Immutable and IMX technical overview
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If we take a step back and have a look at immutable from a legal and entity perspective, there's three entities to be aware of. There's the Immutable group, which is the parent entity, and then two sub entities.
ImmutableX, which is the business that runs the ImmutableX blockchain itself. And then there's the Immutable Game studio, which is a web3
game developer and publisher. An important thing to understand with ImmutableX is that there is a utility token called IMX.
Now, if you've used Ethereum, you would be familiar with ETH, which is the utility token on Ethereum. IMX is the similar token on ImmutableX.
And the way that it's implemented is as an ERC-20 token that is actually hosted on Ethereum. Now there's three key things that you can do with the IMX token.
The first is that the IMX token is used to pay for 20% of the protocol fee for every trade that happens on ImmutableX.
Now, unlike other blockchains, where you then have to load this utility token into your wallet before you can transact, ImmutableX have made that
user experience much nicer and they automatically convert it for you in the background. And they do that by buying IMX tokens on the open market
using whatever currency that you traded with. Secondly, the IMX token can be used to get staking rewards. All IMX fees are sent to a staking reward pool,
and if you stake your IMX tokens, then that grants you the opportunity to earn rewards from that pool if you meet the eligibility criteria.
And finally, the IMX token can be used for governance, ImmutableX raises votes for key decisions that affect the future
of the ImmutableX blockchain. And you can use your IMX to participate in these votes. So we've talked about ImmutableX being a platform, but what does that mean?
What capabilities does it provide to game developers and the like as a platform? Well, ImmutableX contains a series of APIs that you can
use certain programming SDK to call so that you can implement ImmutableX functionality within your application, be it a game or otherwise. And there's two types of building blocks that
it provides. The first is user transactions. So these are transactions that you can trigger for an end user to sign with
their wallet. And then the second one is retrieving data, which allows you to then show certain bits of information within your application. So if we start by looking at the user transactions, some of the things that we can do
include Minting ERC-721 NFTs. We can create orders and trades so that those NFTs can be
purchased. We can transfer and trade ERC-721 NFTs and ERC-20 fungible tokens.
And we can deposit and withdraw both ERC-721 NFTs and ERC-20 fungible tokens from and to the underlying
Ethereum blockchain. The building blocks for retrieving data include APIs that let you get details about NFTs on ImmutableX, details about orders
and trades, and details about users. Finally, let's have a look at the technical capabilities that the ImmutableX blockchain provides.
First and foremost is the rather impressive 9000 transactions per second, which gives you a sense of the overall capacity of the ImmutableX blockchain.
Next is the fact that when you mint list or transfer tokens, you don't pay any fees. Those are free operations and there are also instant operations.
If you want to buy an NFT, then there's a 2% protocol fee that gets charged along with any other marketplace or royalty fees.
The way that Ethereum is implemented is using StarkWare zero knowledge roll ups. That's the technology that provides that Layer 2 capability.
It allows for self-custodial wallets in the same way that Ethereum does. And in fact, it uses some of the same wallets as Ethereum.
It provides a block explorer called Immutascan that lets you see all of the transactions that occur on the ImmutableX blockchain.
Finally all NFTs that are traded on ImmutableX are carbon neutral. Thanks for joining me for this lesson.