Since the first NFT was released in 2014, non-mutualizable digital assets have started to gradually gain popularity among artists, crypto investors, celebrities, and other blockchain market users.
In 8 years, NFT technology has gained incredible popularity around the world, which has led to many challenges. One of the main problems is the scaling of blockchains and the high cost of transactions. This especially affected the Ethereum network, which is currently considered the most iconic and popular in the NFT industry. The Layer2 model came to the rescue of users, which solved the scaling problem and was also able to provide instantaneous transaction speeds.
What is Immutable X?
Immutable X is a Layer2 scaling solution created for NFT projects on Ethereum. The main functionality and benefits are available on the platform, convenient and fast launch of projects, as well as transaction speed and zero fees.
Immutable X helps solve many problems, the main one being the cost of Ethereum blockchain commissions. Layer 2 technology is essentially an additional protocol based on top of the blockchain. It increases blockchain throughput without compromising security or decentralization.
The platform also has its own ERC-20 token, IMX. Its purpose is to improve the NFT verification process, which is very useful for both developers and NFT creators.
How does Immutable X work?
The protocol ecosystem contains many different cryptocurrency technologies, the main one being the accumulation bundle, which is a standard layer 2 protocol. It is used to verify transactions on the Ethereum network. This technology eliminates the need to add all transaction data directly to the blockchain.
Instead, it combines many individual transactions into a single zero-disclosure confirmation called ZK-STARK. The ZK-STARK validation method confirms that the information in the blockchain is available without revealing the content. This means that the confirmation of transactions is done with enhanced security.
After the transactions are bundled together, the confirmation is sent to the blockchain and further verified by the smart contract. The smart contract already keeps track of all the transaction details stored in the second layer of the blockchain.
Because of this arrangement of the technology, fewer resources are required for both storage and computation to verify the entire transaction block. Immutable X can verify more than 9,000 transactions per second, which can significantly reduce gas fees.
In addition, all NFTs traded or created through Immutable X are 100% green. The data compression required for the creation process consumes significantly less energy.
Immutable X now supports all non-custodial EVM format wallets. Users can easily trade NFTs without having to transfer their assets via cross-bridges.
ZK-Rollup mechanism
Immutable X is one of the first protocols to utilize ZK-Rollup technology while focusing only on NFT projects. The platform combines a checkout model with exchanges specifically for NFT. The accumulation packages provide users with a user-friendly and highly scalable experience while maintaining high security. With ZK-Rollup technology, thousands of transactions can be aggregated for fast verification.