You Think You Know What Immutable X Is? Your Step by Step Guide to IMX Token

NFT’s are creating a storm currently. This post is all about Immutable X marketplace and Immutable X token. In today’s fast-moving cryptocurrency world, many ideas and applications are continually unfolding. Digital assets and their arrangements are emerging right beside cryptographic and blockchain technology. Let’s take a look at it in more detail.

What is Immutable X (IMX)?

According to its website, Immutable X is the first layer-2 scaling solution for NFTs on Ethereum. It enables immediate trade recognition, huge scalability (up to 9,000+ trades per second), zero gas fees — without endangering user custody, and much more. Anyone can build the NFT business in ampere-hours with its APIs. The layer 2 solution is the extra protocol that is developed on top of blockchain like Ethereum. Such layer scaling solution increases throughput without manipulating any of the extra decentralization or security features that are essential to the blockchain.

The IMX is an ERC-20 utility token. It is created to accelerate the confirmation and approval of NFTs and support creators, professionals and developers rediscover advantage in a digital ecosystem. The IMX is mainly used for the following:

The main features of Immutable X are as follows:

The project is relatively new. There are 20 million IMX tokens that will be temporarily allotted in the below fields: 

Immutable X: What Can Users do With IMX?

Governance: Users can use their IMX to vote. The recommendations will be announced on Snapshot and will link to the planned expansion and development of the protocol.

Transaction Fees: 20% of the protocol fees must be paid in IMX. For the users who do not hold the IMX currently, Immutable will transform the expense by buying IMX on the open market.

Immutable X: How does staking work?

Staking: All charges paid in IMX are transferred to the “staking reward pool”. Users can get a comparable portion of this rewards pool by staking their IMX. According to its website, all the IMX kept on Layer2 is implicitly staked if users have voted on a suggestion, and have held or purchased an L2 NFT in the last 30 days. The following image is displaying how exactly it works: 

Immutable X: Image Source: Immutable X

How does Immutable X Technology Work?

Immutable X is the first zero-knowledge rollup (zk-rollup) mounted on the Ethereum blockchain. It is a scaling protocol for zero gas fees NFT trading. It is developed in cooperation with StarkWare. NFTs are only as relevant as the security and reputation of the blockchain they are mounted on.

ZK-Rollups is a layer 2 security that binds numerous transactions into one particular transaction. This particular transaction can then be analyzed by smart contracts to validate each transaction separately. Utilizing a “zero-knowledge proof” arrangement for openly documenting transactions on the Ethereum blockchain, ZK-Rollups decreases the volume of storage and calculation ability needed to verify blocks, as zero knowledge of the comprehensive transaction data is needed for a transaction to be confirmed. Furthermore, ZK-Rollups provides unlimited scalability and on-the-spot transaction acceptance without jeopardizing the security of assets.

Immutable X: How to earn IMX?

The IMX can be earned by following three simple steps. These steps are as follows: