Immutable X

What is immutable X?

The Immutable X Token, or IMX, is the basis of the token. Immutable X protocol. The latter is a layer 2 solution that comes with built-in ZK rollups for Ethereum-based NFTs. Its native token is based on the ERC-20 token standard.

IMX has several use cases:

• Firstly, it serves control token. Holders of Immutable X tokens are given the right to vote on proposals related to changes made to the Immutable X network. These proposals are mainly related to Immutable X coins. If a user has a large amount of IMX, their vote has more power;
• Secondly, IMX tokens must be used. pay at least 20% transaction fee. For users who do not have IMX, the actual purchase currency will be replaced with IMX;
• Third, IMX tokens received from transaction fees will be sent to pool of rewards for bets. This is where the 20% transaction fees come into play. Simply put, users will be able to stake their tokens and receive crypto rewards drawn from the staking reward pool every month.

The total supply is 2,000,000,000 Immutable X tokens. Given the deflationary supply of the project, it is possible that as the number of available tokens decreases, the price of IMX will increase.

Immutable X tokens are set to allocate:

• 51.74% – development of the Immutable X ecosystem;
• 25% — development of the Immutable X protocol;
• 14.26% – private investors-sellers;
• 5% – public sale investors;
• 4% – fund reserve.

You can take a closer look at Immutable X’s price history and IMX’s current price in the chart above.

What are the main features of Immutable X?

As discussed in What is immutable X section, we have established that it is Layer 2 solution based on NFT for the Ethereum blockchain. Simply put, this allows for efficient development in the Ethereum ecosystem.

According to the Immutable X whitepaper, the project aims to solve problems important to the Ethereum blockchain, such as low scalability, illiquidity of NFTs, poor user experience that negates mass adoption, and development inefficiencies.

Immutable X offers improved scalability, zero gas fees, and virtually instant trading.

Because of ZK-Rollups integration Within the Immutable X protocol, trading occurs on the second-layer blockchain, and confirmation of the transaction is sent to the Ethereum blockchain. In addition, the project improves security by using STARK evidence.

Besides ZK-Rollups, Immutable X consists of other unique elementsincluding API abstraction layer, NFT-enabled wallets, shared liquidity, order book, platform SDK, Immutable X Marketplace, transaction history browser and support.

Who developed Immutable X?

The Immutable X crypto project was launched in 2018. Its co-founders are Alex Connolly and brothers James Ferguson and Robbie Ferguson.

All three co-founders went to the University of Sydney. However, although both Alex Connolly and James Ferguson completed their studies, Robbie Ferguson dropped out. Before Immutable X, James Ferguson co-founded Rivlr, an online esports platform. As of July 2022, James Ferguson will take on the role of CEO, Robbie Ferguson will take on the role of President, and Alex Connolly will take on the role of CTO of Immutable X. Both James Ferguson and Robbie Ferguson have been included in the Forbes Asia list. “30 under 30” 2019.

In addition, more than 100 contributors with diverse professional backgrounds are involved in the development and maintenance of Immutable X.