Immutable X (IMX) - the first layer 2 scaling solution for NFTs on Ethereum with instant trade confirmation, massive scalability, zero gas rate - without compromising user data storage.
Contents:
- Description of Immutable X (IMX)
- What is the peculiarity of the project?
- Where to buy and sell a token?
Description of Immutable X (IMX)?
According to Immutable X, its blockchain has done away with the limitations of Ethereum such as low scalability, poor user experience, illiquidity and slow developer experience. Instead, users benefit from instant trading and huge scalability, enjoying zero gas fees for NFT minting and trading without compromising user or asset security. Through this technology, users will be able to create and distribute assets such as ERC-20 and ERC-721 tokens on a massive scale.
The company was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur, and his brother, Robbie Ferguson, a Thiel researcher. The team consists of over 100 members from different walks of life. He raised a seed round in 2018 and a Series A, worth $15 million, in September 2019. Investors have included Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital in the blockchain investment.
What is the peculiarity of the project?
The value of Immutable X - a simple solution to the key cost, capacity and scalability issues that the Ethereum community has faced in recent years. The project benefits from being one of the first layer two solutions to use zk rollups and focus solely on NFTs. The benefits of the project are as follows:
| Speed | As zk rollups become more important as a scaling solution, the project is at the forefront of the development of the Ethereum ecosystem. Immutable X has a good chance of becoming the default “NFT blockchain” in the future, provided that its promised transaction rate can be reached in excess of 9000 t/s. |
| API level | An important component of speed - the API abstraction layer. With the REST API, every NFT-related interaction, such as minting, trading and transfer, is a simple API call on Immutable X. The company expects this to be a key component in attracting new entrants, such as established gaming and content companies in the space. |
| Connection | Users will not have to switch between networks when connecting their wallets. |
The protocol also provides an intermediate layer, called "Reference", that enables the operation of an NFT-specific wallet and allows Immutable X to support a third-party marketplace ecosystem without security risks. With a shared global order book, facilitating the liquidity of the protocol, NFT marketplaces can be built on Immutable X. As a result, third-party trading solutions can coexist with the protocol's native marketplace. The protocol also expects to lower entry barriers for content creators and small developers with this solution.
Where to buy and sell a token?
IMX - the native utility token of the ERC-20 protocol. The three main use cases for a token are fees, rates and governance. 20% of protocol fees must be paid in IMX, and users can stake on IMX to receive a proportional share of network fees. Token holders can also vote on governance proposals by conducting IMX. IMX is available on:
- OKEx;
- FTX;
- Huobi Global;
- Bybit;
- Bitget.
The total supply of IMX is two billion, according to the following distribution of tokens: development of ecosystems - 51.74%; project development - 25%; private sale - 14.26%; public sale - 5%; fund - 4%.