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⚡ What is immutable x (IMX)?-------------------------------
Immutable X is a layer-two solution secured by Ethereum, focusing on NFT minting and Web3 games. It is powered by StarkWare, a scaling solution for Ethereum that allows Immutable X to offer gas-free minting of NFTs. According to the official website, at the time of writing, over 33 million NFTs have been minted gas-free in 2022. Immutable X has also enabled over seven million NFT trades in 2022 and saved 2.7 billion kWh compared to proof-of-work solutions.
Immutable X focuses on the emerging GameFi sector. Besides gas-free minting, it strives to appeal to mainstream gamers through its custom wallet UX with integrated credit card payment. For builders, Immutable X offers expert support and simple APIs and SDKs to allower faster launching of new games. Furthermore, it offers a global order book, which instantly propagates NFTs to every marketplace in the blockchain's network.
The blockchain is based on a zk-rollup scaling engine developed in partnership with StarkWare and using the StarkEx prover and verifier. Immutable X is confident that zk-rollups will play a significant role in the future of Ethereum since, according to Vitalik Buterin, "the Ethereum ecosystem is likely to be all-in on rollups as a scaling strategy for the near and mid-term future."
In zk-rollups, users lock assets in on-chain smart contracts, which are subsequently traded on the layer-2 chain and grouped in batches for validity proof on the L1 chain. This proof is then published on-chain and verified by a smart contract, updating the on-chain state.
This scaling technology allows assets to be minted on the second layer without compromising the security of the first layer. It does away with several limitations of NFT-related protocols and projects based directly on Ethereum.
For instance, unlike NFT projects on the layer-one chain, Immutable X does not suffer from low scalability and can process more than 9,000 transactions per second. It also offers a massive upgrade in the user experience, with NFT wallets directly integrating credit card payments. Finally, its simple APIs and platform-specific SDKs make the developer experience much smoother.
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⚡ Our videos ARE NOT financial advice-----------------
The information presented in this video is for educational and entertainment purposes only and is not financial advice. I am not a financial advisor. Trading can result in loss of funds. Individuals must consider all risk factors including their own personal financial situation before trading. All individuals are responsible for their own trades and investments. CryptoOK and affiliates are not responsible for individual loss due to poor trading decisions or any other actions which may lead to loss of funds.
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#bitcoin #btc #imx #crypto
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