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Can Immutable (IMX) coins be mined?
IMX coins, native to the Immutable X scaling solution, differ from other cryptocurrencies as they cannot be mined due to the network's unique consensus mechanism called optimistic rollups.
Dec 08, 2024 at 09:46 am
Can Immutable (IMX) Coins be Mined?
Immutable X (IMX) is an Ethereum-based layer-2 scaling solution designed specifically for NFTs. Unlike many other cryptocurrencies that rely on mining to secure the network and issue new coins, IMX coins cannot be mined.
Why can't IMX coins be mined?
IMX employs a different consensus mechanism called optimistic rollups, which differs from the proof-of-work mining model used by Bitcoin and Ethereum. In optimistic rollups, transactions are initially processed off-chain and then periodically bundled together and submitted to the main Ethereum blockchain for final settlement.
This approach eliminates the need for energy-intensive mining, as transactions are verified and added to the blockchain less frequently. As a result, IMX can offer lower transaction fees and faster transaction processing compared to traditional proof-of-work blockchains.
How are IMX coins created?
Instead of being mined, IMX coins are created through a process called "inflationary issuance." This involves the gradual release of new coins over time, according to a predetermined schedule. The rate of issuance is designed to be consistent with the growth and adoption of the Immutable X ecosystem.
IMX Tokenomics
- Total Supply: 2 billion IMX
- Initial Circulation: 200 million IMX
- Inflationary Issuance: New IMX coins are released over time, with the issuance rate decreasing gradually
Token Distribution:
- 75% to community distribution (IDO, staking, liquidity mining)
- 10% to the project team
- 10% to investors
- 5% to advisors
Advantages of Non-Mining
- Reduced Energy Consumption: Eliminating mining saves significant energy and reduces the environmental impact of the cryptocurrency.
- Lower Transaction Fees: Optimistic rollups enable faster and cheaper transactions without the need for high mining fees.
- Increased Scalability: The rollup architecture allows Immutable X to handle a higher volume of transactions than proof-of-work blockchains.
Conclusion
Immutable X coins (IMX) cannot be mined because the network employs a different consensus mechanism called optimistic rollups. Instead, IMX coins are created through inflationary issuance, which gradually releases new coins over time. This approach offers several advantages, including reduced energy consumption, lower transaction fees, and increased scalability.
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