What is Immutable X and what are the advantages of the project. Token IMX and its value
Immutable X is a solution for scaling, i.e. quick sale with low fees, non-interchangeable tokens (NFT).
How Immutable X Works
The platform contains three main elements:
- platform (the main part of the system for working with NFT);
- token to reward users;
- marketplace for free placement and trading of NFT.
The platform works on the basis of Ethereum and is an add-on on its blockchain with zero commissions for carrying out any actions with NFT. Thus, a fairly frequent situation is excluded at sites working with NFT, when the commission for the sale may exceed the value of the object being sold.
Advantages of Immutable X
Immutable X unites many different platforms and exchanges. To work, the user must have a crypto wallet in the browser. The Goerli network must be selected in the wallet settings. At the moment, the platform supports the MetaMask browser wallet (installed from the meta website mask.io ).
The advantages of the site include the absence of gas fees, instant confirmation of transactions, and security. The speed of operation is 9,000 transactions per second, which is significantly higher than this figure for Ethereum.
Similar projects work on their own blockchains, which makes it difficult to transfer ready-made projects on Ethereum to them. Such difficulties do not exist for Immutable X.
Security is provided by private keys that are generated in a crypto wallet linked to the platform.
IMX is a platform token and performs several functions: payment of commissions, stacking. According to the protocol, 20% of any transaction must be paid by IMX. If the user does not have these tokens, they are automatically purchased for Ethereum during the transaction.
All IMX received for transactions fall into a common pool and are then distributed among users in proportion to the number of bets placed on the token.
In addition, it is a management token. This means that IMX holders can vote with tokens for the direction of the project development.
Tokens are traded on many cryptocurrency exchanges.
How to trade on Immutable
First of all, you need to go to the platform’s website and link a cryptocurrency wallet (Connect Wallet tab). It is recommended to carefully read the rules of the site before linking the wallet. Authorization takes place using the wallet.
After authorization, you can start trading.
Although all internal transactions take place without commission, you will have to pay extra for replenishing your wallet on the platform and withdrawing funds in ethereums. Therefore, it is better to accumulate and withdraw relatively large amounts.
Immutable X forecasts and prospects
The main direction of Immutable X is gaming NFT. The development team is also developing its own game projects. To attract the attention of young users, the platform places various advertising materials on the popular TikTok social network.
However, the platform is flexible enough, if necessary, it can be easily rebuilt for other directions.
Published: 12 January, 2023