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Cryptocurrency News Articles
Immutable X: A Layer-2 Solution for Ethereum Designed Specifically for Gaming Enthusiasts and NFTs (Non-Fungible Tokens) in the Gaming Industry
Aug 09, 2024 at 09:00 am
In the ever-growing world of blockchain, especially in the gaming and digital collectibles sectors, the importance of transaction speed and efficiency cannot be ignored.
Immutable X (IMX) is a layer-2 scaling solution designed specifically for NFTs (Non-Fungible Tokens) on the Ethereum network. Founded by James Ferguson and Robbie Ferguson, who are both entrepreneurs shortlisted in the Forbes 30 Under 30 list, the platform uses IMX as its main token, to pay for transaction fees, staking, and participation in protocol decision-making.
Backed by a range of leading investors, including Temasek, Immutable X successfully raised $200 million in funding, lifting its valuation to $2.5 million. With an exclusive focus on NFTs, Immutable X has great potential to become the gold standard in the NFT ecosystem.
Immutable X improves the scalability of Ethereum transactions through a layer-2 technology developed by Starkware, StarkEx. This technology utilizes Zero-Knowledge (ZK) Rollups to increase transaction capacity while maintaining security equivalent to the main network.
The process involves combining thousands of transactions into a single ZK-STARK Proof in a rollup. This proof is then sent to the main layer for validation through a single smart contract. In this way, the main network only needs to process one rollup transaction to verify thousands of transactions that have been combined. This method has proven to be effective in speeding up transactions.
ZK-Rollups smart contracts store transaction details at layer-2, speeding up block validation. Thanks to this rollups approach, Immutable X is able to handle NFT transfer, trading, and minting transactions at speeds of up to 9,000 NFTs per second.
In particular, layer-2 is focused on the needs of gamers and NFT collectors. To support these needs, Immutable X offers a combination of a REST Application Programming Interface (API) and a simple Software Development Kit (SDK), which makes it easy for game developers and NFT artists to work.
The combination enables the creation of gaming NFTs in a short period of time. The approach is to simplify the complex blockchain interaction process. The REST API allows NFT creators to send and mine NFTs without having to deal directly with smart contracts. The Immutable X SDK makes it easy for developers to focus on their game design, while back-end tasks can be handled by Immutable X.
After knowing what the uniqueness is, it is also important to know some of the advantages of Immutable X, including:
1. Faster Project DevelopmentBy utilizing a combination of APIs and SDKs, creative projects in layer-2 can be completed faster. That’s a significant advantage for gamers and developers who need easy access and efficiency in the creation process.
2. Lower Gas CostsManaging rollups transactions through a single smart contract reduces gas fees for each transaction. Gamers and developers can use Immutable X services at no additional cost.
3. Easier NFT PaymentsYou can connect your Immutable X digital wallet with your existing credit card. That allows you to transact directly without the need to exchange fiat currency for blockchain assets through different networks.
The main token in this layer is IMX, which follows the ERC-20 protocol. Its issuance involves a collaboration between Immutable X and Digital Worlds NFTs Ltd.
IMX has various functions, including as an incentive and transaction tool within the Immutable X network. A protocol fee is charged at 2% of the total transaction value, which is paid with IMX tokens.
Ownership of IMX also provides rights in network governance. Token holders can earn rewards through staking, participating in proposal voting within the last 30 days, and collecting NFTs on the network.
IMX grants governance rights that include voting and decisions regarding token supply and allocation. The total number of IMX issued is limited to 2,000,000,000 tokens. Of this amount, 50% is allocated for ecosystem development.
Meanwhile, the rest consists of 25% for protocol projects, 14.26% for sales to investors, 5% for public sales, and 4% for liquidity reserves on centralized and decentralized exchanges.
Being a platform specializing in games, Immutable X has launched several digital games, including the following:
1. Gods UnchainedThis play–to–earn card game rewards NFTs that can be traded on the marketplace. Since 2021, the developers of Gods Unchained have moved their game to the Immutable X ecosystem, which has led to a 1.5-fold increase in the game’s NFT transactions.
2. IlluviumIlluvium is a role-playing game that carries the theme of adventure and combat in an open world. In this game, players collect Illuvials, monsters that inhabit the world of Illuvium. Illuvials can be trained and traded as NFTs and can be sold on the marketplace for profit.
3. WAGMI GamesWAGMI Games offers a similar gaming experience to Mobile
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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