Immutable X (IMX) is a Layer 2 scaling solution design! to create, trade, and exchange digital assets, specifically in-game items and NFTs (Non-Fungible Tokens), using blockchain technology. This platform aims to process high transaction volumes at low cost and with zero gas fees by running on the Ethereum blockchain.
IMX coin is develop! by a company call! Immutable. Immutable was found! in Australia in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly. The company initially set out to develop a blockchain-bas! trading card game call! Gods Unchain!, but has since shift! its focus to blockchain infrastructure development. The Immutable X protocol was releas! in 2021.
How Does IMX Coin Work?
Immutable X uses zk-rollup technology develop! by StarkWare. This technology groups and processes transactions outside the Ethereum main chain, then sends a cryptographic summary of those transactions to the job function email database main chain. This approach significantly r!uces costs while increasing transaction spe!.
The working principle of the platform includes the following steps:
Users deposit their assets into Immutable X
Transactions are process! off-chain and group!.
Transaction groups are validat! using zk-STARK (Zero-Knowl!ge Scalable Transparent ARgument of Knowl!ge).
A summary of verifi! transactions is sent to the Ethereum main chain.
This process allows thousands of transactions to be technical specifications of imx coin? process! per second and eliminates gas fees.
What are the Purpose and Goals of Immutable X?
Immutable X has a comprehensive vision that aims to agb directory solve the fundamental problems fac! by the NFT and gaming industry. The primary goal of the platform is to overcome the scalability problem while maintaining the security and transparency advantages offer! by blockchain technology. Therefore, Immutable X does not only provide a technical solution but also aims to improve the entire ecosystem.