What is IMX coin? Learn what IMX coin is in one minute

Immutable X (IMX) offers near-zero gas fees, instant transaction finality, and carbon neutrality, making it a scalable protocol for NFT transactions in gaming, digital collectibles, and supply chain tracking.

Oct 16, 2024 at 11:42 pm

What is IMX Coin? A Comprehensive Overview

1. Definition
Immutable X (IMX) is a decentralized Ethereum-based protocol designed for scaling non-fungible token (NFT) transactions. It offers near-zero gas fees, instant transaction finality, and carbon neutrality, making it suitable for mainstream adoption of NFTs.

2. Background
IMX was launched in March 2021 by Immutable, a blockchain technology company focused on gaming and digital collectibles. The protocol was created to address the scalability and cost challenges faced by NFTs on the Ethereum network.

3. Key Features

Near-zero Gas Fees: IMX leverages a StarkWare-based rollup technology called zk-STARKs, which bundles multiple transactions into a single on-chain proof. This significantly reduces the computational costs of NFT transactions, allowing for near-zero gas fees.
Instant Transaction Finality: Unlike Ethereum's slow confirmation times, IMX transactions are finalized almost instantly. This ensures that NFTs can be transferred, traded, and utilized in games and other applications in real-time.
Carbon Neutrality: IMX has partnered with KlimaDAO to offset the carbon footprint of its network. As a result, all IMX transactions are carbon neutral.

4. Use Cases
IMX is primarily used for scaling NFT transactions in various applications, including:

Gaming: IMX is integrated into popular blockchain games such as Gods Unchained and Guild of Guardians, enabling players to seamlessly buy, sell, and trade in-game items as NFTs.
Digital Collectibles: IMX facilitates the creation, ownership, and trading of digital collectibles, such as artwork, sports memorabilia, and music recordings.
Supply Chain Tracking: IMX can be utilized to track the authenticity and provenance of physical goods, from raw materials to finished products.

5. Governance
IMX's governance token, also called IMX, is used to incentivize participation in the network and govern its future development. Token holders can participate in voting on protocol upgrades, fee structure adjustments, and other key decisions.

6. Ecosystem
IMX has a growing ecosystem of partners, including game developers, NFT marketplaces, and custodial solutions. This collaboration aims to expand the adoption and utility of NFTs across various industries.

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