Immutable X

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Discover Immutable X's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Immutable X?

Immutable X (IMX) is a layer-2 scaling solution on the Ethereum blockchain. It aims to improve Ethereum's scalability and user experience by using StarkEx ZK-Rollup technology, which enables fast and secure transactions with near-zero gas fees. Immutable X allows for up to 9,000 transactions per second.

How is Immutable X used?

Immutable X (IMX) is used for several key purposes:

  1. Transaction Fees: IMX is used to pay for protocol fees on Immutable X. A 2% protocol fee is applied to every transaction, and 20% of this fee is converted to IMX and transferred to the staking rewards pool.

  2. Staking: IMX holders can stake their tokens to earn additional rewards. The staking rewards pool is replenished with the 20% of the protocol fee converted to IMX. Users can re-stake their tokens at the end of each 14-day staking cycle to compound their earnings.

  3. Governance: IMX holders have the right to vote on token-related proposals, including allocating token reserves, awarding developer grants, and changes in token supply. Voting power is determined by the number of IMX tokens held.

These uses are integral to the functioning and growth of the Immutable X ecosystem, which focuses on NFTs, blockchain gaming, and decentralized applications.

How do I store Immutable X?

To store Immutable X (IMX) tokens securely, you can use a hardware wallet like Ledger or Trezor. These wallets are highly recommended for their robust security features and ease of use. Here are the steps to store your IMX tokens:

  1. Choose a Ledger Wallet:

    • Select and purchase a Ledger hardware wallet of your choice, such as the Ledger Nano S Plus or Ledger Nano X.
    • Download and install the Ledger Live app on your desktop or mobile device.
  2. Set Up Ledger Live:

    • Create an account and add a new Immutable X account within the Ledger Live app.
    • Manage your IMX tokens, track your balance, and perform transactions securely through the app.
  3. Transfer IMX Tokens:

  • If your IMX tokens are currently on an exchange like FTX, you can withdraw them to your Ledger wallet.
  • Ensure you have sufficient ETH for gas fees if you plan to transfer your tokens to a wallet like MetaMask.

By following these steps, you can securely store and manage your Immutable X tokens using a Ledger hardware wallet and the Ledger Live app.

How to buy Immutable X?

To buy Immutable X (IMX) tokens, you can follow these steps:

  1. Choose an Exchange: IMX tokens are available on several exchanges, including Bybit, Coinbase Exchange, CoinList Pro, Gate.io, Huobi Global, KuCoin, OKEx, and SushiSwap.

  2. Create an Account: Sign up for an account on the chosen exchange. For example, on KuCoin, you need to create a free account, secure it, verify your identity, and add a payment method.

  3. Fund Your Account: Deposit funds into your account using various methods such as credit/debit cards, bank transfers, or other cryptocurrencies. On Gemini, you can use wire and bank transfers, ACH transfers, Apple Pay, Google Pay, debit card purchases, or crypto transfers.

  1. Search for IMX: Find the IMX token on the exchange. On Coinbase, you can search for Immutable in the search bar.

  2. Place an Order: Select the desired trading pair and place an order to exchange your existing crypto or fiat for IMX tokens. On KuCoin, you can choose to buy IMX with a credit or debit card, bank transfer, or other cryptocurrencies.

  3. Store Your IMX: Once you have purchased IMX, store it in a secure wallet. You can use custodial or non-custodial wallets, depending on your preference.

Additionally, MoonPay offers a fast and easy way to buy IMX with credit cards, bank transfers, Apple Pay, Google Pay, and more. You can purchase IMX in small or large quantities, starting from as little as $30.

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History of Immutable X

Immutable X (IMX) was founded in 2018 by James and Robbie Ferguson, along with Alex Connolly. The inception of Immutable X can be traced back to the success of their initial Blockchain-based game, Etherbots. This triumph revealed a critical issue: the Ethereum Blockchain wasn’t equipped to handle the burgeoning NFT gaming ecosystem’s demands. Immutable X addressed this by leveraging Ethereum and StarkWare’s zero-knowledge (zk) rollup technology, enabling instant trades and eliminating gas fees.

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How Immutable X works

Immutable X (IMX) is a layer-2 (L2) blockchain solution designed to increase scalability on the Ethereum network, particularly for non-fungible token (NFT) transactions. Here's how it works:

Key Components
  1. ZK-Rollups Technology: Immutable X uses Zero-Knowledge Scalable Transparent Arguments of Knowledge (ZK-STARK) technology to batch thousands of transactions into a single proof. This proof is then sent to the Ethereum blockchain for validation, significantly reducing the number of transactions that need to be processed on the main chain.

  2. StarkEx: Immutable X is built on StarkWare’s StarkEx, a layer-2 scalability engine that leverages ZK-Rollups technology. This technology ensures that transactions are processed efficiently while maintaining the security of the Ethereum network.

  3. Link: Link is a mediator that facilitates communication between Ethereum and Immutable X, allowing users to sign transactions using their Ethereum wallets. This ensures secure transactions are routed through Immutable X’s STARK-based infrastructure.

  1. Fee Structure: Immutable X has a unique fee structure. In addition to a 2% fee for NFT trades, market participants can set “maker” and “taker” fees, and NFT creators can add royalties.
How It Works
  1. Transaction Collection: Thousands of transactions are collected and batched into a single ZK-STARK proof.

  2. Proof Validation: The proof is sent to the Ethereum blockchain for validation. This process is faster and cheaper because it simplifies the validation process through the proof.

  3. Instant NFT Transactions: Immutable X can process 9,000 transactions per second (TPS), making it suitable for high-volume NFT transactions, such as those required in gaming and marketplaces.

  1. Global Order Book: Immutable X maintains a global order book, which allows NFTs listed on one marketplace to automatically appear on all other marketplaces within the Immutable X ecosystem, increasing exposure and liquidity.

  2. Wallet Integration: Immutable X provides a seamless wallet integration experience through its Link SDK, allowing users to create wallets using only an email address and supporting popular wallets like MetaMask and GameStop Wallet.

Benefits
  • Scalability: Immutable X offers unlimited scalability, making it suitable for high-volume transactions.
  • Cost-Effective: Transactions are cheaper or sometimes free because Immutable X bears the transaction fees or gas fees.
  • Security: Immutable X maintains the security properties of the Ethereum network while providing faster and cheaper transactions.
  • Environmental Friendliness: By processing transactions off the Ethereum mainnet, Immutable X reduces energy consumption and environmental impact.

Immutable X is designed to facilitate fast, scalable, and secure NFT transactions, making it an attractive solution for blockchain gaming and NFT marketplaces.

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Immutable X's strengths

Immutable X (IMX) boasts several strengths that make it a significant player in the blockchain and NFT space:

  1. Scalability: Immutable X is capable of handling up to 9,000 transactions per second, making it an ideal choice for highly scalable Web3 games and applications.

  2. Zero Gas Fees: One of the most significant advantages of Immutable X is the elimination of gas fees, which can be a significant barrier in traditional blockchain transactions.

  3. Carbon Neutrality: Immutable X addresses environmental concerns by providing carbon-neutral NFTs, appealing to environmentally conscious users.

  1. Enhanced Security: The platform utilizes zk-Rollups, a cutting-edge security technology, to ensure secure and tamper-proof NFT ownership and transactions.

  2. Interoperability: Built on Ethereum, Immutable X is compatible with the vast Ethereum ecosystem, allowing seamless interaction with other Ethereum-based platforms and services.

  3. User-Friendly Experience: The platform offers an intuitive and easy-to-navigate user interface, catering to users of all levels, from beginners to professionals.

  1. Marketplace Integration: Immutable X has partnered with major NFT marketplaces, providing users with access to a wide range of NFTs and opening up opportunities for collectors, artists, and investors.

  2. Gaming and NFT Focus: Immutable X is particularly well-suited for the gaming industry, enabling secure, scalable, and efficient in-game item trading, and also supports NFT marketplaces and digital art and collectibles.

These strengths position Immutable X as a powerful solution for blockchain gaming and NFT applications, offering a unique combination of scalability, security, and environmental sustainability.

Immutable X's risks

Immutable X (IMX) carries several risks that investors should be aware of:

  1. Risk of Theft:

    • There is no assurance that digital assets will not be stolen due to hacks, cyber-attacks, or vulnerabilities in the Tokens, the Project, or related software.
  2. Risk of Legal Uncertainty:

    • Immutable X's activities are subject to various laws and regulations, and there is a risk that certain activities may be deemed in violation of any such law or regulation, leading to unknown penalties.
  3. Risk of Confusing User Interface:

  • User interface elements or design decisions can be confusing or misleading, potentially leading to unintended actions or transactions.
  1. Market Volatility:

    • The value of IMX tokens can fluctuate significantly, and there is no guarantee that they will perform as expected or hold any particular value or price.
  2. Dependence on Immutable Protocol:

    • The success of IMX tokens does not directly depend on the success of the Immutable protocol, which can make it a risky asset to invest in.
  3. Security Risks:

  • Although Immutable X has robust security measures, including zero-knowledge proofs and sharding, there is still a risk of security breaches or vulnerabilities.

These risks highlight the importance of thorough research and caution when investing in Immutable X (IMX).

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Immutable X’s team

  • James Ferguson: Co-founder of Immutable X, known as a Forbes 30 Under 30 entrepreneur, previously led a software development team at a billion-dollar eCommerce company.
  • Robbie Ferguson: Co-founder of Immutable X, also a Thiel fellow and Forbes 30 Under 30 entrepreneur.
  • Alex Connolly: Co-founder of Immutable X, highly experienced technologist with over two decades in the gaming industry.
  • Gill Findlay: Chief Operating Officer, bringing experience as a partner from AirTree Ventures and C-suite leadership from Vamp and Australian unicorn SafetyCulture.
  • John Boris: Chief Growth Officer, bringing experience as CEO of IfOnly, CMO of Shutterfly, and C-suite leadership roles from LonelyPlanet and other leading US-based tech-enabled companies.
  • Justin Hulog: Chief Studio Officer, bringing experience from Riot Games, where he was General Manager, Southeast Asia, and Say Media where he held several key leadership roles.
  • Katherine Rau: Chief People Officer, bringing experience from her leadership position at Culture Amp and other leading Australian tech companies such as Unlockd.
  • Elena Provine: Sr. BD Manager at Game Studio.
  • Dane Shea: Team member at Immutable.

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