If you’ve ever wondered how blockchain technology is changing the gaming industry, look no further than Immutable X. This company, founded in 2018, is revolutionizing the blockchain gaming experience by offering a suite of products designed to enhance gameplay and make transactions more efficient. One of its flagship products, Immutable X, is a layer 2 scaling solution built on zk-STARK technology. It aims to increase the transaction rate on Ethereum while lowering gas fees, making it more practical and cost-effective for gamers. In addition to Immutable X, the company offers various other products such as a crypto wallet, marketplaces, data APIs, and blockchain developer tools. With its focus on improving the gaming experience and expanding the capabilities of blockchain technology, Immutable is at the forefront of innovation in the industry.
Introduction
Layer 2 scaling solutions (L2s) have become an important development for Ethereum because they help increase the transaction rate while lowering the gas fees, making it more efficient to use the blockchain. These solutions are especially important for projects that rely on multiple, frequent transactions—like blockchain gaming. Imagine if every decision, move, and purchase of in-game items incurred gas on the main Ethereum chain, it would quickly become too costly to play even the simplest of games.
Immutable X Layer 2 Solution
Overview of Layer 2 scaling solutions
Layer 2 scaling solutions are technologies that aim to solve the scalability issues of blockchain networks like Ethereum. By implementing these solutions, developers can increase the transaction throughput and reduce transaction fees, making decentralized applications (DApps) more practical and user-friendly.
The need for layer 2 solutions in blockchain gaming
Blockchain gaming relies heavily on frequent transactions and the ownership and trading of in-game assets. Without layer 2 solutions, the gas fees associated with these transactions would make blockchain gaming too expensive and impractical for users. Layer 2 solutions like Immutable X address this problem by providing a more efficient and cost-effective way to handle transactions within the gaming ecosystem.
Introduction to Immutable X
Immutable X is a layer 2 scaling solution built on zk-STARK technology. It is designed specifically for web3 gaming and the creation and trading of non-fungible tokens (NFTs). By leveraging zk-rollup technology, Immutable X offers fast and cheap transactions while maintaining the security and decentralization of the Ethereum network.
Benefits of Immutable X for web3 gaming and NFTs
Immutable X brings several benefits to the web3 gaming and NFT ecosystem. First, it significantly reduces gas fees, making it more affordable for users to interact with blockchain games and trade NFTs. Second, it improves scalability, allowing for a higher transaction throughput and better user experience. Finally, it ensures the security and decentralization of transactions by leveraging zk-STARK technology.
Immutable’s Product Suite
Overview of Immutable’s other products
In addition to Immutable X, Immutable offers a range of other products to support the blockchain gaming and NFT ecosystem. This includes a crypto wallet, marketplaces, data APIs, and several blockchain developer tools. These products are designed to provide a seamless and comprehensive infrastructure for developers and users to interact with blockchain games and NFTs.
Partnership with Polygon for zkEVM
Immutable has also partnered with Polygon, a leading layer 2 scaling solution, to develop another layer 2 solution called zkEVM. This solution incorporates Ethereum’s Virtual Machine functionality, allowing developers to write and interact with custom smart contracts. This partnership expands the offerings of Immutable and provides developers with more options when building decentralized applications.
Expanded offerings and partnerships
Immutable has been continuously expanding its product suite and forming partnerships to enhance the web3 gaming and NFT ecosystem. One notable partnership is with Disney, which announced it would be releasing NFTs on a platform built on Immutable X. Additionally, Immutable has received funding from companies like Tencent and Animoca Brands, further validating its innovative solutions in the blockchain gaming space.
Development of Immutable
The founding of Immutable as Fuel Games
Immutable was initially founded in 2018 under the name “Fuel Games” by James Ferguson, Robbie Ferguson, and Alex Connolly. The founders saw the potential of blockchain technology in gaming and created the popular blockchain-based card game called Gods Unchained.
The creation of Gods Unchained
Gods Unchained quickly gained popularity and had a significant impact on Ethereum gas fees due to the large number of transactions associated with the game. This prompted the founders to explore solutions to improve the blockchain gaming experience, eventually leading to the creation of Immutable X.
Adoption of zk-rollup technology
To address the scalability and cost issues in blockchain gaming, Immutable partnered with StarkWare Industries, an Israel-based company specializing in zero-knowledge proof technology. Leveraging StarkWare’s zk-rollup technology, Immutable X was developed to provide a scalable and cost-efficient layer 2 solution for web3 gaming and NFTs.
Partnerships and funding rounds
Immutable has secured partnerships with industry-leading companies and attracted significant funding to support its development and expansion. One notable partnership is with Polygon for the development of zkEVM. Moreover, funding rounds led by Tencent and Animoca Brands have valued the company at $3.5 billion, highlighting the recognition and support Immutable has received within the blockchain gaming industry.
Overview of Immutable X
Immutable X is a layer 2 scaling solution based on zk-rollup technology. It aims to provide a fast, cost-efficient, and secure platform for web3 gaming and the creation and trading of NFTs. By leveraging zero-knowledge proofs, Immutable X reduces transaction fees and increases transaction throughput without compromising the security and decentralization of the Ethereum network.
Design and Components of Immutable X
StarkWare’s zk-rollup technology
StarkWare’s zk-rollup technology is at the core of Immutable X’s design. It enables the batching of multiple transactions, reducing the number of interactions with the Ethereum main chain and resulting in lower gas fees. By generating computational proofs of transaction validity, StarkWare’s technology ensures the integrity and security of transactions on Immutable X.
The role of Link in transaction communication
Link serves as a mediator between Ethereum and Immutable X, facilitating secure transaction communication. Users can sign transactions using their Ethereum wallets, and Link ensures that these transactions are routed through Immutable X’s STARK-based infrastructure with unique cryptographic keys. This ensures the seamless integration of Immutable X with the Ethereum network.
Fee structure on Immutable X
Immutable X employs a fee structure to sustain its operations and incentivize participants. Every NFT trade on Immutable X incurs a 2% fee, which contributes to the platform’s sustainability and development. Additionally, market participants can set “maker” and “taker” fees, and NFT creators can add royalties to their creations. This fee structure promotes a vibrant marketplace for NFTs on Immutable X.
Immutable zkEVM
Incorporating Ethereum’s Virtual Machine
Immutable zkEVM is another layer 2 solution developed by Immutable in partnership with Polygon. It incorporates Ethereum’s Virtual Machine functionality, allowing developers to write and interact with custom smart contracts. This integration provides developers with more flexibility and enables seamless compatibility with existing Ethereum tools and infrastructure.
Interacting with smart contracts on Immutable X
Smart contracts deployed on Immutable X operate in a unique manner compared to the Ethereum main chain. Instead of launching smart contracts directly on Immutable X, developers launch them on Ethereum’s L1 chain and register them with Immutable X. This ensures the compatibility and interoperability of smart contracts between Immutable X and the broader Ethereum ecosystem.
Comparison to Ethereum main chain
While Immutable X aims to provide a gas-free experience, using Immutable zkEVM incurs small gas fees similar to those on the Ethereum main chain. However, these fees are significantly lower, making transactions on Immutable zkEVM much more cost-effective. Users can still enjoy the benefits of layer 2 scalability while leveraging the features and functionality of Ethereum’s Virtual Machine.
Utility of IMX Token
Token usage for protocol fees
IMX is the native cryptocurrency of Immutable X and is primarily used to pay for protocol fees. These fees are incurred when transacting with NFTs on Immutable X and contribute to the sustainability and development of the platform. By using IMX tokens for protocol fees, users can unlock the benefits of Immutable X and enjoy a seamless and cost-effective blockchain gaming experience.
Staking and rewards
IMX token holders have the opportunity to stake their tokens and receive additional rewards. By staking IMX, users contribute to the security and governance of the Immutable X ecosystem. Stakers receive periodic rewards from the staking rewards pool, which incentivizes participation and provides an additional benefit for holding IMX tokens.
Participation in community governance
IMX token holders also have the ability to participate in community governance. This means that they can actively engage in the decision-making process regarding the future development and direction of the Immutable X platform. This governance feature gives IMX token holders a voice and allows them to shape the ecosystem according to their interests and preferences.
Conclusion
Immutable X is a layer 2 scaling solution that has revolutionized the blockchain gaming and NFT ecosystem on Ethereum. By leveraging zk-STARK technology, Immutable X provides a fast, cost-efficient, and secure platform for web3 gaming and the creation and trading of NFTs. With its suite of products and partnerships, Immutable has established itself as a leader in the blockchain gaming space. The utility of the IMX token further enhances the ecosystem by allowing users to pay for protocol fees, stake their tokens for rewards, and actively participate in community governance. As the adoption of blockchain technology continues to grow, Immutable X is well-positioned to drive the future of web3 gaming and NFTs.
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