What is ImmutableX? All You Need to Know About IMX

ImmutableX is a Layer 2 scaling solution for Ethereum that promises to deliver fast, secure, and inexpensive transactions on the blockchain. Developed by Immutable, a blockchain gaming company, ImmutableX seeks to tackle some of the fundamental issues that have plagued the Ethereum network for years, such as high transaction fees and slow confirmation times. By using a technique known as zero-knowledge rollups, ImmutableX is able to achieve unparalleled scalability without compromising on the security and decentralization that makes Ethereum so attractive.

As a result, ImmutableX has garnered significant attention from investors and developers alike, with many touting it as one of the most promising Layer 2 solutions currently available. In particular, ImmutableX has proven to be a popular choice for developers in the gaming and non-fungible token (NFT) spaces, who require fast and reliable transaction processing times to support their applications.

What is ImmutableX?

Source: ImmutableX

ImmutableX is a decentralized exchange that offers fast and secure transactions on Ethereum, making it an ideal platform for web3 game developers. With the rapid growth of the blockchain gaming industry, there is a growing need for scalable and cost-effective solutions to enable developers to build engaging and immersive gaming experiences on the blockchain. This is where ImmutableX comes in - it offers a Layer 2 scaling solution for Ethereum that utilizes zero-knowledge rollups to deliver lightning-fast transaction processing times without compromising on security or decentralization.

ImmutableX’s focus on the gaming industry has made it a popular choice for developers looking to create blockchain-based games that can compete with traditional games in terms of user experience and functionality. By eliminating the high gas fees and slow confirmation times associated with Ethereum, ImmutableX enables developers to build complex and interactive games that can attract a wider audience and generate more revenue.

The significance of ImmutableX as a platform for web3 game development lies in its ability to offer a seamless and user-friendly experience for both developers and gamers. With ImmutableX, developers can easily integrate their games with the blockchain, monetize their creations through the use of non-fungible tokens (NFTs), and provide gamers with a seamless experience that doesn’t require them to have extensive knowledge of blockchain technology.

History of ImmutableX (IMX)

ImmutableX was launched in March 2021 by Immutable, a blockchain gaming company that was founded in 2018. The company had previously created the popular trading card game Gods Unchained, which was built on the Ethereum blockchain. During the development of Gods Unchained, the team encountered many of the issues that have plagued the Ethereum network, such as high gas fees and slow confirmation times. This experience led the team to begin exploring ways to improve the scalability and usability of the Ethereum blockchain.

In early 2020, Immutable began working on ImmutableX, a Layer 2 scaling solution for Ethereum that utilized zero-knowledge rollups. The team believed that zero-knowledge rollups offered the best combination of scalability, security, and decentralization, making it an ideal solution for building high-performance decentralized applications on Ethereum. After several months of development and testing, ImmutableX was launched in March 2021.

The launch of ImmutableX was met with a great deal of enthusiasm from the blockchain community, particularly from the gaming and NFT markets. Many developers saw ImmutableX as a game-changer for the blockchain gaming industry, offering the potential to build scalable and engaging games that could rival traditional games in terms of user experience and functionality. The launch of ImmutableX also coincided with a surge in the popularity of NFTs, which saw a significant increase in demand for a platform that could support the creation and trading of these unique digital assets.

In June 2021, ImmutableX announced the launch of its associated token, IMX, which would be used to incentivize users to participate in the network and provide liquidity to the exchange. IMX is an ERC-20 token that is used to pay transaction fees and govern the protocol. The total supply of IMX is capped at 10 billion tokens, with a significant portion of the tokens allocated to liquidity providers and early supporters of the project.

Since its launch, ImmutableX has continued to grow and expand, with a number of high-profile partnerships and collaborations. In July 2021, ImmutableX announced a partnership with gaming giant Ubisoft, which would see the company integrate its NFT platform with Ubisoft’s existing blockchain infrastructure. This partnership was seen as a major milestone for ImmutableX, as it validated the platform’s potential to disrupt the gaming industry.

How does ImmutableX work? From zkSync to xTokens

Zero-Knowledge Rollups and zkSync

Source: ImmutableX

ImmutableX is a Layer 2 scaling solution for Ethereum that uses zero-knowledge rollups to improve the scalability, security, and usability of the Ethereum blockchain. Zero-knowledge rollups are a type of Layer 2 scaling solution that enables a large number of transactions to be processed off-chain, while still maintaining the security and decentralization of the Ethereum network. This is achieved by compressing multiple transactions into a single transaction, which is then verified on the Ethereum blockchain using zero-knowledge proofs.

The core technology behind ImmutableX is zkSync, a Layer 2 scaling solution developed by Matter Labs. ImmutableX is built on top of zkSync, which provides a number of key benefits, such as fast transaction processing times, low gas fees, and high throughput. The use of zkSync also ensures that ImmutableX is fully compatible with the Ethereum network, allowing developers to easily integrate their applications with the blockchain.

xTokens

To use ImmutableX, users first need to deposit their Ethereum tokens into the exchange. This is done by sending the tokens to a smart contract on the Ethereum blockchain, which then mints corresponding tokens on the ImmutableX exchange. These tokens are referred to as “xTokens” and can be used to trade on the exchange, as well as to pay transaction fees.

When a user wants to trade on ImmutableX, they submit a trade request to the exchange, which is then processed by the off-chain matching engine. The matching engine uses zero-knowledge proofs to verify the trade and ensure that it is valid. Once the trade is confirmed, the exchange updates the balances of the users involved in the trade and mints new xTokens to reflect the updated balances.

Low Gas Fees

One of the key benefits of ImmutableX is its low gas fees. Because transactions are processed off-chain using zero-knowledge rollups, users can make transactions on ImmutableX for a fraction of the cost of traditional Ethereum transactions. This makes ImmutableX a cost-effective solution for users who want to trade frequently or use the exchange for small transactions.

High Throughput

Another benefit of ImmutableX is its high throughput. Because transactions are processed off-chain, the exchange can handle a large number of transactions per second, without putting strain on the Ethereum network. This makes ImmutableX a scalable solution for developers who want to build applications that require high transaction throughput.

Multi-Party Computation (MPC)

ImmutableX also offers a number of security features to protect users’ funds and prevent fraud. For example, the exchange uses multi-party computation (MPC) to generate and manage private keys, which helps to prevent key theft and unauthorized access. The exchange also uses threshold signatures, which require multiple signatures to authorize a transaction, to prevent single points of failure and reduce the risk of funds being stolen.

ImmutableX’s Main Features: Passport, Mint, Orderbook & Marketplace

Passport

Source: Immutable Passport - ImmutableX

Passport is one of the primary products offered by ImmutableX, and it provides a universal login system that allows users to securely access multiple applications on the Ethereum network using a single set of credentials. With Passport, users can access various dApps and exchanges without needing to remember multiple usernames and passwords.

Passport is a secure solution for accessing the Ethereum network, as it provides advanced security features, such as two-factor authentication and multi-party computation (MPC) key management. This ensures that users’ credentials are protected and their accounts are secure.

Passport is easy to use and integrates seamlessly with other ImmutableX products, such as Mint, Orderbook, and Marketplace Network. Users can access all of these products using the same set of credentials, which makes it easier for them to trade tokens and interact with decentralized applications on the ImmutableX network.

Passport also supports multi-chain functionality, which means that it can be used to access other blockchain networks in addition to Ethereum. This opens up new possibilities for developers and users who want to interact with other blockchain ecosystems and participate in the growing DeFi industry.

Mint

Source: Immutable Mint - ImmutableX

Mint is a powerful tool offered by ImmutableX that allows developers to create their own tokens on the ImmutableX exchange. With Mint, developers can create and manage their own tokens, set trading rules, and access real-time trading data. This makes it easy for developers to create their own custom trading markets and build decentralized applications on top of the ImmutableX platform.

One of the key benefits of Mint is its ease of use. Developers can create and manage their own tokens with just a few clicks, without needing to have a deep understanding of the underlying blockchain technology. This makes it easy for developers to create new tokens and build custom trading markets on the ImmutableX network.

Mint also provides advanced trading features, such as limit orders, stop loss orders, and market orders. This allows developers to create sophisticated trading markets with a wide range of trading options, which can help to improve liquidity and attract more users to the platform.

In addition, Mint provides real-time trading data, which allows developers to monitor the performance of their tokens and adjust trading rules as needed. This can help to ensure that the trading markets remain fair and transparent, and that users have a positive trading experience on the ImmutableX network.

Orderbook & Marketplace Network

Source: Orderbook & Marketplace Network - ImmutableX

Orderbook and Marketplace Network are two products offered by ImmutableX that work together to provide a powerful trading platform for tokens on the Ethereum network. Orderbook provides a decentralized orderbook for trading tokens, while Marketplace Network provides a platform for decentralized marketplaces to connect buyers and sellers.

The Orderbook product provides a secure and transparent way for users to place buy and sell orders for tokens on the Ethereum network. By leveraging the power of blockchain technology, Orderbook ensures that all trades are transparent, fair, and secure. Users can place limit orders, stop loss orders, and market orders on the Orderbook, which allows for a wide range of trading strategies.

The Marketplace Network product provides a platform for decentralized marketplaces to connect buyers and sellers on the Ethereum network. This allows for the creation of custom marketplaces for specific tokens or asset classes, and provides a powerful tool for building decentralized applications on top of the ImmutableX platform. By using the Marketplace Network, developers can create custom trading markets that are tailored to the needs of their users.

Together, Orderbook and Marketplace Network provide a powerful trading platform for tokens on the Ethereum network. By leveraging the power of blockchain technology, these products ensure that trades are transparent, fair, and secure, while providing a wide range of trading options for users. With its focus on creating a robust and decentralized trading ecosystem, ImmutableX is well-positioned to become a leader in the growing DeFi industry on the Ethereum network.

Immutable X Marketplace

The Immutable X Marketplace is a decentralized marketplace that operates on the Ethereum network. It provides a platform for users to buy, sell, and trade a wide range of digital assets, including cryptocurrencies, non-fungible tokens (NFTs), and other digital collectibles. It is mainly focused on gaming NFTs, especially those games powered by Immutable X and its partners.

One of the key benefits of the Immutable X Marketplace is its decentralization. By leveraging the power of blockchain technology, the marketplace provides a transparent, secure, and fair trading environment for users. This helps to reduce the risk of fraud and other malicious activities, while ensuring that trades are executed quickly and efficiently. The marketplace provides a powerful tool for developers and creators to build custom marketplaces for their digital assets. By using the marketplace’s API, developers can easily integrate their digital assets into the platform, and create custom trading markets that are tailored to the needs of their users.

Source: ImmutableX Marketplace - ImmutableX

What is the IMX token?

IMX is the native token of the ImmutableX platform. It is an ERC-20 token that serves as the primary means of exchange for trading on the platform. IMX has several key use cases within the ImmutableX ecosystem, including paying transaction fees, providing liquidity for trading pairs, and staking for rewards.

One of the key benefits of holding IMX is that users can use it to pay transaction fees on the ImmutableX network. This can be a significant cost saving for frequent traders, as transaction fees on the Ethereum network can be quite high. By using IMX to pay transaction fees, users can save money and improve their overall trading experience on the platform.

IMX is also used for providing liquidity for trading pairs on the platform. By providing liquidity, users can earn rewards in the form of IMX tokens. This can be a great way to earn passive income while participating in the growing DeFi ecosystem on the Ethereum network.

Users can stake their IMX tokens in order to earn rewards. This provides an incentive for users to hold onto their IMX tokens, which can help to stabilize the token’s price and increase overall demand for the token.

IMX is also used to support the development of the ImmutableX platform. A portion of the transaction fees generated on the platform are used to fund ongoing development, which helps to ensure that the platform remains secure, reliable, and feature-rich over time.

Source: IMX Token - ImmutableX

Is ImmutableX (IMX) a good investment?

ImmutableX is a groundbreaking project that has the potential to be relevant in the long term due to several key factors. First and foremost, the project is focused on creating a robust and decentralized trading ecosystem on the Ethereum network. As more users and developers adopt Ethereum and other blockchain technologies, the need for secure and reliable trading platforms will only increase over time. By providing a platform that is built on top of Ethereum, ImmutableX is well-positioned to become a key player in this emerging industry.

The project’s team is made up of experienced developers, designers, and blockchain experts who are constantly working to improve the platform and add new features and functionality. This dedication to ongoing innovation is a critical factor in the success of any long-term project, and ImmutableX is no exception. As the project continues to evolve and grow, it is likely to become an increasingly important player in the DeFi ecosystem on the Ethereum network.

How to own IMX?

One way to own IMX is to go through a centralized crypto exchange. The first step is to create a Gate.io account and complete the KYC process. Once you have added funds to your account, check out the steps to buy IMX on the spot or derivatives market.