Summary

Immutable X is a Layer 2 scaling solution for NFT on Ethereum. It provides fast transaction confirmations for minting and trading NFTs with near-zero gas fees. Users can easily create and trade NFTs without compromising the security of their assets.

Immutable X uses an engine called "zero-knowledge aggregation" to achieve scalability. It can facilitate up to 9,000 transactions per second. Immutable X’s shared global NFT order book can effectively improve the liquidity of NFTs and increase their trading volume. NFTs can be bought and sold on any Immutable X-based marketplace.

IMX is an ERC-20 utility and governance token used to pay transaction fees and incentivize users on Immutable X and developers. Token holders can earn rewards by staking and participating in platform governance.

Introduction

Trading and minting NFTs on Ethereum can be expensive, especially when traffic is high. Users need to pay higher gas fees to get their transactions confirmed quickly. It is also very common for minting transactions to fail and can result in significant losses.

What is Immutable X?

Immutable X is a Layer 2 scaling solution for non-fungible tokens (NFTs) on Ethereum. It aims to improve Ethereum’s scalability and user experience.

Immutable X was founded in 2018 by James Ferguson, Robbie Ferguson and Alex Connolly. It provides fast transaction confirmations for minting and trading NFTs with near-zero gas fees. Users can easily create and trade ERC-721 and ERC-20 tokens at low cost, and the security of their assets will not be affected.

How does it work?

The core of Immutable X is an expansion technology called zero-knowledge rollup (ZK-Rollup), which is a Layer 2 protocol that verifies transactions on the Ethereum blockchain.

ZK-Rollup does not add each transaction data to the blockchain, but adds hundreds of transactions in batches to a zero-knowledge proof, called the zk-STARK proof. Zk-STARK represents a concise and transparent knowledge argument based on zero knowledge. This method of verification proves possession of specific knowledge without disclosing any relevant information. It can provide a higher level of privacy and security for Immutable X transactions.

After transactions are batched, the proof will be submitted to the blockchain and verified by the smart contract. ZK-Rollup smart contracts retain all transaction details at Layer 2, allowing for fast verification of proofs since they do not contain complete data for each transaction. The computing and storage resources required to verify a block will also be reduced. Because of this, Immutable X can facilitate up to 9,000 TPS (transactions per second) while significantly reducing gas costs. For end users, Immutable X transactions have zero gas fees.

NFTs traded or minted by users on Immutable X can be 100% carbon neutral. For example, minting 8 million NFT trading cards on Ethereum for the play-to-earn game Gods Unchained would consume approximately 490 million kilowatt hours (490 megawatt hours). Because ZK-Rollup compresses the data required for minting, Immutable X only requires 1,030 kWh to mint the same amount of NFTs, reducing energy consumption by 475,000 times. The remaining negligible energy consumption is offset by carbon credits.

Another unique feature of Immutable X is a powerful set of REST APIs that simplify complex blockchain interactions. Users can easily create and transfer NFTs through API calls without having to interact with smart contracts directly. In conjunction with Immutable X’s software development kit (SDK), developers can easily integrate APIs and wallets into their platforms. This way, they can set up NFT projects, such as earn-while-playing games, in just a few hours instead of weeks.

To facilitate the third-party NFT market ecosystem, Immutable X provides a global order book that can be used anywhere that implements its scaling solutions NFTs are bought and sold on the market. This means that orders established in one market can be completed in another market, which can effectively increase the trading volume and liquidity of NFT. Immutable X also supports all desktop Ethereum wallets. Users can seamlessly trade NFTs on different cryptocurrency wallets that support NFTs without the need to transfer their assets across networks.

What is IMX?

IMX is the native token of Immutable X. It is an ERC-20 utility and governance token with a total supply of 20 100 million. IMX is used to pay transaction fees and incentivize users and developers on Immutable X. They can earn IMX tokens by contributing to the development of the platform, such as trading NFTs and building applications.

As a utility token, IMX allows token holders to earn rewards by staking in the reward pool . They can also submit community proposals and vote to participate in the governance of Immutable X. The more IMX tokens you hold, the more power you have to vote.

How to buy IMX on Binance?

You can buy Immutable X (IMX) on cryptocurrency exchanges such as Binance.

1. Log in to your Binance account and click [Trade]. Choose Classic or Advanced trading mode to get started.

2. Search for "IMX" to view available trading pairs. Let’s take IMX/BUSD as an example.

3. Visit the [Spot] area and enter the amount of IMX you wish to buy. In this example, we select Market Order. Click [Buy IMX] to confirm your order, and the purchased IMX will be deposited into the spot wallet.

Summary

Immutable X takes advantage of Layer 2 scaling technology to bridge the gap in trading NFTs on Ethereum. It creates a platform for the development of NFT businesses, including earn-while-playing games and markets.