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What is Immutable (IMX)?
The cryptocurrency market continues to evolve, offering innovative solutions and platforms that aim to revolutionize various industries. One such platform gaining attention is Immutable, with its native token IMX. Immutable introduces unique features and capabilities that cater to the needs of developers, gamers, and collectors in the burgeoning world of blockchain-based gaming and digital assets. In this article, we explore the fundamentals of Immutable, delving into its technology, use cases, founders, distinctive features, security measures, coin circulation, and the potential impact it holds for the future.
Immutable presents itself as the premier layer-two scaling solution for Ethereum’s NFTs. Immutable asserts that its blockchain eliminates the constraints of Ethereum, such as limited scalability, subpar user experience, lack of liquidity, and sluggish developer experience. In contrast, users can take advantage of immediate trading and extensive scalability, all while experiencing no gas fees for minting and trading NFTs, without sacrificing the security of users or assets. To accomplish this, Immutable utilizes STARK zk-rollups, a technology that, according to Vitalik Buterin, Ethereum is fully committed to.
How Does Immutable Work?
Immutable operates as a decentralized protocol built on top of Ethereum, the world’s leading smart contract platform. By utilizing Ethereum’s robust infrastructure, Immutable ensures compatibility, interoperability, and security for its digital assets and transactions. The protocol employs a combination of on-chain and off-chain mechanisms to facilitate the creation, management, and exchange of NFTs and gaming assets.
Smart contracts deployed on the Ethereum blockchain govern the creation and ownership of NFTs within the Immutable ecosystem. These smart contracts define the rules, attributes, and behaviors of NFTs, including their scarcity, provenance, and transferability. Immutable’s architecture enables developers to mint, tokenize, and trade NFTs seamlessly, leveraging the power of Ethereum blockchain to unlock new opportunities for digital ownership and creativity.
What is IMX?
IMX is the native utility and governance token of the Immutable platform. As an ERC-20 token built on Ethereum, IMX plays a vital role in facilitating transactions, incentivizing network participants, and governing protocol upgrades and decisions. IMX holders have the opportunity to stake their tokens, participate in governance proposals, and earn rewards for contributing to the growth and security of the Immutable ecosystem.
In addition to its governance functions, IMX serves as a medium of exchange for purchasing and trading digital assets, accessing premium features and services, and participating in decentralized applications (dApps) and gaming experiences built on the Immutable platform. The intrinsic value of IMX derives from its utility and demand within the growing ecosystem of NFTs, gaming assets, and virtual economies.
Use Cases of IMX in Immutable
IMX serves as the native ERC-20 utility token of the protocol. Its primary functions encompass fees, staking, and governance. A mandatory 20% of the protocol’s fees are payable in IMX, and users have the option to stake their IMX to earn a share of the network’s fees proportional to their stake. Additionally, by holding IMX, token holders gain the ability to participate in voting on governance proposals.
Who are the Founders of Immutable?
Immutable was founded by brothers James and Robbie Ferguson, along with their team of experienced developers and entrepreneurs. James Ferguson, a former professional gamer and software engineer, recognized the potential of blockchain technology to transform the gaming industry and create new opportunities for digital ownership and interaction. Robbie Ferguson, a serial entrepreneur and blockchain enthusiast, shared James’s vision and joined forces to build Immutable and bring their vision to life.
The founding team’s combined expertise in gaming, software development, and blockchain technology has positioned Immutable as a leading innovator in the rapidly evolving landscape of blockchain-based gaming and digital assets. Their commitment to decentralization, transparency, and user empowerment drives the ongoing development and growth of the Immutable ecosystem.
What Makes Immutable Unique?
Immutable X stands out as one of the pioneering layer-two solutions that employ zk-rollups and concentrate solely on NFTs. As zk-rollups gain prominence as a scaling solution, the project positions itself at the forefront of Ethereum ecosystem development. Provided it can deliver on its promise of a transaction speed exceeding 9,000 transactions per second, Immutable X has a strong potential to become the go-to “NFT blockchain” in the future.
A key element in realizing this promise is the API abstraction layer. Owing to REST APIs, all NFT-related activities such as minting, trading, and transferring are simplified to a mere API call on Immutable X. The company foresees this feature as a major draw for new players, including established gaming and content companies.
Additionally, users won’t need to change networks when linking their wallets. The protocol incorporates an intermediary layer known as the “Link,” which facilitates an NFT-specific wallet experience and enables Immutable X to support a third-party marketplace ecosystem without compromising security.
Thanks to its shared global order book that enhances protocol liquidity, NFT marketplaces can be established on Immutable X without the need for a backend. As a result, third-party marketplace solutions can coexist with the protocol’s native marketplace. This solution is also expected to reduce entry barriers for content creators and smaller developers.
How is the Immutable Network Secured?
Immutable operates as a layer-two blockchain that eliminates gas fees, while allowing operators to determine their own trading fees. Unlike other Ethereum scaling solutions, Immutable is immune to a 51% attack because it’s not a centralized side chain, but rather, it inherits the inherent security of the Ethereum blockchain. Immutable employs zk-rollups, which means that while assets are traded on the second-layer blockchain, the proof of transaction validity is stored on the first-layer blockchain, in this case, Ethereum. Immutable opts for STARK proofs over SNARKs, as they offer superior user security being post-quantum-secure, despite their higher cost.
How Many Immutable (IMX) Coins are there in Circulation?
The total supply of IMX tokens is 2 billion. The initial distribution of IMX tokens was conducted through a fair and transparent process, ensuring broad participation and community ownership of the platform.
As of writing, all the IMX coins are in circulation.
Recent Developments:
Partnerships and Integrations: Immutable has formed strategic partnerships and integrations with leading gaming companies, marketplaces, and blockchain projects to expand its ecosystem and reach. These partnerships facilitate the integration of Immutable’s technology into existing gaming platforms, enabling seamless tokenization, ownership, and trading of in-game assets and collectibles. Recent partnerships include collaborations with gaming giants like Ubisoft, DoubleJump.Tokyo, and others.
NFT Marketplace Growth: Immutable has witnessed significant growth in its NFT marketplace, with an increasing number of users, creators, and collectors participating in the buying, selling, and trading of NFTs. The marketplace offers a diverse range of digital assets, including artwork, virtual land, gaming items, and collectibles, catering to a global audience of enthusiasts and investors. Immutable’s focus on user experience, curation, and discovery tools has contributed to the marketplace’s popularity and adoption.
Community Engagement: Immutable continues to engage with its community through events, hackathons, and educational initiatives aimed at fostering innovation, collaboration, and knowledge-sharing. The Immutable team actively solicits feedback and suggestions from community members to improve the platform’s features, functionality, and user experience. Community-driven initiatives, such as developer grants, bounty programs, and governance forums, empower users to contribute to the growth and development of the Immutable ecosystem.
Immutable X Ecosystem:
Gas-Free NFT Transactions: Immutable X offers gas-free transactions for NFTs on Ethereum, enabling users to mint, trade, and interact with digital assets without incurring high gas fees. By leveraging zero-knowledge proofs and off-chain order matching, Immutable X achieves scalability and cost efficiency without compromising on security or decentralization.
Cross-Chain Compatibility: Immutable X is designed to be compatible with other blockchain networks and protocols, allowing for interoperability and asset portability across different ecosystems. This cross-chain compatibility enables seamless asset transfers and interactions between Ethereum, Immutable X, and other blockchain platforms, unlocking new opportunities for asset liquidity and accessibility.
Layer-2 Scalability: Immutable X utilizes layer-2 scaling solutions to increase Ethereum’s transaction throughput and reduce congestion on the main blockchain. By processing transactions off-chain and settling them on-chain, Immutable X significantly improves the speed and efficiency of NFT transactions, making it a scalable and user-friendly solution for digital asset management.
Future Roadmap
Protocol Upgrades and Enhancements: Immutable is committed to continuous innovation and improvement, with plans to implement protocol upgrades and enhancements to further enhance the platform’s functionality, security, and scalability. These upgrades may include improvements to transaction throughput, gas optimization, and support for new features and standards in the NFT space.
Expanded Use Cases: Immutable aims to explore new use cases and applications for NFTs beyond gaming and collectibles, including digital art, music, virtual events, and intellectual property rights. By expanding the scope of its ecosystem, Immutable seeks to unlock new opportunities for creators, developers, and users to tokenize and monetize digital assets in innovative ways.
How to buy IMX on BITHERMES
To purchase IMX on Bithermes, please follow these steps:
1.Log in to your Bithermes account and click on the [Trade], then select [Spot].
2.Use the search bar to find “IMX” and view the available trading pairs. For example, IMX/USDT.
3.Scroll down to the [Spot] box and enter the amount of IMX you wish to purchase. You can choose from a Limit order, a Market order, or a Stop-limit order. For example, select Market order. Click [Buy IMX] to confirm your order. Your purchased IMX will be available in your Spot Account.
Conclusion
In conclusion, Immutable (IMX) represents a pioneering effort to harness the power of blockchain technology to transform the gaming industry, empower creators and collectors, and redefine the concept of digital ownership. With its decentralized protocol, native token, and vibrant ecosystem, Immutable offers a decentralized infrastructure for building, trading, and interacting with NFTs, gaming assets, and virtual economies.
As Immutable continues to evolve and expand its ecosystem, its impact on the gaming industry and digital asset markets is poised to be profound and far-reaching. By fostering innovation, collaboration, and community engagement, Immutable is driving forward the vision of a decentralized and inclusive future where anyone can create, own, and participate in the emerging digital economy.
