Bitcoin goes down, Altcoins go up! This is the way… Some great projects returned solid gains for those diversifying their portfolio. With The Sandbox, Crypto.com, Elrond, and Link gaining 50%+ returns this week it’s nice to see some actual working products moving closer to the front. One that fell just shy of this week’s top earners with slightly less than 50% returns is the topic of today’s discussion with the new NFT Marketplace Immutable X.
Introduction
Immutable X is the first layer two scaling solution for NFTs on Ethereum to enable instant trading, massive scalability. zero gas fees for minting or trading, and without compromising a user or asset security. Immutable X is the most technically advanced solution developed with StarkWare’s powerful STARK prover and rollup technology. Immutable believes NFT users and developers shouldn’t have to choose between the security and network effects of Ethereum or creating a world-class experience for their users. Immutable X enables projects to build on Ethereum with a better developer and user experience. One of the key advantages of Immutable X is that assets can be minted entirely in layer two while retaining the security of layer one. Unlike other NFT scaling solutions, Immutable X provides a shared global order book to facilitate protocol liquidity. This means that orders created on one marketplace can be filled on another to promote more effective marketplace bootstrapping and price discovery. Allowing NFT marketplaces to be built on Immutable X without requiring any backend services. Immutable X will offer a platform that is fully compliant and capable of being the trusted partner of institutional projects, in order to retain them on Ethereum and scale to the next step.
Immutable X is built with some fairly simple core elements behind it. By combining NFT-specific exchange and proof logic with the cutting-edge rollup technology developed by StarkWare creates some of the most advanced tools for trading NFTs ever built. Rollups allow for world-class scalability and user experience while retaining the underlying security of Ethereum. They do this by batching large numbers of transactions, generating a “validity proof” for those transactions, and then submitting that proof to an L1 smart contract. Immutable X’s rollup allows for more than 9,000 NFT transfers, trades, and mints per second, meeting and exceeding the scale required by some NFT projects. To make building NFT applications easier, Immutable X wraps this scaling engine in a set of powerful REST APIs. On Immutable X, every interaction, from minting to trading and transferring, is as simple as an API call. Converting complex asynchronous blockchain interactions, which can take minutes or hours, into synchronous REST API calls, is a powerful upgrade to existing blockchain development paradigms. Without the need to interact directly with smart contracts, new entrants in the space, such as established gaming and content companies can launch better projects, faster. Unlike other blockchains or sidechains, Immutable X currently supports all desktop Ethereum wallets without forcing the user to switch networks. The protocol provides an intermediate layer called a “Link” which enables an NFT-specific wallet experience of superior quality. This also allows Immutable X to support a thriving third-party…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
