What is Immutable X (IMX)?
Immutable X is a layer 2 scaling solution designed to make NFT minting and GameFi dApps deployment seamless on the Ethereum blockchain. The layer 2 solution uses Stark zk roll-ups. IMX is an ERC-20 utility token built for the purposes of rewarding pro-network activities on Immutable X, such as trading, liquidity provision, and building applications. Unlike other scaling platforms Immutable X has an open order book that shares details of all details across the globe for enhanced liquidity on the protocol network. Immutable X is an Ethereum grade layer 2 that helps users mint NFTs at zero gas fee and user-friendly API. In addition to great tools, Immutable X allows users to create and distribute ERC – 20 and ERC – 721 on a large scale.
Who are the founders of Immutable X?
Immutable X was founded by James Ferguson, his brother Robbie Ferguson, a Thiel fellow and Alex Connolly. The scalability layer 2 platform is backed by some eminent venture capitals like Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital.
How does Immutable X work?
Immutable X is powered by StarkWare zk roll-ups solution that makes NFT and GameFi development and deployment easy. Different from other zk roll-up backed scaling solutions, Immutable X works like a main chain and lets operators decide the trading fees. On Immutable X, assets are traded on the second layer – Immutable X and the proof of transaction is verified on the Ethereum Mainnet.
Another important feature of Immutable X is the API Abstraction layer. The API service on the layer 2 platform makes NFT transfers, trades simply with REST API calls.
Another important operational flow of Immutable X is the ‘Link’ layer protocol that allows users to transfer their NFTs from one wallet to any third-party marketplace securely.
Key Attributes of Immutable X
Top Notch Scalability: Immutable X’s Starkware rollups allow for world-class scalability and user experience while retaining the underlying security of Ethereum. The zk roll-ups batch large transactions and generate validity proof and submit them to Ethereum’s smart contract. Immutable X’s rollup allows for more than 9,000 NFT transfers, trades and mints per second which meets the scale required by mainstream NFT projects.
NFT and GameFi-centric platform: The layer 2 solution offers tools that fit well for large-scale NFT and gaming projects. Immutable X currently supports all desktop Ethereum wallets without forcing the user to switch networks. The platform currently offers SDKs for easy and seamless integration of Immutable X’s protocol into any NFT, Gaming platform for seamless development and shipping. The REST API allows easy transfer and trade of NFTs for users without having to switch from one network to another. The Link layer of Immutable X allows users to navigate their NFTs through third-party marketplaces without any risk.
Seamless Trading Experience: Users will have the opportunity to earn IMX tokens by conducting pro-network activities, such as trading, depositing, or minting assets. Apart from offering a great NFT minting experience with zero gas fees, Immutable X has its own marketplace as well. By participating in the marketplace traders can earn IMX as rewards for conducting simple tasks.
What sets Immutable X apart?
Immutable X offers state-of-the-art technology for NFT traders and Commercial NFT and GameFi projects. It eradicates the major issues faced by Ethereum like low scalability, poor UX of web3 wallets, and security risks involved in NFT and web3 assets trade. Keeping security as its main proponent, Immutable X offers great trading as well as a great development experience for Ethereum native developers. What truly sets Immutable X apart is that with a smart roll-up technology it has kept its focus on the Ethereum blockchain for many reasons like its cutting-edge security and the fact that a huge community of creators is present on the blockchain.
How to buy Immutable X (IMX) in India
Use this three-step process to buy your first Immutable X using the CoinDCX crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy IMX on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy IMX: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.