Easy way to Buy Immutable(IMX) Online with Wigwam crypto app

Immutable (IMX) Tokens 

IMX is an ERC-20 utility token of Immutable X, a Layer-2 scaling solution for Ethereum Blockchain, designed specifically for NFT transactions, offering a scalable and cost-effective way for users to mint, buy, sell, and trade NFT.

The blockchain was cofounded by James Ferguson, Robbie Ferguson, and Alex Connolly and launched in 2021, intending to build a solution that supports millions of NFT transactions per day and consumes less than 30% of Ethereum’s capacity offering massive scalability and carbon neutrality.

IMX token is utilized for many services such as staking, governance, and transaction fees. 

About Immutable X

Immutable X is a Layer-2 scaling solution for Ethereum, built on top of Polygon’s zkEVM, it utilizes zkRollups to execute a large bundling of transactions off-chain and then encapsulate them back onto the Ethereum blockchain. This utilization of rollups increases processing speed and lowers the transaction fees, meanwhile relying on Ethereum for security.

The blockchain offers zero gas fees for minting, trading, and selling NFTs, with quick trade confirmation, and scalability as it can process up to 9,000 transactions per second(TPS).

Immutable X uses a combination of Byzantine Fault Tolerance(BFT) and Proof-of-Stake(PoS) consensus. Proof-of-Stake (PoS) allows validators to create new blocks based on their stake, and BFT requires all nodes to communicate with each other nodes to confirm the validity of data. This combination of algorithms ensures the integrity and consistency of the ecosystem.

IMX Token Use Cases

The IMX tokens are an integral part of the Immutable blockchain and they play a crucial role in its ecosystem, providing utility and functionalities such as:

Transaction Fees: Immutable X doesn’t charge gas fees for NFT trading and minting but a 2% protocol fee is applied to every transaction processed. This fee is utilized to reward the validators as it is transferred to the rewards pool.

Staking: IMX token holders can participate in the consensus through staking. Immutable X follows a 14-day staking cycle, meaning IMX tokens are staked for 14 days and users can opt to receive their rewards or restake their tokens after 14 days to compound their tokens.

Goverance: IMX token holders can participate and vote in the Immutable X governance proposals, allowing them to shape the future of its ecosystem. The voting power is proportional to the number of tokens, meaning the more tokens a voter holds, the more value his vote holds.

Economic value

IMX has a total maximum supply of 2,000,000,000 IMX out of which 1,321,989,537 IMX are in circulating supply. More than 50% of the supply is deployed into its ecosystem for daily user rewards, developer grants, and liquidity. Users can earn IMX tokens by trading NFTs or by staking in the 14-day cycle. 

Immutable recently offered promotional distribution of IMX for various actions that were beneficial to the Immutable X ecosystem, such as users who connected their wallets to the Gods Unchained games, held a Gods Unchained NFT in their Immutable X wallet, and played at least one multiplayer game were eligible to receive IMX tokens via a promotional airdrop. 

To control the price of IMX, Immutable X employs a governance system where IMX holders can vote on grant proposals and implement features that could increase the demand for IMX tokens, raising its value.

Challenges

IMX tokens work on a layer-2 blockchain and rely on Ethereum for security, although Ethereum is considered a secure blockchain, it has faced cyber attacks in the past, in such cases Immutable will be indirectly affected. 

It is worth noting that Immutable X focuses on NFTs, it provides a simple API for minting and trading of NFTs. But many reliable and well-known layer-2 solutions aren’t limited to NFTs and offer many other services with their well-known native tokens, and are giving tough competition to IMX.