{"id":17503,"date":"2022-05-12T15:43:03","date_gmt":"2022-05-12T10:13:03","guid":{"rendered":"https:\/\/zebpay.com\/?p=15029"},"modified":"2022-05-12T15:43:03","modified_gmt":"2022-05-12T10:13:03","slug":"what-is-immutable-x-or-imx","status":"publish","type":"post","link":"https:\/\/zebpay.com\/in\/blog\/what-is-immutable-x-or-imx","title":{"rendered":"What is Immutable X or IMX?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-immutable-x-or-imx\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-immutable-x-or-imx\/#What_is_IMX\" title=\"What is IMX?\">What is IMX?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-immutable-x-or-imx\/#How_does_IMX_work\" title=\"How does IMX work?\">How does IMX work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-immutable-x-or-imx\/#Lets_look_at_the_unique_features_of_IMX\" title=\"Let\u2019s look at the unique features of IMX.\">Let\u2019s look at the unique features of IMX.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-immutable-x-or-imx\/#What_is_the_importance_of_IMX_tokens\" title=\"What is the importance of IMX tokens?\">What is the importance of IMX tokens?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/zebpay.com\/in\/blog\/what-is-immutable-x-or-imx\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>To understand IMX (Immutable X), here are some important concepts to remember:<\/p>\n\n\n\n<ol><li>Gas fee: To \u201cadd blocks\u201d or approve transactions on the blockchain, a high gas fee or transaction fee could be charged. If a large volume of transactions (traffic) are waiting to be added to the blockchain, the gas fee tends to increase, much like a surge rate.<\/li><li>Layer-2 blockchain: Layer-1 blockchains are the base layers on which the main functioning of the app is built. A layer-2 blockchain is mostly added onto an existing layer-1 blockchain to enhance its efficiency. It most commonly addresses scalability issues.<\/li><li>Scalability: In terms of crypto, scalability refers to managing the volume of transactions on a blockchain. The higher the volumes managed, the more scalable the blockchain.<\/li><\/ol>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-introduction\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The crypto and blockchain ecosystem is expanding day by day, launching unique products and tools in the form of decentralised applications. One such component of the blockchain network is the NFT (non-fungible token). Trading and <a href=\"https:\/\/zebpay.com\/blog\/things-to-keep-in-mind-while-creating-and-selling-nfts\/\" target=\"_blank\" rel=\"noreferrer noopener\">minting NFTs<\/a> usually use the Ethereum blockchain, owing to the security provided by Ethereum standard smart contracts. However, this places an additional load on the blockchain, considerably increasing the gas fee.<\/p>\n\n\n\n<p>Here\u2019s where IMX comes in as a layer 2 scalability solution specifically meant for the NFTs on Ethereum. Here\u2019s everything you need to know about IMX and how it works.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_IMX\"><\/span>What is IMX?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Immutable X was launched in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly. It aims to offer instant confirmations for transactions on the blockchain and an almost nil gas fee for minting and trading NFTs.&nbsp;<\/p>\n\n\n\n<p>The native token of Immutable X is termed IMX. A total of 2 billion IMX coins are in supply and are governed by the ERC-20 standard. IMX token can be used to pay transaction fees and to give incentives to users and developers.&nbsp;<\/p>\n\n\n\n<p>Users can also stake IMX coins and earn rewards, and vote for the governance of IMX.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_IMX_work\"><\/span>How does IMX work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Zero-Knowledge Rollup (ZK-Rollup) is the scaling technology used to approve transactions in volumes by creating batches of 100 transactions at a time. The batch is then verified by a smart contract. As a result of less data on every transaction, the verifications and approvals happen fairly quickly.<\/p>\n\n\n\n<p>IMX is carbon-neutral; it can facilitate around 9,000 transactions per second, reducing the gas fee and the energy consumption.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lets_look_at_the_unique_features_of_IMX\"><\/span>Let\u2019s look at the unique features of IMX.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<ol><li>The powerful REST APIs simplify complex blockchain transactions. This helps users create and trade NFTs without directly going into the depths of smart contracts. Developers can also integrate crypto wallets and apps to build NFT projects and play-to-earn in a shorter time frame.<\/li><li>Immutable tokens are global and allow trading NFTs from any blockchain. Therefore, an order on one marketplace can be filled on another through IMX. Users can also seamlessly trade NFTs using NFT-enabled crypto wallets without moving the coins too much across different networks.<\/li><li>Though there is a maximum supply of 2 billion IMX tokens, the circulating supply is around 240 million tokens.<\/li><li>IMX supports all desktop wallets for the smooth functioning of transactions from anywhere.<\/li><\/ol>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_importance_of_IMX_tokens\"><\/span>What is the importance of IMX tokens?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IMX has a chain for NFT projects and also has a marketplace to solve user issues related to experience. By reducing the barrier of entry for developers and writers, IMX is focused on skill more than anything else.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The shifting focus towards NFTs, combined with the layer-2 blockchain on Ethereum, makes IMX a significant investment and a boon for entry-level crypto users. IMX creates a platform for NFT businesses to grow with play-to-earn games and marketplaces. Its rapid popularity and dedication are definitely grabbing attention in recent times.&nbsp;<\/p>\n\n\n\n<p>By choosing safe crypto exchanges like <a href=\"https:\/\/zebpay.com\/in\/\" target=\"_blank\" rel=\"noreferrer noopener\">ZebPay<\/a>, your investment in crypto tokens could be done seamlessly. Start trading on ZebPay today!<\/p>\n\n\n\n<p>References<\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/swissborg.com\/blog\/what-is-imx\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/alchemy.com\/blog\/zero-knowledge-rollups\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\nhttps:\/\/academy.binance.com\/en\/articles\/what-is-immutable-x-imx\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>To understand IMX (Immutable X), here are some important concepts to remember: Gas fee: To \u201cadd blocks\u201d or approve transactions on the blockchain, a high gas fee or transaction fee could be charged. If a large volume of transactions (traffic) are waiting to be added to the blockchain, the gas fee tends to increase, much [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[14],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/17503"}],"collection":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/comments?post=17503"}],"version-history":[{"count":0,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/posts\/17503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media\/15030"}],"wp:attachment":[{"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/media?parent=17503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/categories?post=17503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zebpay.com\/in\/wp-json\/wp\/v2\/tags?post=17503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}