Sun. Jun 16th, 2024

What is Immutable X?

Immutable X is a layer 2 scaling solution for ethereum, designed to address the limitations of the Ethereum network such as high transaction fees and slow confirmation times. Built by Immutable, the creators of popular blockchain game Gods Unchained, Immutable X aims to provide fast and secure transactions on Ethereum while maintaining its high level of decentralization.

How Does Immutable X Work?

Immutable X utilizes an innovative technology called zero-knowledge rollups. Instead of processing every transaction on the Ethereum network, Immutable X aggregates multiple transactions into a single proof and submits it to Ethereum. This allows for significant improvements in transaction throughput and reduces gas fees. Additionally, the use of zero-knowledge proofs ensures the privacy and security of transactions on Immutable X.

What Are the Benefits of Using Immutable X?

  • Scalability: Immutable X significantly increases the scalability of the Ethereum network by batching transactions into a single proof, enabling thousands of transactions per second.
  • Reduced Transaction Fees: By utilizing layer 2 scaling, Immutable X eliminates high gas fees associated with transactions on the Ethereum network, making it more cost-effective for users.
  • Fast Confirmation Times: With the aggregation of transactions, Immutable X achieves fast confirmation times, allowing users to experience near-instantaneous transaction finality.
  • Interoperability: Immutable X is compatible with existing Ethereum-based applications, meaning users can seamlessly transfer their assets and interact with decentralized applications (dApps) on the Ethereum network.

How to Use Immutable X on coinbase?

Currently, Coinbase supports Immutable X for the trading and storage of Immutable X tokens. To use Immutable X on Coinbase, follow these steps:

  1. Sign up or log in to your Coinbase account.
  2. Go to the Assets page and search for Immutable X (symbol: IMX).
  3. Select Immutable X (IMX) and click on the “trade” button to buy or sell IMX tokens.
  4. To store your IMX tokens, you can either keep them on Coinbase or withdraw them to an Ethereum-compatible wallet that supports Immutable X.

Conclusion

Immutable X on Coinbase provides users with a scalable, low-cost, and fast solution for conducting transactions on the Ethereum network. By leveraging zero-knowledge rollups, Immutable X offers improved throughput and reduced fees while maintaining the security and decentralization of Ethereum. As the demand for Ethereum-based applications continues to grow, Immutable X presents a promising solution to scale the network and enhance user experiences.

By

Leave a Reply

Your email address will not be published. Required fields are marked *