NFT is currently being evaluated as the next trend of the Crypto market when exploding impressive transaction numbers, and increasingly attracting the attention of the community. However, when it comes to NFT transactions on Ethereum there are many downsides that need to be resolved such as high gas fees, network congestion,…
Which solution will meet the needs of NFT transactions on Ethereum? The answer is Immutable X. In this article, we will provide you with detailed information including:
- What is Immutable X? What are the highlights of the project’s operating mechanism?
- Detailed information about tokenomics and how to store, buy and sell IMX Token.
- Development roadmap and team, strategic partners of the project.
- Some projects are similar to Immutable X so that you can evaluate the development potential of this project.
Let’s find out together!
What is Immutable X?
Immutable X is the first Layer 2 solution to support fast NFTs trading on Ethereum, with TPS up to 9,000 transactions per second with no gas fees. The project is developed by StarkWare’s Rollup technology to solve the problem that NFT on Ethereum is facing, which is high gas fees.
For those of you who do not fully understand what Layer 2 is, this is a technology or system that runs on Layer 1, they inherit the security from Layer 1, and are also capable of handling more transactions, reduce costs and have faster transaction confirmation speeds than Layer 1.
How does Immutable X work?
Immutable X uses ZK Rollup – a blockchain scaling technology solution, giving you smooth experiences on Layer 2.
Immutable X will execute Off-chain transactions and generate “Validity Proof” for those transactions, then send these proofs to a smart contract on Layer 1.
Users’ on-chain assets are held in smart contracts and can only be released after proof, including proven valid assets.
Highlights of Immutable X
Immutable X is a direct solution to the key cost, capacity, and scalability problems which Ethereum blockchain is facing currently.
With ZK Rollup, you can trade, swap, mint,… more than 9,000 NFT per second. The platform works with extremely fast transaction speeds, yet maintains Ethereum’s excellent level of security. Some products of Immutable X:
- NFT-Enable Wallets: Immutable X now supports all Ethereum wallets on the extension.
- Platform SDKs: Platform and language-specific software development kits (SDKs) that allow partners to integrate with Immutable X more easily.
- Shared Liquidity & Orderbook: Immutable X provides a global order-book to optimize protocol liquidity.
- Immutable X Platform: The core infrastructure that enables minting, depositing, withdrawing, and trading assets in a layer 2 blockchain.
- Immutable X Marketplace: Where NFT transactions take place.
- Compliance & Support: Ensure legal issues, copyright, … for NFT products.
Information Immutable X Token (IMX)
Key Metrics IMX
- Token Name: Immutable X.
- Ticker: IMX.
- Blockchain: Ethereum.
- Token Standard: ERC20.
- Contract: Updating…
- Token Type: Utility.
- Total Supply: 20,000,000 IMX.
- Circulating Supply: Updating…
IMX Token Allocation
The project offers 2 options for token sale:
- Option 1: $10 per token, issued 6 months from October 19, 2021.
- Option 2: $15 per token, released 3 months from October 19, 2021
IMX Token Release Schedule
IMX Token Use Case
IMX tokens will be used to:
- Administration Token: Immutable X community members have the right to use IMX to vote for project activities.
- Transaction Fee: 20% fee will be paid in IMX for each transaction on Immutable X.
- Staking: All transaction fees paid in IMX will be sent to the rewards pool, the more you stake, the larger the amount of IMX you will receive.
Wallet & exchange IMX Token
IMX Storage Wallet
You can store IMX on Ethereum Wallet such as MetaMask.
Exchange IMX
IMX can be traded on FTX, Huobi, Gate.io,…
Roadmap & Updates
Project team, investors & partners
Project team
Backers
Similar projects
The projects below are not NFT, but are Layer 2 using ZK Rollups:
Loopring (LRC)
StakeWare.
Author’s conclusion:
Disclaimer: this is not financial advice.
Practical evaluation of the project:
In any field, time and money are the two critical resources of investors. Immutable X was created to solve Ethereum’s backlog problems with it’s zero gas fees, instant transaction, and scalability to games, apps, markets without compromise. All of the above is enough to see the benefits that the project brings.
Personnel and qualifications of the development team:
“A good idea becomes useless in the wrong hands.” Therefore, when evaluating a project with the potential to develop and go far, we need to pay a lot of attention to the development team of that project.
CEO James Ferguson and Co-founder Robbie Ferguson are both people with many achievements in the blockchain field, they make investors believe in the success of the project.
The “explosion” of the project:
Boasting about profits, promising huge interest rates are typical signs that the project has many irregularities and high risk of fraud. The writer does not mean that the project team should not set a big goal and introduce that goal, but when every promise starts to make us think “if that’s true, then we have to make money right away” It’s time to stop and take a closer look. Up to now, Immutable X has not shown any unusual signs related to fraud.
Website and whitepaper:
Overall, Immutable X is very invested in the image of the page and the whitepaper. The content is detailed, clear, easy to understand and full of information.
Community
The supportive community plays a huge role in the development of a cryptocurrency project. The larger the community of interested people, the higher the probability of success.
Since launching in 2018, Immutable X’s community is already quite large with 145,000 followers on Twitter, 55,000 members on Discord and 20,000 subscribers on Telegram.
Investors:
If a cryptocurrency project has large and reputable investors investing in it, the possibility of success is great. This is also one of the prerequisite factors for retail investors like us to look at and consider. Currently, Immutable X is attracting capital flows from many large funds such as Coinbase, FTX, Huobi Ventures, etc… contributing to more secure the reputation and success of the project.
SUMMARY:
Immutable X is a project with great potential to become an important piece in the blockchain ecosystem in general as well as crypto in particular. If you are an investor with a long-term vision, you should definitely not ignore this project.
