It’s been a little over a decade now since cryptocurrency became a major part of the economy. The second largest crypto in the market is Ethereum which is also a portal for several Defi projects. With its scalability and programmable platform, Ethereum has high gas fees, though, making it uneconomical for its users.
Because of this deficiency, various layer 2 projects have sprouted. These projects provide secure and quick network confirmation that doesn’t charge any fees. One of the prominent layer 2 solutions is Immutable X (IMX) which offers a seamless way for you to trade non-fungible tokens (NFTs) and great scalability. It also lets you create your own NFTs and hasten transactions. The following is an in-depth guide on IMX.
What Is IMX?
Immutable X is the simpler and cheaper version of regular cryptocurrencies. It’s now a very popular name in the crypto industry, and it gives you a scalable level of Ethereum you can use in NFT projects. It’s a goodie bag for NFT lovers.
This platform allows you to enjoy seamless trading and minting of digital collectibles. With this interface, you experience zero gas fees and access to instant games, trades, and applications. Today, you can easily buy IMX through various platforms and take your investment to the next page.
Immutable X processes 9,000 transactions per second (TPS). It’s an achievement the crypto team aims at and constantly improves on. Immutable X is a perfect choice for you as an IMX lover because it gives you a transparent and secure choice. With its platform’s powerful portal, you can grow and gather your NFT in a couple of hours.
Who Created It?
Immutable X was launched in 2018, and its headquarters is in Australia. It was developed by three siblings, Alex Connoly, James Ferguson and Robbie Ferguson. Based on the support IMX got from the US crypto coin base, you can say its success is definite. Since it was launched, IMX has had a trading volume of over US$50 million. The combined experience of the founders has given IMX features and services that are unique in the market, making it among the top layer 2 cryptos.
How Does It Work?
Ethereum works with the help of scaling technology that validates its transactions. This is the zero-knowledge (ZK) rollup. The ZK rollup doesn’t add single transactions into the blockchain but batches them together into one zero-knowledge proof (ZK-STARK). The ZK STARK represents a verification method that proves the ownership of certain information without giving any private details about it. This gives your IMX transactions great security and privacy levels.
Once your transactions are batched, their proof is delivered to the blockchain and confirmed using a smart contract. To reduce your gas fees and increase speed, all your transaction details are maintained on layer 2 by ZK-rollup.
The ZK-rollup is beneficial to IMX through its fast way of validating blocks. Also, moving the transactions from layer 2 to 1 is easy as the generated validity proof that’s approved by ZK rollup confirms your trades.
Another IMX feature is the NFT-enabled wallets which are desktop eth wallets you can use without switching networks. This platform gives you a transitional layer called the link that’s a safe environment supporting a third-party ecosystem.
If you’re a developer, Immutable X makes designing NFT projects easy by having its scaling method on an application programming interface that follows the representational state transfer architectural style (REST) principles. The REST style makes minting, transferring and transacting coding into simple API calls instead of complex blockchain interactions.
Buying IMX is simple, with the various cryptocurrency exchanges at your disposal. All you need to do is register at any site and log in to your account. While there, select trade and look for IMX and check the trading pairs. Enter the amount of IMX you’d like to buy and choose the currency you’ll use, such as fiat or money order. Confirm the purchase, and your wallet is credited with IMX.
How IMX Is Different
Immutable X is different from the other crypto because of the following features:
- Its key purpose is trading NFTs.
- IMX allows you to create a private key for your wallet
- IMX gives you accurate and fast transactions with no gas fees
- It’s a layer 2 platform, making it secure.
- Compared with Bitcoin, IMX is an ethical crypto choice.
- It gives you a greater investment rate return than other coins in the market
The future of asset trading is digital. To stay ahead; you must know what Immutable X is all about. As an NFT enthusiast, IMX gives you the best trading, gaming and minting experience. Therefore, with the background above and more research, you can know better how IMX works.