Deepika- Immutable X is the only gas-minting platform with instant transactions.
- In order to trade, users need to list their items over Immutable x and it provide them access to the global order book.
- Its users get benefits from Ethereum’s blockchain security.
What is mutable X?
Immutable X is a layer 2 scaling solution for NFTs for Ethereum which helps to improve the Ethereum Scalability and user experience. They offer instant transaction confirmation and Zero gas fees for the minting and treading NFTs. That allows the users to create and trade NFTs at lower costs without compromising the safety of their assets.
How does it work ?
It uses a technology named as Zero Knowledge (ZK) roll to achieve scalability. Rather than adding every data to the blockchain, ZK rollup batches hundreds of transactions into a single cryptographic proof.
It was later submitted to the blockchain and verified by a smart contract. Smart Contact uses less data which validates and publishes transactions more efficiently. And can facilitate around 9000 transactions every second with low gas fees.
Immutable X allows the users to create and transfer the NFTs and is one of the unique feature that allows to transfer of NFTs via APIcalled the software development kits (SDKs).
It allows the developer to integrate immutable APIs and wallets to their platform so that NFT users can build their NFT projects also immutable X to provide a global order book that allows NFTs to be bought and sold on any of the market place thats implement their scaling.
What is IMX ?
IMX is an ERC 20 utility and governance token that is used to pay for transaction fees and incentivizes the users and developers. They can earn IMX by contributing to the growth of the platform such as trading NFTs and building applications.
In it, the token holders get rewards through staking into rewards pools. The users can also participate in the governance of immutable X by voting over community proposals.
History of Immutable X
In the year 2018, Robbie Ferguson and James created Immutable X in order to overcome all three challenges of the NFTs. before it was launched, the developers had limited options.
Although Ethereum to another blockchain was giving greater scalability, and part of the ecosystem and security of the ethereum or utilizing a feasible solution.
Its protocol provides kinks that aim to enhance the NFT- wallet experience. Without any risk security, provides to the user with an experience of trading and NFT minting.
The developers and investors get access to a decentralized trading interface. It was said as well that it seems to become a Standard NFT blockchain of the future only if it were to achieve the speed of 9000 transactions per second.
It has its own its own token named IMX token and acts as grease that keeps that immutable X cogs turning. Immutable X has its own marketplace where its users can by and sell thor in game assets.
