Immutable X is a layer-2 scaling solution specialized for NFT projects. Built with the Ethereum blockchain, Immutable X protocol is touted to offer huge scalability with up to 9000 TPS.
What is Immutable X?
- Immutable X is a layer-2 scaling solution for Ethereum blockchain to provide zero gas fees and instant confirmations for NFT minting, trading, and gaming experience such as implementing meta systems, etc.
- Immutable X protocol built utilizing STARK zk-rollups technology. The network processes thousands of off-chain transactions to generate a proof that those trades are all valid by asking users to sign the trades. The proof is then published on-chain where it is verified by a smart contract.
- Immutable X protocol is highly adopted by some currently popular NFT projects especially in the gaming sector such as Gods Unchained, Moody Krows, Guild of Guardians, Moonshot Garage, etc.
- https://market.x.immutable.com/ and https://tokentrove.com/ are the two main NFT marketplace for Immutable X to buy and sell digital collectibles built on the protocol.
- Immutable X protocol is able to support two types of metadata, first is immutable metadata that is stored on chain consisting of permanent properties data such as ids or IPFS hashes, and second is mutable metadata that is fully controlled by the application, and not recorded on-chain.
|Token Name||Immutable X|
|Total Token Supply||2,000,000,000|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||October 2021|
|Can it be mined?||No|
Who is behind Immutable X?
Immutable X is a result of partnership between StarkWare and Immutable. James Ferguson, and his brother Robbie Ferguson both founded the company and currently act as the CEO and President of Immutable X.
Institutional investors such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital are among the first investors into the platform by participating on the seed round in 2018 and series A in September 2019.
What is the purpose of Immutable X?
IMX token is the main asset in the Immutable X L2 environment. It is used as a reward system to reward users for their contributions to the platform.
- Immutable X market is integrated with Moonpay so that users could easily purchase ETH that will directly go into their Immutable X wallet using debit or credit card. This could significantly lower the barrier of entry for new users to trade NFT on the platform and also lower the cost of fund transfer considering high gas fees on the Ethereum network at the moment.
- L2 scaling solutions are racing to make L1’s i.e. ETH scalable. Hence, a risk of product substitution from L1 scalability breakthrough does exist. Besides that, there is also a risk of rivalry due to the low barrier of entry for potential competitors to build similar products since majority of L2 are utilizing an already existing technology such as zk-rollups, etc.
- Security risk: as we have seen with the bitcoin lightning network, and some other L2 initiatives, they tend to have an unexplored potential security risk and vulnerability either due to its nature as L2 or the technological implementation.
News and Updates:
- StarkWare is developing a new approach to scaling that they call as a solution on L3 https://twitter.com/StarkWareLtd/status/1473264911304302595?s=20 , an application specific layer built recursively over L2.
- Immutable X recently secured a series B funding of $82 million led by institutional investors such as BITKRAFT Ventures, King River Capital, etc. The new funding will be used to expand and grow the marketing and product especially in the NFT based gaming platform sector, also to bolster partnerships with gaming companies.
Community & Whitepaper Links:
Official Website: https://www.immutable.com/
White Paper: https://docs.x.immutable.com/docs
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