Understanding Immutable X in five minutes: a solution that complements Ethereum
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Original compilation: ChinaDeFi
Original compilation: ChinaDeFi
What is Immutable X?
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The protocol aims to make the minting and trading of NFTs easier than traditional digital assets. Immutable X does not necessarily compete with Ethereum, but it is a layer 2 scaling solution that leverages the security and power of Ethereum.
Features of IMX
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fluidity
fluidity
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scalability
Immutable X has partnered with StarkWare to allow a large number of transactions to be performed off-chain. Users sign transactions, which are put on-chain in a single proof that condenses various transactions into a single transaction. All of this is done at a fixed gas cost paid in Immutable X. As a user, you can pay zero gas fees for trading NFTs as long as you use Immutable X.
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Immutable X makes it easy for developers to create and mint NFTs. Essentially, users can program the protocol to mint a certain number of NFTs (X) with a given scarcity (Y). Likewise, developers can implement complex logic in a scalable manner through Kyro.
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The protocol uses proof-of-validity, which means that a user's digital assets can never be traded without the user's permission, essentially the same security measures used on the Ethereum main chain.
Token of IMX
Partnerships
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Partnerships
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ESL games
ESL Gaming intends to create a powerful NFT game platform, allowing e-sports fans and supporters around the world to exchange, buy and sell NFT game assets on the ESL Pro Tour. This partnership ensures that ESL Gaming gets the scale infrastructure it needs.
Ember Sword
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The upcoming MMOPRG will be migrating from Polygon to Immutable X as the company tries to meet its massive NFT scaling needs. Immutable X is expected to power over 48,000 Ember Sword NFTs by the end of the year.
Ember Sword has attracted players, with more than 35,000 of them committing $203 million to buy virtual land. The game also comes with a native token, Ember, that governs it.
OpenSea
Immutable X announced on Twitter in March 2021 that it will integrate with OpenSea, an NFT marketplace. “Users will enjoy a gas-free transaction experience without sacrificing the security of the Ethereum network,” the press statement said.
TikTok
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investor
As of this writing, Immutable has raised $42.5 million over 3 rounds of funding. Below are some of the most notable investors;
Naspers Ventures
Naspers Ventures is part of Naspers, the global Internet company. Naspers Ventures works with entrepreneurs to help them build leading technology companies in high-growth markets. The company looks for founders and entrepreneurs with high potential and scale globally.
Galaxy EOS VC Fund
Galaxy Digital and Block.one have partnered to launch the $325 million Galaxy EOS Venture Capital Fund, the "Fund". The fund identifies interactive entertainment platforms and seeks to facilitate the adoption of blockchain technology globally while still building on the EOSIO ecosystem.
BITKRAFT Ventures
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Immutable X is a solution that compliments Ethereum, not competes with it. The fact that Immutable X is Layer 2 of Ethereum ensures that users can still benefit from the security of Ethereum as they can conduct gas-free transactions, enjoy high liquidity and scalability.
