Immutable

<ul class="list-ic vertical">
 <li>1 <a>IMX is the native token of Immutable X which is used for various services and governance.</a></li>
 <li>2 <a>Immutable X is a Layer 2 scaling solution for NFT projects on the Ethereum Blockchain.</a></li>
</ul>
Immutable X was founded in 2018 by James and Robbie Ferguson along with Alex Connolly. This scaling solution on the Ethereum blockchain does not charge any gas fees and is very fast with the ability of 9000 transactions per second (TPS). For scalability and security, it uses zero-knowledge proof, Starkey. Due to all these qualities, it provides a seamless experience for non-fungible tokens including gaming assets.
This platform supports ERC-721 and ERC-20 tokens and is tradable via APIs. The Layer-2 solution focuses on security, reducing gas fees, and being user-friendly. Ethereum faces scalability challenges. The transaction costs and confirmation times have increased which makes it less efficient for users and developers. Immutable X provides a solution to these issues.
<h2 class="wp-block-heading" id="strong-what-is-a-layer-2-scaling-solution-strong">What is a Layer-2 Scaling Solution</h2>
Layer-2 scaling solution is built on the top of the blockchain. Immutable X is a Layer-2 scaling solution. These are on the top of the main blockchain help process transactions more easily and are cost-effective. This is possible by using zero-knowledge technology which bundles many transactions into a single batch, this reduces the gas fees and also increases the transaction throughput.
In simple words, it was created to increase the scalability of Ethereum and make it efficient for NFT projects. The minting and trading of digital collectibles have become easy due to this Layer-2 solution. It gives access to instant trades, games, and applications.&nbsp;
It maintains the high-end security of NFT projects through a well-organized decentralized ecosystem. The user can create and trade tokens like ERC-721 and ERC-20 at comparatively low fees. It is helpful for NFT developers as creating digital assets is simple and impactful. It is fully tradable through the API.
Immutable X works on zero-knowledge rollup (ZKRollup). It is a Layer 2 protocol for validating transactions on the <a href="https://www.thecoinrepublic.com/2023/07/08/top-5-decentralized-applications-on-the-ethereum-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Ethereum blockchain</a>. ZKRollup combines hundreds of transactions into a single zero-knowledge proof called the zkSTARK proof.
zkSTARK is a zero-knowledge, concise, and transparent knowledge discussion. This is a validation method in which the possession is proved without disclosing any important information.
After the transactions are assembled, the proof is sent to the Blockchain and validated by the smart contract. The smart contract of zkRollup maintains all the details of the transaction at Layer 2 so the evidence can be quickly checked because it does not contain the complete data for each transaction.
Hence, fewer computational and memory resources are required to validate the block. Because of this, there is a notable reduction in the gas charges and this offers high TPS.
<h3 class="wp-block-heading" id="strong-summary-strong">Summary</h3>
Immutable X is a Layer-2 solution that utilizes the zk-rollups for scalability. This allows easiness in trading. It has zero gas fees for trading and minting NFTs, thus being cost-effective. It has an energy-efficient design which helps create carbon-neutral NFTs.

Everything About Immutable X Layer-2 Solution and its Working

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Thecoinrepublic.com

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