Immutable X is the first layer t protocol scaling solution for NFTs on the Ethereum network. According to this protocol, its blockchain does not possess the problems on Ethereum, including low scalability, a poor user experience, a slow developer experience, and illiquidity. This open-source protocol lets users make and develop their dApps (decentralized applications), including games and marketplaces.
Users can have zero gas fees for instant trading, massive scalability, and minting tokens without compromising users or asset security. To do so, they make this blockchain with a technology called STARK zk-rollups. This technology allows users to distribute and create assets such as ERC-20 and ERC-721 tokens on a massive scale.
What is Immutable X
Immutable X is a protocol in Ethereum that focuses on Non Fungible tokens (NFTs). This platform charges 0 fees, offers instant trading and security.
This open-source protocol boasts 600x more transactions per second (TPS) than any other NFT marketplace on Ethereum which means there will not be any interference within the platform for users and gamers.
Whether users mint a single or bulk item, the protocol can do all minting processes free of charge. This protocol can enable the users to create and distribute NFTs at a large scale.
The tokens minted on this platform are immediately accessible to trade on the open market. It maintains the same security that Ethereum provides.
This protocol presents an intermediate layer that lets an NFT-specific wallet experience and lets Immutable X back up a third-party marketplace without security dangers. Immutable X link operates as the user’s connection between their key on the L2 exchange and their private key on the Ethereum blockchain. It has the same roles as the Ethereum wallet manager; furthermore, it executes the same authorization and authentication functions inside the exchange. After the data is verified, they will be transferred to the main blockchain.
This platform has a native utility token called IMX, an ERC-2 token that aims to help increase the protocol’s growth by representing rewards like trading transactions and protocol adoption. These motivations are for community members who help the platform become a scalable NFT ecosystem.
This token has 2billion supplies and gives the authority to vote on the future path of Immutable X. But one significant thing to mention here is that the network is not a decentralized autonomous organization, or DAO, which means that the final decision about Immutable X’s path will still depend on the team.
An independent token foundation founded the native token on this platform which means the Immutable team cannot acquire part of the token distribution.
The platform releases a staking reward pool which lets users have an extra income stream by staking the IMX.
Immutable X Background
James Ferguson founded Immutable X. He is an entrepreneur that previously led a software development team at an e-commerce company. Robbie Ferguson, his brother, is a Thiel fellow and Forbes 30 Under 30 entrepreneur and the co-founder of the platform. James is the company’s CEO, a platform that provides scalable blockchain infrastructure for video games. James is a driven founder that has Immutable to build a staff of 100 and raise $20m.
The team has many members from different backgrounds like blockchain, FAANG, finance, fintech, and management consulting. It raised a seed in 2018 and 15 million dollars in 2019.
Why Immutable X?
Immutable X is one of the first layer two solutions that utilize zk-rollups and focus only on NFTs. zk-rollups are smart contracts that scale the Ethereum network via processing various transfers from the main blockchain. With the growth of zk-rollups, the project becomes the cutting edge of development in the Ethereum blockchain.
This protocol will probably be the default “NFT blockchain” if it could hold its word of executing more than 9000 TPS. A necessary component of keeping this word is the API abstraction layer.
“Representational state transfer APIs” is an application that uses HTTP requests to access and use data. Thanks to these REST APIs, all the transactions that are NFT-related, like trading, minting, and transferring, are considered simple API (application programming interface) calls on this platform. The company believes that this is the key to attracting new participants like content companies and established gaming corporations.
Another benef5t of using this platform is that users do not need to switch networks while connecting to their wallets. NFT marketplace can be on this protocol without a backend because of its shared global order book facilitating protocol liquidity. The project also aims to lower entry barriers for smaller developers and content creators.
This protocol allows NFT creators to mint tokens for free via the smart use of different technologies and its team.
Many games are on this platform, including My Crypto Heroes, Guild of Guardians, Highrise, NFTrack, and Gods Unchained.
Chris Clay, the game director of Gods Unchained, stated that this protocol lets the game implement a new meta-system that used to be impossible.