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Immutable X: Everything you need to know – Techstory


IMX

Source: CoinMarketCap

We have been in a world of cryptocurrencies for quite some time now and over the past couple of years, the industry has been booming like anything and has had a surge in its overall growth and popularity recently. Crypto has been one such industry that has managed to lure in potential investors from all across the globe and has marked its presence in the global marketplace, thus helping it to reach greater heights!

Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.

To begin with, cryptocurrencies are nothing but blockchain-based platforms that are decentralized to their very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interference as well.

Not just that, this virtual asset of yours can also be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges online. When the industry was first introduced, there were not many currencies you could have chosen from, and honestly, not many people were interested to be a part of it back then either.

On the contrary, this is surely not the case anymore, as today, there are pools of currencies available for you to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour. Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in include Bitcoin, PnacakeSwap, Binance Coin, Polkadot, Ethereum, Dogecoin, Baby Doge as well as EverGrow Coin to name just a few of course.

IMX

Source: DappRadar

Also, it is worth noting that, some of the major contributing factors for this huge success of the industry include its ease of use, convince it offers, portability, intuitive nature, high-profit margins, negligible response time, real-time updates as well as the volatility of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts on the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Immutable X. To know more, I suggest you read further!

Everything to know about Immutable X (IMX)

IMX

Source: Moralis Academy

Immutable X or as commonly referred to as IMX defines itself as the first layer-two scaling solution for non-fungible tokens (NFTs) on Ethereum. In other words, Immutable X is a scaling solution for NFTs that is known to entirely focus on enabling low fee, near-instant transactions.

According to the team behind Immutable X, its blockchain does away with limitations associated with the popular Ethereum Network including a poor user experience, low scalability, a slow developer experience as well as the liquidity of course.

Instead of this, users on the platform tend to benefit from massive scalability as well as instant trading, while enjoying zero gas fees for trading and minting non-fungible tokens, that too without having to compromise on user or asset security for that matter.

On a similar note, in order to achieve this state, Immutable X is said to have been built with STARK zk-rollups, which is simply a technology that Vitalik Buterin considers Ethereum to be “all-in on”. Not just that, thanks to this technology, users will be allowed to develop and distribute assets like ERC-721 as well as ERC-20 tokens on a rather massive scale.

IMX

Source: BSC News

Before moving in any further, it is worth noting that, Immutable X was founded by two Forbes 30 under 30 entrepreneurs, James Ferguson as well as his brother, Robbie Ferguson. Also, IMX is known to be the native utility token of the Immutable X platform, which as a matter of fact can be used for a variety of purposes on the platform itself like being used for staking, paying transaction fees as well as voting on the future of the said protocol.

Apart from focusing on instant trading, zero fees as well as a highly secured platform, Immutable X is also an open-source protocol that is said to provide users on the platform with an opportunity to develop and create their very own decentralized applications (DApps), including games and marketplaces as well.

In addition to this, Immutable X boasts about 600x more transactions per second (TPS) as and when compared to any other Ethereum based NFT marketplaces. As a result, both gamers and users would not experience any interference within the platform.

Basically, Immutable X aims to simplify the adoption of non-fungible tokens to the point that it’s on par or even easier than using regular cryptocurrencies. Also, it is worth mentioning that, Immutable is also the development team behind the popular NFTs Gods Unchained and Guild of Guardians.

What makes Immutable X special?

IMX

Source: Immutable X

As mentioned, Immutable X benefits from being one of the first Layer-2 solutions that are known to make use of zk-rollups and focus exclusively on non-fungible tokens (NFTs). Now, with zk-rollups growing in importance as a scaling solution, the platform finds itself at the cutting edge of development in the popular Ethereum ecosystem.

Having said that, Immutable X is said to have a good chance at becoming the default NFT blockchain in the coming times, provided its ability to achieve its promised transaction speed of about 9000 TPS. Furthermore, a crucial component of fulfilling this promise is the API abstraction layer.

All thanks to REST APIs, every non fungible token-related interaction including trading, mining as well as transferring is a simple API call on Immutable X. Also, the company is known to anticipate this to be a key component to attracting new entrants like content and gaming companies in the space.

In addition to this, as per a report by CoinMarketCap, users will not have to switch networks when connecting their wallets and the protocol is also known to provide an intermediate layer called the ‘Link’, which is said to enable an NFT-specific wallet experience and allows Immutable X to simply support a third-party marketplace ecosystem without any security risks.  

Now that we have talked much about Immutable X, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Immutable X (IMX)

IMX

Source: Capital.com

As of today, the price of Immutable X is about 2.70 US dollars with a twenty-four-hour trading volume of 135,079,247 dollars. Not just that, in just the past twenty-four hours, the value of Immutable X has gone down by 4.93 percent, and with the current market cap of 507,143,500 US dollars, IMX is currently placed at #111 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of Immutable X is 188,160,768 IMX coins, with a maximum lifetime supply of about 2,000,000,000 IMX coins. In just the past week alone, the price of the platform has fallen by 18.11 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Immutable X is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Immutable X can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

IMX

Source: Nomics

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Immutable X does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Immutable X? Let me help you with that. Currently, Immutable X is available on all major crypto exchanges but, some of the popular exchanges that have IMX listed on them include Huobi Global, OKX, Binance, Bybit as well as FTX to name a few.  

In conclusion, what are your thoughts on Immutable X? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Grimace Coin: Everything you need to know

 

 

 





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