What Is Immutable X (IMX)?
A few more than 10 years have passed together with such times as the 1st cryptocurrency – Bitcoin presented as a paperless dispersed monetary unit.
This plan began the pioneer of the newest wave of numerical monetary units, eliminating the connection with the main banks and economic universities.
Even though numerous specialists did not believe the plan, on a huge level because of its scattered nature, certain people managed to consider its veil.
Difficult assistance from the edge of the industry has undoubtedly helped cryptocurrencies transform into a sphere along with milliard spin.
Soon, cryptocurrencies got upgraded and showed an extensive range of improved and modernized versions.
This provided the impetus for the formation of the industry that I present today, which contains stable coins, DeFi, non-functioning tokens, etc. These assets form a significant part of the investment portfolio of people from different geographical and economic spheres.
As NFTs sought to expose users to new abilities and unprecedented trading skills, they began to be highly sought after by millennial agents. Today, NFTs are considered the favorite investment vehicle of global stars who showcase a variety of fields of work, including music, physical fitness, fun, etc.
NFT tokens allow users to possess unique objects, such as artworks, products, signatures, and almost everything else in the figure of numerical collection objects. These tokens can be possessed, traded, and monetized, acquiring interesting profits.
Delving into the issue of NFT, I tried to focus your interest on 1 of the more common in our period NFT platforms – Immutable X. An in-depth study of such a high-potential NFT interface, as well as Immutable X, will allow you to acquire that much-needed understanding of the industry. Learn more about cryptocurrency trading in Immutable X together with us. Let’s embark on our expedition into the Immutable X community to explore the newest investment opportunities within the NFT hub.
How was Immutable developed?
The Immutable venture was formed in 2018. James Ferguson, Robbie Ferguson, and Alex Connolly around the name Fuel Games, and rebranded in 2019.
The Ferguson brothers are familiar with this, and in 2018 they formed the blockchain-based open-world amusement Gods Unchained.
Because of the popularity of the type of amusement and its impact on Ethereum gas duties, the founders met together with the need to form the most accomplished gaming skill based on blockchain and as a result stood in the scientific and technical resolution of zk-rollup.
As a result, they concluded a partnership with Israeli firm StarkWare Industries and formed Immutable X based on StarkEx’s technological processes with StarkWare.
In 2021, Disney announced that it would produce NFTs on a platform built on top of Immutable X. In March 2022, Immutable passed through a round of funding by strange giant Tencent and blockchain gaming pioneer Animoca Brands, which valued the firm at $3.5 billion, making it one of the most significant individual science and technology firms in Australia during that period.
How Does It Work?
Immutable X is based on a scaling technique called ZeroKnowledge Rollup (ZKRollup). This is a 2nd degree act to control transactions in the Ethereum blockchain.
Instead, to add all transaction information to the blockchain without exception, ZKRollup bundles a hundred transactions into a single confirmation along with no knowledge, which is called a zkSTARK confirmation.
ZkSTARK stands for Zero-Knowledge Concise and Transparent Knowledge Discussion. This is a control method used to confirm the possession of a particular piece of information in the absence of any significant data discovery. Immutable X transactions are cultivated together with the observance of high confidentiality stereotypes and generally recognized security measures.
Already after the transaction stack, confirmation is sent to the blockchain and confirmed by a smart contract. ZKRollup smart contracts hold all transaction elements in the 2nd degree without exception. In this way, the confirmation can be quickly controlled, as it does not include any absolute information according to any transaction. In addition, to control the block requires less computable resources and memory. This allows Immutable X to significantly reduce gas costs and guarantee a large TPS.
Another original feature of Immutable X is a strong set of REST APIs, which makes it possible to facilitate complex interactions with the blockchain. Users can simply generate and send NFTs through API calls without interacting with smart contracts directly. Because of the Immutable X Software Development Kit (SDK), creators can simply combine APIs and wallets into their platform. This allows them to form NFT game projects because of several times, not months.
How is the IMX token used?
IMX is an Ethereum-based token, formed according to the ERC-20 standard, that is used mainly for payment of commissions due to acts, steaking, and regulation.
IMX, used for payment of commissions, acts in the “association of reimbursements due to steaking”, which is considered the basis of IMX tokens distributed from the number of steakers any fourteen days. Stakers are users who have IMX (either on the Ethereum L1 chain or on the Immutable X L2 chain), who have voted for a recommendation according to management within the past thirty days, and who also have NFT in Immutable X or who have performed a transaction within the past thirty days.
The largest IMX prescription is 2 billion tokens. In a single difficulty, 51.74% of tokens were aimed at ecosystem formation (including user fees and grants to creators), 25% were directly Immutable in the formation of the plan, Fourteen.26% – in the involvement of money through individual realization of tokens and 5% – in the involvement of money through public realization of tokens. The issuer of IMX token – a non-traded asset of Digital Worlds NFTS – acquired 4% of all IMX tokens for application in similar initiatives, as well as providing liquidity to cryptocurrency exchanges.
What makes Immutable X Different from Others?
Just as previously mentioned, Immutable X is one of the 1st popular 2nd Degree Conclusions that uses zkrollups and targets only NFTs.
Since zkrollups is becoming the most important conclusion to scale, the platform is at the forefront of the formation of the well-known Ethereum ecosystem.
An important component of Immutable X’s popularization is the API abstraction layer, which allows users to avoid switching between networks when connecting wallets. The use of REST APIs can help facilitate communication with the blockchain. Users can create and trade NFTs through API calls without having to interact directly with smart contracts. Creators can combine SDKs, APIs, and the ImmutableX wallet to create NFT products like P2E games.
To present an extraneous NFT exchange, Immutable X forms a worldwide order book that can help users trade NFTs in every ecosystem that uses their constellation devices. This means that orders based in a particular venue can be simply executed in every other venue, increasing the size and high liquidity of NFTs.
The act gives a transitional degree, called “links”, that is caused to increase the wallet abilities, characteristic of NFT. Users have every chance to enjoy the free sale and mining of NFTs in the absence of any security risks.
Immutable X holds all Ethereum wallets without exception, for this reason, traders can buy or sell NFTs in some NFT-backed wallets without having to transfer the asset from one bond to another.
The conclusion is caused to find a solution to the problem of overloaded bonds, which is quite often encountered in Ethereum at the time of marginal sales. Due to the significant scalability, it is possible to guarantee the accelerated processing of multiple transactions in the presence of reduced speed. Similarly, Immutable X provides the most active and profitable conclusion for NFT users.
The platform gives access to the dispersed trading interface for Non-Fungible Token creators and traders.
It is ratified that Immutable X can be a regular NFT blockchain in the long run, in case it can reach the estimated transaction speed of approximately 9000 TPS.
The innate monetary unit fake IMX is nowadays period available in absolutely all major cryptocurrency exchanges. More common in this list are Huobi Global, OKX, Binance, Bybit, FTX, and others.
Where can I buy ImmutableX?
IMX tokens can be traded on centralized cryptocurrency exchanges. The most popular exchange to buy and trade ImmutableX is BingX, where the most active IMX/USDT trading pair has a trading volume of $418,358 in the last 24 hours. Other popular options are Biconomy and Binance.
What is ImmutableX (IMX)’s daily trading volume?
ImmutableX (IMX) has a trading volume of $527,066,499 in the last 24 hours, up 143.60% from a day ago, indicating a recent uptick in market activity.
What is the all-time high for ImmutableX (IMX)?
ImmutableX (IMX)’s highest price of $9.52 was recorded on November 26, 2021 (almost 2 years). Comparatively, the current price is -93.64% below the historically high price.
What is the all-time low for ImmutableX (IMX)?
ImmutableX (IMX) had its lowest price of $0.378055 on December 31, 2022 (9 months). Comparatively, the current price is 60.27% higher than the all-time low price.
What is ImmutableX (IMX)’s market capitalization?
ImmutableX (IMX) has a market capitalization of $708,139,804 and is currently ranked #51 on CoinGecko. Market capitalization is determined by multiplying the token price by the circulating supply of IMX tokens (1.2 billion tokens traded on the market today).
What is the fully diluted valuation of ImmutableX (IMX)?
The fully diluted valuation (FDV) of ImmutableX (IMX) is $1,210,599,690. This is a statistical representation of the maximum market value assuming the maximum number of 2 billion IMX tokens in circulation today. Depending on how the IMX token issuance schedule works out, it could be several years before FDV is realized.
As mentioned before, the world of cryptocurrencies is a very volatile space where you can expect anything and everything to happen. If you like to take risks, cryptocurrencies and NFT could be a good investment for you. In your NFT expedition, Immutable X can be your perfect partner. The portal offers a wide range of benefits to its users, including zero gas fees and high scalability. So, if you are planning to invest in NFT, act prudently and invest your time and money in reliable projects.
What is Immutable X (IMX)
Immutable X is a decentralized exchange (DEX) built on the Ethereum blockchain that enables the trading of tokens in a fast, secure, and private manner. It uses a technology called zero-knowledge proofs to ensure that trades are conducted without the need for a trusted intermediary and with complete confidentiality. Transactions on Immutable X are processed off-chain, making the platform highly scalable and able to handle high volumes of trades.
Immutable X was founded in 2019 by Immutable, a company that provides infrastructure for decentralized finance (DeFi) applications. The platform was designed to address the issues of slow transaction speeds and high fees that were prevalent on other decentralized exchanges at the time. Immutable X was launched in early 2020 as the first zero-knowledge proof-based DEX, offering a fast and secure way for users to trade tokens on the Ethereum blockchain.
Since its launch, Immutable X has grown to become one of the largest decentralized exchanges in terms of trading volume and liquidity. The platform has attracted a large and active community of users, as well as support from leading DeFi projects and investors. In addition to its trading capabilities, Immutable X also offers a range of other DeFi services, including lending and borrowing, staking, and liquidity provision.
How Immutable X (IMX) works
Immutable X operates using a technology called zero-knowledge proofs. This technology allows for trades to be conducted on the platform without revealing any sensitive information, such as the identities of the traders or the details of the trade itself.
Here’s a brief overview of how the platform works:
- Users deposit their tokens into the Immutable X platform. The tokens are locked into a smart contract, which creates a unique, non-fungible token that represents the deposit.
- Users can trade the locked tokens with other users on the platform. When a trade is executed, the smart contract verifies the validity of the trade using zero-knowledge proofs, and updates the balance of the tokens held by each user.
- When a user wants to withdraw their tokens, the smart contract releases the tokens back to the user’s Ethereum address.
The use of zero-knowledge proofs ensures that trades on Immutable X are fast, secure, and private. By processing trades off-chain, the platform is able to handle high volumes of trades without incurring the high fees and slow transaction times that are common on other decentralized exchanges.
In summary, Immutable X is a decentralized exchange that offers fast, secure, and private trading of tokens on the Ethereum blockchain using zero-knowledge proofs technology.
Can Immutable X (IMX) be trusted
As a decentralized exchange, Immutable X operates on a trustless and open-source platform, meaning that users do not have to rely on any central authority to ensure the security and fairness of trades. Instead, the platform uses blockchain technology and smart contracts to execute trades in a secure and transparent manner.
Additionally, the use of zero-knowledge proofs helps to enhance the privacy and security of trades on the platform, as it ensures that sensitive information, such as the identities of traders and details of trades, are kept confidential.
However, as with any decentralized platform, there is always some risk involved, as the security of user funds is ultimately dependent on the robustness of the underlying technology. To minimize this risk, it’s important for users to follow best practices for securely storing and managing their private keys, and to stay informed about any potential security vulnerabilities that may arise.
In summary, while Immutable X is designed to offer a secure and transparent platform for trading tokens, it’s important for users to take appropriate measures to ensure the safety of their funds.
How to get Immutable X (IMX)
Here is a step-by-step guide on how to get Immutable X (IMX):
- Set up a wallet: Before you can buy or trade IMX, you need to have a wallet that supports Ethereum (ETH) and ERC-20 tokens. Some popular options include MetaMask, MyEtherWallet, and hardware wallets such as Ledger and Trezor.
- Buy Ethereum (ETH): In order to purchase IMX, you’ll need to have some ETH in your wallet, as IMX is an ERC-20 token and is traded on the Ethereum blockchain. You can buy ETH on a centralized or decentralized exchange, such as Coinbase, Binance, or Uniswap.
- Trade ETH for IMX: Once you have ETH in your wallet, you can trade it for IMX on a decentralized exchange such as Uniswap or Balancer. To do this, you’ll need to connect your wallet to the exchange and navigate to the IMX/ETH trading pair.
- Transfer IMX to your wallet: After you’ve traded your ETH for IMX, you’ll need to transfer the IMX tokens to your wallet. To do this, you’ll need to copy the address of your wallet and paste it into the “Withdraw” or “Send” section of the exchange, along with the amount of IMX you wish to transfer.
Note: It’s important to carefully follow the instructions and security protocols provided by your wallet and exchange, as any mistakes or lapses in security could result in the loss of your funds.
In summary, getting IMX involves setting up a wallet, buying ETH, trading ETH for IMX on a decentralized exchange, and transferring IMX to your wallet.
Not sure about Immutable X? Try Wellcoinex! Huge variety of different crypto to buy!