What is Immutable X?

Immutable X is Ethereum’s first Layer-2 scaling solution for non-fungible tokens (NFTs), offering immediate trading, scalability, and zero gas costs for minting and trading — all without jeopardising user or asset security. Immutable X is the most technically advanced NFT scaling solution yet created, based on StarkWare’s strong STARK prover and rollup technology.

The IMX token is the Immutable X protocol’s native ERC-20 utility token, which users may earn by participating in pro-network activities like trading, and which can be used to pay fees, perform governance, or stake on the protocol.

A brief history of Immutable X

Founded in 2018 by James and Robbie Ferguson, Immutable X was created to address all three challenges of the NFT scaling trilemma: accessibility, scalability without compromising user custody, and real decentralisation. Prior to Immutable X, developers had limited options: move away from Ethereum to another blockchain offering greater scalability, but a fraction of the ecosystem and security of Ethereum, or utilise a sidechain. For developers who wished to emphasise revenue security and self-custody, neither was a feasible solution.

Enter Immutable X, Ethereum’s first Layer-2 scaling solution for NFTs that was created to solve this. It raised US$15 million in a Series A investment headed by Naspers Ventures, a division of Naspers and one of the world’s top technology investors; Galaxy Digital EOS VC Fund, a $325 million ecosystem development fund managed by blockchain-focused merchant bank Galaxy Digital; and Apex Capital Partners.

How Immutable X works

Immutable X aids in overcoming developer constraints. The network presents a flexible framework that enables anybody to create bespoke decentralised markets, blockchain-based games, and other applications. Notably, the system allows users to configure essential parameters like trading costs, and users can also easily mint NFTs with features like bulk minting.

Immutable X offers a slew of developer tools to make programming and dapp building easier. By employing Solidity’s same programming language as Ethereum, which many dapp developers are well-versed in, allows for developers to transition their apps to Immutable X without recoding.

The system has an advanced API for third-party apps to use Immutable X’s capabilities and increase dapps’ performance and versatility, resulting in more developers able to join the Immutable X ecosystem. The protocol has pledged to assist in creating a decentralised green ecosystem, and developers have specifically vowed to offset any carbon impact with verified climate-conscious partners Trace and Cool Effect. The project’s objective is to become the first carbon-neutral NFT chain.

What is Immutable X used for?

Immutable X leverages an easy-to-use dashboard to streamline the NFT generation process. Users may use the interface to create, issue, and distribute ERC-721 and ERC-20 tokens. When users mint, buy, sell, or transfer assets, the Immutable X Volition model is applied. During the NFT setting process, users may choose whether assets are kept as a Validium zk-Proof (zero knowledge proof) or a zk-Rollup.

The Immutable X network’s primary utility token is IMX. It is used to pay for the execution of smart contracts and the creation of assets, and may also be exchanged on prominent exchanges and shipped throughout the world like any other cryptocurrency.

Anyone with IMX tokens may stake this adaptable digital asset to earn passive benefits. Staking contributes to network security and is an excellent method for novice users to earn regular profits. All Immutable X stakers share network fees, which are instantly delivered to their wallet.