What is Immutable X?
NFTs, or non-fungible tokens, are extremely popular because of the value locked behind blockchain assets. Industry titans, celebrities, and regular everyday folks are all trying to jump in on the newest tech craze to make their fortunes by trading and creating NFTs. But there is one main problem all users run into when starting with blockchain investing: trading fees.
Every time digital assets are minted or traded, users have to pay a transaction fee, which can add up over time. Enter Immutable X, a layer 2 solution for NFTs that focuses on instant trading at an accessible price.
Keep reading to learn more about this scaling solution and how it can revolutionize how cryptocurrency exchanges operate.
What Is Immutable X?
Immutable X is a layer 2 protocol for buying and selling Ethereum-based NFTs. It focuses on three distinct issues with existing crypto exchange platforms. Namely, Immutable X improves on existing trading volume, asset security, and enhancing liquidity by eradicating fees for minting and trading NFTs. But how does it manage this?
Blockchain-based applications and projects have always had massive scalability issues but not because the technology isn’t ready for it. Instead, the main problem is that scaling projects often comes at the cost of decentralization, which also impacts user experience and security in the long term.
The company partnered with Starkware to provide a solution called ZK Rollups or Zero-Knowledge Rollup. This software uses a cryptographic protocol that bundles ERC-20 and ERC-721 assets to save on costs and storage space. Unfortunately, these low costs also impact the liquidity of decentralized asset ownership.
On the security side of things, Immutable X uses validity-based proof that blocks all unauthorized transactions. That means third parties can’t take NFTs from your wallet unless you explicitly authorize or “provide valid proof” for the transfer.
Immutable X Features
As a layer-2 solution for the Ethereum blockchain, Immutable X has a few robust features that set it apart from other platforms. Here are some of the most interesting ones.
Immutable X Link
As the name suggests, Immutable X Link focuses on integrating a user’s private key on the main Ethereum blockchain with their Immutable X key. It has the same functions as a regular digital wallet management program in that it can authorize and authenticate transactions on the Immutable X Exchange. Once everything has been checked, the trade then takes place on the Ethereum blockchain.
Immutable X Exchange
The Immutable X Exchange is the platform’s marketplace, touting a laundry list of features designed to benefit play-to-win NFT projects and facilitate lightning-fast trades. For example, on the Immutable X Exchange, users pay zero gas fees for peer-to-peer trading at 9,000TPS speed. This is essential when playing blockchain games.
On top of all this, trades are non-custodial, which means all users keep their keys private while trading NFTs.
Immutable X Mint
The Immutable X Mint allows NFT creators to launch, mint, and distribute their projects for free. The minting and gas fees have been a major issue for traders and creators on other crypto exchanges, making this an excellent solution for many users.
On top of being completely free, all NFTs minted on Immutable X can immediately be traded on a secondary market without any issues.
ZK Rollups: Immutable X Sidechain
As we mentioned earlier, Immutable X uses ZK Rollups, which are designed to make transactions consume less power while being more cost-efficient. It does this by bundling hundreds of transactions and using smart contracts to differentiate between individual assets. This bundling method also helps mitigate the ever-growing carbon footprint of crypto.
The Team Behind Immutable X
NFTs are a booming market, which means the crypto space attracts coders, corporations, and creators on a massive scale. As a result, it’s essential to know the team behind a project before getting involved.
- James Ferguson: James Ferguson has been the CEO of Australia-based Immutable since 2018. He was involved in the development of Gods Unchained, one of the first play-to-earn blockchain games. He has a long track record of successful gaming and tech projects.
- Robbie Ferguson: Unlike his brother, Robbie Ferguson dropped out from the University of Sydney. Despite this, he’s had a long and successful work history, with former employers including the Thiel Foundation and YPO. He’s also credited with creating a cryptocurrency analysis software.
Final Thoughts On Immutable X
Immutable X is an ambitious project that has the potential to revolutionize the way people interface with the blockchain. It seeks to create an environment that’s more conducive to trading and blockchain gaming with its capacity for high transaction volumes while improving overall speed.
But there’s more to this powerful platform: it also allows creators to mint their NFTs at no cost, making it one to watch in the ever-changing landscape of cryptocurrency.
ETH is widely used in crypto markets for purchasing tokens, paying gas fees, and investing in crypto assets…
NFTs, or non-fungible tokens, comprise some of the most valuable digital assets currently available on the net. Projects…
Crypto investors are often heard complaining about the cost of gas for minting digital artworks into NFTs. They may also…