Immutable is a Layer-2 scaling solution for NFTson the Ethereum blockchain network. Centralized applications can be built on this platform. It is also possible to build and scale Web3 games on Ethereum. Immutable’s native cryptocurrency is IMX. In this article, we will look for answers to questions such as what is Immutable (IMX), what does Immutable (IMX) do, what are the advantages of Immutable (IMX).
What is Immutable (IMX)? What Does It Do?
The growing activity and popularity of the NFT world has contributed to higher gas prices and increased congestion. When Immutable realized this situation, they looked for a solution and decided to come up with an effective solution.
Immutable is an open source platform built as a Layer-2 solution on the Ethereum blockchain for fast and low gas fees for NFT trading. Moreover, it is free to print NFTs on this platform . Developers on the Immutable platform can freely build their own decentralized applications. With Immutable’s latest updates, it is now possible to create and publish next generation Web3 games on the platform.
Immutable is a platform where both NFTs can be created and trading can be conducted. Immutable’s Tier-2 solution provides a marketplace that can facilitate up to 9,000transactions per second. This protocol also supports the ERC-721 and ERC-1115 token standards. Immutable does not compete with other NFT marketplaces. It is even possible for an NFT created on the Immutable platform to be sold on different marketplaces with market recognition.
Considering that Immutable is a Layer-2 solution, it is worth mentioning that decentralized applications developed on this platform provide high performance, scalability and a user-friendly environment for developers. In addition, Immutable’s use of the Ethereum protocol, the largest blockchain for decentralized applications (dApps), means it has easy compatibility with decentralized applications running on Ethereum.
Immutable’s relationship and closeness with the game world should also be mentioned. Immutable aims to facilitate the creation and management of blockchain games, as with NFT and decentralized applications. Immutable is in a position to develop NFT-based games and provide a suitable infrastructure for developers. It is also a scaling solution that enables games to monetize with NFT technology. On the gaming side, Immutable was originally known as “Fuel Games” and has had successes such as God’s Unchained. In 2019, the company known as Fuel Games rebranded itself as Immutable. It then started offering technology for users to create NFTs, NFT applications and blockchain games on the Immutable platform.
IMX, the native cryptocurrency of the Immutable platform, is used to reward stakers, pay transaction fees and participate in governance processes.
What Advantages Does Immutable Offer?
Immutable’s many advantages for NFT trading and minting, decentralized application development and gaming to provide a better experience for users in every aspect are as follows.
Immutable solves scalability issues by using Layer-2 technology on the Ethereum blockchain. Transactions at Layer-2 are performed with low waiting time and fast confirmation. More than 9,000 transactions per second can take place on this platform. Reliability on the Ethereum network is preserved while increasing transaction capacity.
Free NFT Design:
There is no commission fee for creating NFTs on Immutable. This would mean a huge saving for NFT producers, which would provide an incentive to produce more NFTs.
After Immutable’s deal with Polygon, it used zkEvm to transition to its own zkEvm network. This will allow Immutable to be backed by EVM-compatible smart contracts and become a much more effective gaming network. One benefit is that on the Immutable zkEVM network, all fees can be paid in IMX, the platform’s native cryptocurrency, and 20 percent of the protocol fees are given to the stakers.
Immutable takes advantage of immutability, a fundamental property of blockchain. The data generated is secured and protected against any changes through smart contracts on the Ethereum blockchain. This means that the ownership rights of digital assets are secure.
Immutable works in harmony with the Ethereum ecosystem and supports smart contracts based on the Ethereum network. This makes it easy for developers to port their existing Ethereum applications or infrastructure to Immutable.
The sale of an NFT created on Immutable need not be limited to this platform. In addition to Immutable, the generated NFTs can also be offered for sale on well-known NFT platforms.
How Immutable (IMX) Works
Behind this innovative nature of the Immutable ecosystem, there are many different technology touches. However, the core technology behind this platform is zk-rollup, a standard Layer-2 protocol that can be used for transaction verifications on Ethereum, combining multiple Layer-2 transactions into a single transaction. This technology eliminates the need to add all transaction data directly to the blockchain.
Instead, it combines hundreds of separate processes into a single zero knowledge proof wing called ZK-STARK. The ZK-STARK proof verification method proves that certain information is available without revealing what any of the information is, which means that transactions can be verified while maintaining an advanced security posture.
Once the transactions are aggregated, the proof is transmitted to the blockchain and then verified through a smart contract. This smart contract is able to track all transaction details stored in Layer-2 technology. The inclusion of this agreement ensures that the proof can be verified in almost no time at all.
Due to the way this technology is structured, verifying an entire block of transactions requires less storage and computing resources. Immutable can verify more than 9,000 transactions per second, allowing gas fees to be kept as low as possible.
All NFTs traded or created through Immutable are known to be 100% carbon-neutral. NFT holders can easily trade their NFTs through various crypto wallets without the need to transfer their holdings to a completely different network.
Who are the Founders of Immutable?
Immutable was founded in 2018, led by brothers James Ferguson and Robbie Ferguson. Both of them made it to Forbes magazine’s list of 30 entrepreneurs under 30.
James Ferguson is the CEO of Immutable. James Ferguson graduated from the University of Sydney with a Bachelor of Commerce in Finance and a Bachelor of Laws from the same university. Looking at his career history, he has several experiences before Immutable. He co-founded Rivlr, an e-sports tournament platform where people can play online multiplayer games in exchange for prizes, and then co-founded and served as CEO of Shopyak, a platform for building single-page stores that automatically evolve over time and increase conversion rates. He then worked as a Lead Frontend Developer at Appliances Online, an appliance and home appliance retailer.
Robbie Ferguson is co-founder and president of Immutable. Like his brother, he went to the University of Sydney, where he majored in computer science and minored in law. He was a data analyst/blockchain at KPMG Australia, a global network of firms providing a full range of services to organizations across a wide range of industries, government and not-for-profit sectors. He then became a member of YPO, a global leadership community of extraordinary chief executives. After spending 3 years at THIEL Fellowship, which gives scholarships to students, he founded Immutable.
What Other Things to Know about Immutable (IMX)?
To find out a little more about Immutable (IMX), it is useful to look at the answers to some of the following questions.
Is IMX a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. IMX is a token because it does not have its own blockchain.
Which blockchain is the IMX token on?
The IMX token is a Layer-20 solution built on the Ethereum blockchain in accordance with the ERC-2 standard.
Is IMX token mining available?
IMX is not mined. However, users who stake cryptocurrency assets are rewarded.
How to buy IMX tokens?
To buy IMX tokens, it is sufficient to create a membership on ICRYPEX. Once the membership process is complete, it’s fast, easy and secure to trade IMX tokens and other cryptocurrencies.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.