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Immutable X

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Overview

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What is Immutable X?

What Is Immutable X (IMX)? Here is a deep dive into Ethereum’s Layer-2 scaling solution As more users flock to decentralised applications (dApps) and non-fungible tokens (NFTs), the Ethereum network faces congestion and uncompetitive gas fees.

Enter Immutable X, a groundbreaking layer-2 solution designed to address these pain points.

Immutable X (IMX) has its own special token called IMX. It can be used to pay fees on the Immutable X platform. It can also be used for staking, and gives holders voting rights to how the network is run.

In this article, we’ll explore what Immutable X is, how it works, and its impact on the NFT ecosystem.

What Is Immutable X?

Immutable X is a Layer 2 scaling solution specifically tailored for NFTs on the Ethereum blockchain. Founded in 2018 by James and Robbie Ferguson, and Alex Connolly, Immutable X aims to revolutionise NFT trading by combining scalability, asset protection, and user experience.

Zero gas fees and carbon neutrality

One of the standout features of Immutable X is its zero gas fees. Unlike Ethereum’s mainnet, where transaction costs can be prohibitively uncompetitive, Immutable X allows users to mint, transfer, and trade NFTs without paying any gas fees.

This is a game-changer for both creators and collectors, as it eliminates the financial barrier associated with NFT transactions.

Also Immutable X claims to be carbon-neutral, making it an environmentally friendly choice for NFT enthusiasts. By leveraging zk-rollup technology, it achieves scalability without compromising the planet.

##How does Immutable X work?

Let’s dive into the technical details.

ZK-Rollups

Immutable X is a technology that helps make Ethereum more efficient. So how does it do that? It uses StarkWare’s zero-knowledge proofs (specifically, Starkey).

Think of this as a smart way to prove something without revealing all the details. It’s like saying, “I know the answer, but I won’t show you how I got it.”

It does this by using ZK-rollups. Imagine you have a bunch of small tasks to do. Instead of doing each task one by one, you group them together and finish them all at once.

ZK-rollups do something similar with transactions on Ethereum — they bundle them up and send them together.

This happens off-chain, which is like doing some work behind the scenes without bothering everyone else. Off-chain transactions happen away from the main Ethereum network.

Because this is so much more efficient, it reduces the fees (called gas fees) you pay to use Ethereum. So, in user friendly terms, Immutable X uses some tricks to make Ethereum perform better and more competitive.

EVM compatibility

EVM stands for Ethereum Virtual Machine. It’s like the brain of the Ethereum network — a mega computer that runs all the programs (called smart contracts) and keeps everything in order.

Immutable X is the first chain for games that offers EVM compatibility.

Game developers can build on Immutable X without the need for Solidity expertise (the programming language of Ethereum). So, game creators can use the same tools they already know, without needing any extra skills.

When game developers create new games on Immutable X, they can easily connect them to the existing games on Ethereum.

When game devs build a game on Immutable X, it’s like adding a new piece to the big Ethereum puzzle. And it fits perfectly. The new game can talk to other games and share resources without any hiccups.

Global order book

The platform features a global order book. When someone wants to send an NFT (Non-Fungible Token) to another person, the blockchain needs to check if everything is okay. Is the NFT real? Is the sender allowed to do this? Once the blockchain is sure, it adds this transaction to a block.

Using the Immutable X platform, the buyers and sellers can interact without waiting for block confirmations, resulting in a smoother experience. It makes NFT trading across various marketplaces way more efficient.

Web3 gaming and beyond

Immutable X caters to game developers seeking enhanced performance and competitive costs. While it doesn’t support complex smart contracts, it enables streamlined gameplay mechanics. Imagine a web3 game where players can buy, sell, and trade assets instantly, all while enjoying gas-free interactions.

The Gods Unchained trading card game is a prime example of Immutable X in action.

Players can collect rare cards, trade them seamlessly, and participate in tournaments — all without worrying about gas fees.

How to buy Immutable X (IMX)

If you’re interested in acquiring IMX tokens, here’s how you do it on CoinJar.

Download the CoinJar App

Download the CoinJar app using your iOS or Android device. You can find it on app stores.

Create an Account

Sign up for a CoinJar account within the app. Ensure you follow the user friendly steps to verify your identity. UK residents are required to do an assessment and then wait 24 hours (see below).

Payment method

Once the verification of your account is a success, the assessment is completed and the cooling off period has passed, your CoinJar account is created on the exchange.

After this is done, you can deposit/transfer normal everyday money into your CoinJar account, such as sterling using your chosen payment method including card or bank transfer.

CoinJar supports various payment methods, so choose the one that suits your investment risk appetite.

Make a Purchase

Once your account is funded, you’re ready to buy Immutable X (IMX). Remember, don’t put all your eggs in one basket. Putting all your money into a single type of investment is risky. A good rule of thumb is not to invest more than 10% of your money in cryptocurrency.

Congratulations! You’re now part of CoinJar, which has been in operation since 2013.

Explore the app, research before you invest, manage your portfolio, and keep an eye on your Immutable X (IMX) investment.

Some Reasons why investors buy IMX: Conclusion

Immutable X represents a significant leap forward for NFTs and web3 gaming. Its commitment to scalability, asset protection, and user-friendly experiences positions it as a key player in the evolving blockchain landscape.

As the NFT market continues to flourish, solutions like Immutable X pave the way for a more accessible and sustainable digital future.

So, whether you’re a game developer, collector, or NFT enthusiast, or just want to hold the tokens, keep an eye on Immutable X.

The performance of crypto can be highly volatile, value can drop as quickly as it can rise. Past performance is not a guide to the future.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high‑risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Crypto is generally very volatile, with the risk of abrupt market changes, corporate collapse, inadequate client fund segregation, and cyberattacks. Don’t invest anything you aren’t prepared to lose. You should not expect to be protected if something goes wrong as you would have no recourse to the Financial Ombudsman scheme or the Financial services compensation scheme.

Crypto is not for everyone. Be sure to do your own research and buy according to what is right for you, and not what is right for other people. Crypto is generally very volatile, with the risk of abrupt market changes, corporate collapse, inadequate client fund segregation, and cyberattacks. Don’t invest anything you aren’t prepared to lose.

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How to buy Immutable X with CoinJar

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Frequently asked questions

What is Immutable X?

It is a layer-2 scaling solution for Ethereum, specifically designed for NFT minting and Web3 games. As far as layer 2 solutions go, it is seen as a breakthrough.

It focuses on making NFT transactions gas-free(gas fees refers to the general fees paid when using Ethereum), ensuring a seamless experience for users.

How does Immutable X work?

The platform uses a zk-rollup scaling engine developed in partnership with StarkWare. It allows for instant transaction confirmation and competitive (near-zero) gas fees when minting and trading NFTs. Over 33 million NFTs were minted gas-free on the platform in 2022.

What are the utility tokens in the ecosystem?

The utility token is called IMX. It covers fees for NFT transactions and provides staking rewards for users.

How does Immutable X benefit blockchain games?

The Immutable X protocol focuses on the emerging GameFi sector. The game Gods Unchained is an example of a game built on the platform.

It offers custom wallet UX, integrated credit card payments, and global order books for instant NFT propagation. Developers receive expert support, convenient APIs, and SDKs for more effective game launches.

What role do utility tokens play?

Immutable X’s global order book ensures efficient NFT trading across various marketplaces. Buyers and sellers can interact without waiting for block confirmations, resulting in a smoother experience.

How does Immutable X handle game assets?

Immutable X provides a protected platform for NFT projects. It allows game developers to build and manage NFT-based game assets without gas fees. Quick trade confirmation and large scalability enhance the gaming experience.

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