Since unveiling the first digital paperless decentralized asset Bitcoin, this has opened up a new wave of digital currency such as Immutable X, leading to a big upset for major centralized financial systems like commercial banks.
Although the emergency of this new digital asset has struggled over time, with many experts struggling to accept and trust the project because of its decentralized nature and this hasn’t stopped its mass adoption as many other great projects have bought into its ideas and have sought to find solutions to human problems on the blockchain as this has resulted in the project becoming a billion-dollar industry.
The blockchain and cryptocurrency industry has evolved and produced different trends paving the way for development, such as decentralized finance (DeFi), stablecoins, Non-fungible Tokens (NFTS), Gamefi, decentralized identity, and of course, the emergences of artificial intelligence (AI) but has struggled to solve major problems such as scalability and security.
Non-Fungible Tokens allow users to acquire exclusive digital collectibles, such as art, merchandise, signatures, and many other things, using non-fungible tokens. These tokens can be purchased, traded, and monetized to generate significant profits.
The emergence of NFT in recent years has brought the likes of Immutable X to the foresight of the crypto industry after the famous Yuga labs struggled with scalability during the sale of its Otherside NFT, leading to the collapse of Ethereum network, highlighting the need for scalability, security, cheaper transaction fees when demand is excessive.
What Is Immutable X (IMX)
A layer 2 scaling solution built on the Ethereum network to enhance scalability and decentralization of created NFT projects while ensuring zero transaction fees is known as Immutable X with its governance token IMX.
Many projects have accepted the coming of Immutable X as a game changer as a result of its introduction of a new paradigm called zero-knowledge proof technology (ZK-proof) to approach the problems the blockchain industry is facing.
The unique architecture of ZKRollups that involves zero gas fees, carbon neutrality, and the ability to process 9000 transactions per second (TPS) while trading and minting NFT collectibles has made IMX technology a standout in the industry.
StarkWare’s zero-knowledge-proof technology provides many game developers and NFT creators an unmatched throughput with zero gas fees. This platform allows trading, minting, and even the creation of in-game assets for a better user experience.
How Does It Work?
Immutable X is a scaling technology built with Zero-Knowledge Rollup (ZK-Rollup) on the Ethereum network. It enables the validation of thousands of transactions by consolidating them in the zkSTARK proof. Zk-STARK stands for zero-knowledge scalable transparent arguments of knowledge.
The validation process employed by this technology is to enable high throughput at zero gas fees without disclosing sensitive information.
Transactions are stacked and sent as proof to the blockchain to be validated by smart contract enabling ZKRollup to validate transactions as a Layer 2 technology making verification faster in the block. The technology employed by Immutable X makes it acceptable for NFT minting, trading, and creation of gaming assets.
During peak trading hours on Ethereum, network congestion is a problem that the solution aims to fix. High scalability enables rapid and cost-effective processing of large volumes of transactions.
Image from Binance