What is NFT and why we can use it to store digital assets detailed description is given below?
What is NFT?
A non-fungible token is a digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that proves the ownership and authenticity of a specific digital asset.
What Is Immutable
Immutable X is an Ethereum-based layer-2 scaling solution for NFTs. It offers near-zero gas prices and rapid trade confirmation for minting and trading NFTs. Users can simply construct and trade NFTs without putting their investments at risk.
To achieve scalability, Immutable X employs a Zero-Knowledge Rollup engine. It is capable of processing up to 9,000 transactions per second. Immutable X’s shared global NFT order book can help NFTs expand their liquidity and trading volume. NFTs can be bought and sold on any Immutable X marketplace.
IMX is a utility and governance token based on the ERC-20 standard. It’s used to pay transaction fees and incentivize Immutable X users and developers. Staking and participating in the platform’s governance might offer token holders incentives.
Introduction
Trading and minting NFTs on Ethereum can be costly, especially when the network is busy. To have their transactions processed swiftly, users must pay higher gas prices. Minting transactions frequently fail, resulting in huge losses.
What is Immutable X?
Immutable X is an Ethereum-based layer-2 scaling solution for non-fungible tokens (NFTs). Its goal is to make Ethereum more scalable and user-friendly.
James Ferguson, Robbie Ferguson, and Alex Connolly launched Immutable X in 2018. It provides near-zero gas prices for minting and trading NFTs, as well as rapid transaction confirmation. Users can simply produce and exchange ERC-721 and ERC-20 tokens at a lesser cost while maintaining asset security.
How does it work?
Immutable X is based on the Zero-Knowledge Rollup (ZK-Rollup) scaling technology, which is a layer-2 protocol for validating transactions on the Ethereum blockchain.
ZK-Rollup groups hundreds of transactions into a single zero-knowledge proof known as the zk-STARK proof, rather than adding each transaction to the blockchain. The acronym Zk-STARK stands for zero-knowledge succinct transparent knowledge arguments. It’s a means of proving ownership of certain knowledge without disclosing any information about it. It has the potential to improve the privacy and security of Immutable X transactions.
The proof is published to the blockchain and confirmed by a smart contract after batching the transactions. Because the ZK-Rollup smart contract does not include the whole data of every transaction, it keeps all transaction details on layer 2 so that the proof may be promptly confirmed. The amount of CPU and storage resources needed to validate a block will be reduced as well. This is how Immutable X can handle up to 9,000 transactions per second (TPS) while lowering gas costs dramatically. Immutable X transactions have no gas prices for end-users.
Immutable X users who trade or mint NFTs are completely carbon-neutral. On Ethereum, minting 8 million NFT trading cards for the play-to-earn game Gods Unchained would use around 490 million kWh (490 MWh). Immutable X needed just 1,030 kWh to mint the same quantity of NFTs with ZK-Rollup compressing the data required for minting, which is 475,000 times less energy use. Carbon credits are used to offset the residual energy use.
Immutable X also has a set of strong REST APIs that may be used to ease complex blockchain interactions. Users can simply produce and transfer NFTs via API calls rather than directly interacting with smart contracts. Developers may simply incorporate the APIs and Wallet into their systems using Immutable X’s basic software development kits (SDKs). This will enable them to create NFT products like play-to-earn games in a matter of hours rather than weeks.
Immutable X provides a global order book that allows NFTs to be bought and sold on any marketplace that uses their scaling technologies to facilitate a third-party NFT marketplace ecosystem. This means that orders placed in one marketplace can be fulfilled in another, thereby boosting NFT trading volume and liquidity. All desktop Ethereum wallets are also supported by Immutable X. Users can trade NFTs across several NFT-enabled crypto wallets without having to move their assets between networks.
IMX Definition
IMX (TV series), or Interactive Music Exchange, was an American music television program that aired from 2003 to 2004. Immature is the name of an American R&B band called IMX.
What is IMX?
Immutable X’s native token is IMX. It’s an ERC-20 utility and governance token with a total quantity of 2 billion coins. Immutable X uses IMX to pay transaction fees and incentivize users and developers. They can earn IMX tokens by helping to grow the platform by trading NFTs and developing applications.
As a utility token, IMX allows token holders to participate in reward pools and collect rewards. They can also contribute to Immutable X’s governance by submitting and voting on community suggestions. The more IMX coins they own, the more votes they can cast.