What is Immutable X? (IMX)

Sometimes due to the high traffic (online) trade and exchange can be difficult. Also due to the failure of mining transactions traders may lose a significant amount of money. Moreover, to ensure the quick transaction they may also require to pay high gas fees. To tackle such problems and improve efficiency there is another 2-layer mechanism called “Immutable X”. Let’s find out what it is and how it works.

What is Immutable X?

“Immutable X” is a layer-2 solution for ethereum-based NFTs developed to enhance performance and scalability. It enables the minting and trading of NFTs by the users reasonably, by providing instant transaction confirmation without charging any gas fees. Hence, the user can easily create and trade NFTs without compromising their security assets.

The founders of Immutable X are James Furguson and Robbie Furguson along with Alex Connolly. They launched the Immutable X in 2018

How does Immutable X work?

The Immutable X uses Zero-knowledge Proof (ZK-proof) technology to maintain scalability. It is a method to verify certain information without revealing it. Here, the ZK-rollup batching system allows the data to be stored in a single cryptographic proof (called zk-Stark), instead of putting all the data related to the transaction on the blockchain. After the batching of all the data related to the transactions, it is submitted to the blockchain and then verified, enabling it to facilitate about 9000 transactions at a time.

The Immutable X also allows the users to create NFTs by API calls. The SDK (Software Development Kits) enables the trader to integrate immutable X APIs with their wallets.

It also provides the global order book to enforce the trade in the marketplace which provides scalable solutions. Thus increasing the trading volume and increasing liquidity.

What is the Immutable X token (IMX)?

IMX is an ERC-20 utility and governance token with a total supply of two billion. People can get and use IMX by creating and trading NFTs. Through a well-structured decentralized mechanism, users can easily create and exchange ERC-721 and ERC-20 tokens at lower fees without compromising their assets’ safety. It can be used to pay transaction fees and incentivize the participants on the IMX platform.

Benefits of using IMX

• Ensuring transactions at Zero Gas Fees.
• Allows the users to create and trade NFTs at low transaction fees.
• Provides enhanced performance due to less accumulation of data.
• Provides scalability.
• Facilitates the trade without compromising the user’s safety.
• Enables fast and secure transactions.

Final Thoughts

As we observe that more and more people are adopting online trade, the demand for secure transactions has increased. To meet the demands of traders on the DeFi platform the performances and facilitation need to be enhanced. Hence to achieve this enhancement various technologies associated with the second layer are becoming popular. IMX is the result of such a development scheme.