About Immutable (imx.to)
Immutable positions itself as the first layer-two scaling solution for NFTs on Ethereum. According to Immutable, its blockchain does away with Ethereum’s limitations like low scalability, a poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security. To achieve that, Immutable is built with STARK zk-rollups, a technology that Vitalik Buterin considers Ethereum to be “all-in on.”
Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale. Chris Clay, the game Director of Gods Unchained, a project already building on Immutable, stated that Immutable allows Gods Unchained to implement a new meta-system that was previously impossible. In this fashion, Immutable aims to create a world-class experience for users and developers alike.
imx.to Point Table
| Coin Basic | Information |
|---|---|
| Coin Name | Immutable |
| Short Name | IMX |
| Circulating Supply | 914,163,546 IMX |
| Total Supply | 2,000,000,000 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
imx.to Price Live Data
The live Immutable price today is $1.18 USD with a 24-hour trading volume of $43,124,379 USD. They update IMX to USD price in real-time. Immutable is down 1.43% in the last 24 hours. The current CoinMarketCap ranking is #52, with a live market cap of $1,080,865,915 USD. It has a circulating supply of 914,163,546 IMX coins and a max. supply of 2,000,000,000 IMX coins.
What Makes Immutable X Unique?
Immutable X benefits from being one of the first layer-two solutions that utilize zk-rollups and focus exclusively on NFTs. With zk-rollups growing in importance as a scaling solution, the project finds itself at the cutting edge of development in the Ethereum ecosystem. Immutable X has a good chance of becoming the default “NFT blockchain” in the future, provided its promised transaction speed of more than 9,000 tps can be achieved.
A crucial component to fulfilling this promise is the API abstraction layer. Thanks to REST APIs, every NFT-related interaction like minting, trading, and transferring is a simple API call on Immutable X. The company anticipates this to be a key component to attracting new entrants like established gaming and content companies in the space.
Moreover, users will not have to switch networks when connecting their wallets. The protocol also provides an intermediate layer called the “Link,” which enables an NFT-specific wallet experience and allows Immutable X to support a third-party marketplace ecosystem without security risks.
With its shared global order book facilitating protocol liquidity, NFT marketplaces can be built on Immutable X without a backend. In consequence, third-party marketplace solutions can co-exist with the protocol’s native marketplace. The protocol also expects to lower the barriers of entry for content creators and smaller developers with this solution.
imx.to Crypto Features
Blockchain:
The blockchain is a distributed, immutable ledger that keeps track of every transaction and block made within a network. The integrity of the entire system is ensured by the fact that once a block is added to the chain, it cannot be changed or removed.
Decentralization
In a decentralized network, there is no single entity in charge of running the show. Instead, network nodes cooperate to maintain the blockchain and validate transactions. No one organization can control the system thanks to this decentralization.
Consensus Mechanisms
The protocols that govern how nodes in a network concur on the legitimacy of transactions and blocks are known as consensus mechanisms. These techniques make sure that everyone in the network agrees on the blockchain’s current status and guard against malicious actors changing the system.
Public-key cryptography
imx.to Public-key cryptography is a type of cryptography that encrypts and decrypts data using pairs of keys (public and private). Data is encrypted using the public key, which is made available to the public, and decrypted using the private key, which is kept hidden. The security and dependability of the encryption system are ensured by the fact that once a public key has been distributed, it cannot be altered.
Who Are the Founders of Immutable?
Immutable was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur that previously led a software development team at a billion-dollar eCommerce company, and his brother Robbie Ferguson, a Thiel fellow and Forbes 30 Under 30 entrepreneur as well.
The team consists of more than 100 members from different backgrounds like blockchain, FAANG, finance, fintech, and management consulting. It raised a seed round in 2018 and a $15 million Series A in September 2019. Investors included some of the “who is who” in blockchain investing, such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital.
How Is the Immutable Network Secured?
Immutable is a layer-two blockchain with zero gas fees, where operators can set their own trading fees. In contrast to other scaling solutions to Ethereum, a 51% attack on Immutable is unfeasible, as it is not a centralized side chain but benefits from inheriting the native security of the Ethereum blockchain. Immutable uses zk-rollups, meaning assets are traded on the second-layer blockchain, but the validity proof of a transaction is stored on the layer-one blockchain, in this case Ethereum. Immutable uses STARK proofs because, unlike SNARKs, they are post-quantum-secure and provide greater user security despite the greater cost.
Immutable chose to stay on Ethereum as a first-layer solution because the team considers Ethereum best to represent the philosophy of trustless, decentralized asset ownership. In the team’s words, Ethereum has always prioritized centralization over short-term scalability upgrades, even though it has suffered from problematic gas fee spikes and network congestion, thus still remaining the main blockchain for NFT projects to build on.
Where Can You Buy Immutable (IMX)?
IMX is available on OKEx, FTX, Huobi Global, Bybit and Bitget.
imx.to Conclusion
For the security and integrity of cryptocurrency systems, immutable crypto characteristics are crucial. These components, including public-key cryptography, decentralization, consensus processes, and the blockchain, guarantee that the system is open, impervious to tampering, and resistant to attacks from bad actors. With these qualities in place, users can feel secure and confident in cryptocurrencies, opening the door for their wider adoption as a reliable and practical substitute for established financial systems.
imx.to FAQ
What is an immutable blockchain?
An immutable blockchain is a distributed ledger that cannot be altered or tampered with once data has been recorded on it. Once data is added to a block and verified by the network, it is cryptographically secured and becomes part of the permanent blockchain record. This ensures the integrity and security of the system.
Can an immutable blockchain be hacked?
It is extremely difficult to hack an immutable blockchain because of its decentralized and cryptographic nature. The consensus mechanism and cryptography used in the blockchain make it almost impossible for a single actor to manipulate the system. However, no system is completely foolproof, and security vulnerabilities can exist, so it’s important to use best practices and stay up-to-date with security updates and patches.
Why is immutability important in cryptocurrency?
Immutability is important in cryptocurrency because it ensures the integrity and security of the system. It prevents malicious actors from altering transactions or records, which could lead to fraud, theft, or other malicious activities. Immutability also ensures that the system is transparent and trustworthy, which is essential for building confidence and trust among users and investors.
