Immutable X is a Layer 2 scaling network built on top of Ethereum , the leading blockchain for decentralized applications. Developed by the company Web3 Immutable through technology created by StarkWare, Immutable X uses the native ERC-20 token IMX and hosts a number of different blockchain games on its network such as Gods Unchained, Guild of Guardians, Illuvium and Ember Sword, among others.
While Ethereum advocates argue that its mainnet is one of the most decentralized and secure of all cryptocurrencies, it has also historically suffered from high Gas Price and time-consuming maintenance. conduct transaction. This has long caused friction as Non-Fungible Token creators like those behind CryptoKitties used to clog the mainnet with their digital cats and make it virtually unusable.
Because Non-Fungible Token – unique blockchain Token denoting ownership – are now essential for blockchain games, most game developers cannot build on the Ethereum mainnet. That's where Layer 2 solutions like Immutable X come in, plus Immutable is expanding with another new zkEVM extension network.
Immutable X is a gaming-focused protocol built on top of the security of the Ethereum mainnet but with lower transaction speeds and costs than Layer 2 scaling networks. In other words, it provides additional benefits on the Ethereum mainnet.
According to Immutable X's whitepaper , the network allows users to make transactions with zero Gas Price. This is partly possible thanks to Zk rollup enabling over 9,000 Non-Fungible Token transactions per second.
Immutable is the main Web3 company behind the Immutable X protocol. It is both a blockchain developer and a game publisher. Immutable developed the Non-Fungible Token card battler Gods Unchained and is publishing the Vai RPG Guild of Guardians.
According to Crunchbase data, Immutable has raised nearly $280 million in funding from 32 investors as of January 2024, with companies such as Tencent, GameStop Digital Ventures, King River Capital and investment fund Alameda Research currently do not live.
The team behind the project includes:
Immutable X supports all Ethereum wallets, such as MetaMask and Coinbase Wallet. Users can also create an Immutable Passport for online transactions. Immutable Passport is designed to be a more affordable and accessible cryptocurrency wallet for gamers, while also providing a unified identity across games.
The protocol itself resides on the Ethereum mainnet, allowing Immutable X to leverage the decentralization and security of the mainnet to complete transactions. But because Immutable X uses zk rollup , its transactions on the Layer 2 network can still be fast and cost-effective.
Immutable has built many REST application programming interfaces (APIs) , meaning they are APIs that comply with a specific set of architectural standards. Immutable's REST API means transactions can involve an API call, which takes less time than participating directly in the protocol via a smart contract.
Some main products of Immutable X:
Several different Non-Fungible Token marketplaces and game developers have chosen to offer their products and services on Immutable X. In June 2022, Immutable Ventures launched a massive $500 million fund to invest invest in Web3 game projects being built on Immutable X and also to provide more developers with funding.
Rarible, Mintable, NFTrade, TokenTrove, OKX and Kinguin are Non-Fungible Token marketplaces using Immutable X. Traditional video game retailer GameStop also launched its Non-Fungible Token marketplace on Immutable X in 2022, but has since stopped using its own cryptocurrency wallet and announced it would close the market in February 2024.
Games like IMVU, Guild of Guardians, Habbo , Cross the Ages , Undead Blocks , Ember Sword, Planet Quest, Gods Unchained , WAGMI Defense, and Tiny Colony are building their Web3 elements on Immutable X.
As the world of Web3 gaming heats up, Immutable X faces competition with other blockchains such as Polygon , Avalanche , Arbitrum Nova , Sui and Solana to deliver fast and seamless gaming experiences.
Immutable is developing more than just Immutable X as its Ethereum gaming platform expands. In March 2023, the company announced that it was working with competitor Polygon to develop a new Immutable zkEVM scaling network that combines Polygon zkEVM technology with Immutable's gaming platform.
Several games have announced that they will use Immutable zkEVM , from MetalCore to Shardbound and Elemental Knights . According to a post on the Immutable blog, the zkEVM network offers native compatibility with Ethereum Virtual Machine smart contracts, potentially making it easier for developers to migrate from the EVM chain and use a variety of third-party tools.
Users holding IMX Token will have the following benefits:
IMX is allocated as follows:
As the Immutable platform has grown, the IMX Token has become the most valuable game Token as of this writing, with a market Capital of over $2.6 billion. That makes it the 36th largest cryptocurrency by market Capital according to data from CoinGecko, as of January 29, 2024.
Source: Coingecko
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