
Peace and happiness to you Friends and see you in the next article!
Always yours C.J.
