Blockchain Name : | Immutable X |
Blockchain Code : | IMX |
Layer : | Layer 2 |
Consensus Mechanism : | Proof of Stake |
EVM Compatible : | Yes |
EVM Chain ID : | 13371 |
Native Coin Code : | IMX |
Native Coin Name : | Immutable |
Project Link : | https://www.immutable.com/ |
Whitepaper : | https://support.immutable.com/en/articles/6470640-immutable-whitepaper |
Immutable X is a leading Layer 2 scaling solution for Ethereum, designed specifically for NFTs (Non-Fungible Tokens) to enable instant trades, massive scalability, and zero gas fees without compromising user custody. It leverages the power of Ethereum for security while offering a seamless experience for users and developers alike. By solving the limitations associated with Ethereum's scalability and transaction costs, Immutable X opens up new possibilities for NFT projects and applications, ensuring that they are environmentally sustainable, accessible, and easy to use.
Consensus Mechanism
Immutable X utilizes a technology called StarkWare’s STARK-powered zero-knowledge rollups (ZK-rollups). This cutting-edge approach allows for the aggregation of thousands of transactions off-chain into a single transaction on the Ethereum blockchain. The ZK-rollups ensure that all transactions are fully verifiable and secure, leveraging the underlying security of Ethereum while drastically reducing the computational load on the network. This mechanism enables Immutable X to offer fast and secure transactions with zero gas fees, making it an ideal platform for NFT creation, trading, and management.
Protocols
The protocols underpinning Immutable X are designed to maximize efficiency, security, and user experience. Key features include non-custodial transactions, meaning users retain complete control over their assets; carbon-neutral NFTs, ensuring environmentally friendly operations; and native support for meta-transactions, which allows users to interact with decentralized applications (dApps) without holding Ether for gas fees. Furthermore, Immutable X supports the ERC-721 and ERC-20 token standards, making it compatible with a wide range of assets and enabling seamless integration with existing Ethereum applications and wallets.
Use Cases
Immutable X's use cases are primarily focused on the NFT ecosystem. It is the backbone for various applications, including digital collectibles, in-game items, and digital art marketplaces. Game developers can leverage Immutable X to offer players true ownership of in-game assets, tradable on an open market without gas fees. Artists and creators can mint and sell their digital artwork directly to consumers, fostering a new economy of digital collectibles. Additionally, Immutable X's scalability and low-cost transactions make it an attractive platform for decentralized finance (DeFi) projects looking to incorporate NFTs as collateral or for unique financial instruments.