What is IMX? Introducing and reviewing the first Atrium second layer solution for the NFT ecosystem

Atrium Blockchain is one of the most popular Chinese blockchain platforms available, which always suffers from high network traffic and low network speed due to hosting smart contracts and a wide range of decentralized applications and tokens. For these reasons, solving the problem of scalability in the atrium is of great importance.

Although there are first-tier solutions in the atrium ecosystem that contribute to the scalability of this blockchain, as the atrium ecosystem grows, newer problems and obstacles arise; Problems, most of which are related to the speed of transactions and fees.

In this matter to help an article Compiled from the Quinquora website, we look at the first Atrium Layer 2 solution for unique tokens. This solution is called Immutable X or IMX for short.

What is Immutable X?

You know that the Atrium network is constantly shut down due to start-up projects being implemented on it, defy protocols as well as decentralized applications running on smart contracts. This has slowed down transactions and rampant commissions.

Of course, professional Atrium users will recoup these costs with the profits they make in Defy protocols or NFT games, and regular Atrium enthusiasts will endure such problems in the hope of launching Atrium 2.0. But this is not the case for newcomers.

In the industry of NFTs or parable tokens, these problems have discouraged artists from having to pay these high commissions when creating digital assets. In addition, increasing the time required to process transactions is another issue that forces users to wait a long time to complete transactions.

Although many experts consider the second layer to be a temporary treatment for the atrium, almost everyone agrees that cash vinegar is better than credit halva! Especially in the field of applications related to the manufacture and sale of unique tokens that have recently been considered and accepted by the general public and influential people (such as artists and celebrities), the need to use second-tier solutions is strongly felt.

Also read: What are the scalability solutions of the second layer?

However, good news is on the way. With the introduction of the second-layer Immutable X solution, or IMX for short, a window of hope has emerged in the NFT ecosystem, and it seems that some of the core values ​​of the Chinese blockchain world are coming to fruition.

Probably the name of a popular game Gods Unchained Have heard. Gods Unchained is a popular NFT game created by an Australian company called Immutable and has been a success among gamers and fans of digital currencies.

Now the same company is addressing the problem of scalability in the Atrium China blockchain. Instead of creating a completely different structure, the Immobile team has decided to continue and work with the same secure and decentralized foundation that Atrium previously built.

Immutable X It has a lot to say, and you certainly do not want to be unaware of its achievements for the NFT ecosystem; So stay tuned for the rest of this article.

How does IMX solve scalability problems in the Atrium blockchain?

IMX allows content creators to create creative, decentralized markets, games, and applications that do not require a hefty fee to verify transactions and can process more than 9,000 transactions per second.

As a second-tier solution, IMX uses first-tier security and authentication protocols to secure users’ information and funds related to private keys, and easily validates transactions.

The IMX platform is also environmentally friendly. This platform allows artists and developers to work on the Atrium blockchain without fear of endangering nature (as we have seen in Bitcoin and previous Atrium protocols).

The IMX protocol is constantly adding new features to its platform, and its performance is constantly evolving; But in the following, we will be satisfied with some of the important features of this platform.

Zookie Rollup System

The ZK-Rollup system is a second-tier scalability technique that IMX uses to execute thousands of simultaneous transactions. This system has been active since 2020 and IMX uses it to facilitate NFT transactions in Atrium.

Presentation API

IMX allows developers to use the platform API to build automated, user-centric, automated applications. In this way, they can develop their own software without the need for blockchain configurations, new libraries, programming languages, and smart contracts, and integrate scalable features and rich IMX resources into the software.

The role of IMX Unparalleled tokens in the ecosystem

The IMX market consists of various platforms and exchanges in the Atrium protocol. This platform makes it possible for these exchanges and markets to interact and work together in one place.

This means that platforms can act as host platforms, make transactions, and communicate with each other without the need for different links from a single platform. The IMX market has many incentives. for example:

• Users can develop their own markets and platforms through IMX;
• Users can earn loyalty points when selling assets in secondary markets;
• Developers have full ownership of the front-end protocols of the applications or platforms they build;
• Applications built on IMX are not only scalable, but also have the ability to be customized to suit user needs;
• Users can build user-friendly, decentralized applications and secure exchanges without the need for in-depth knowledge of China Blockchain technology.

Introduction IMX token

The IMX application token is the driving force of the Emotable Protocol. This token is of the ERC-20 type and supports the production of NFTs in the Atrium Layer 2 protocol.

With the IMX token, users can participate in future decisions and governance protocols in IMX. There is also the ability to provide liquidity through shares and rewards for users.

IMX supply and distribution

NFT transactions, in addition to the partnerships that IMX has established during this period, will eventually lead to the creation and distribution of 20 million IMX tokens in the digital currency market. According to WhitePaper, provided by Emotable, these tokens, in addition to private and public sales in exchange offices, will also be used for ecosystem development and project development, and part of which will be allocated to IMX Foundation reserves.

How to distribute IMX tokens is as follows:

Application of IMX tokens

The following are the uses of the IMX token.

• Fees: For every transaction you make in the Amotable protocol, you have to pay 20% of the total fee as an IMX token. All you have to do is have some IMX in the wallet you have connected to the smart contract of this platform. Otherwise, the protocol automatically converts 20% of the ETH fee received in public markets into IMX tokens.

• Governance protocols: If you have an IMX token, you are eligible to participate in IMX protocol governance. Your voting right depends on the number of your tokens. These polls are based on proposals that often revolve around issues such as how to allocate storage tokens, how to give credit to developers, activate daily rewards, and change how tokens are offered.

• Sharing: The stock proof consensus algorithm is also an alternative way to monetize IMX. All commissions paid on IMX are transferred directly to the “Shareholder Rewards Pool” and users can earn a portion of the reward by sharing their IMX tokens.

Ways to get IMX tokens

There are several ways to get an IMX token. Some of these methods are:

• Direct purchase from an exchange office
• Participate in IMX incentive programs, such as game campaigns
• Share tokens to get more tokens
• Perform NFT transactions, NFT maintenance, NFT deposits and application building on the platform

In the following, we will examine some of these methods in more detail.

IMX Token Sharing

The IMX token share capability was activated a few months after the token was launched. IMX tokens received from users for a fee (as described in the previous section) are transferred to the staking rewards pool. The tokens collected in this pool are then distributed at regular monthly intervals to all individuals who have shared their IMX tokens in the Emotable X protocol.

Each user’s reward, in proportion to the amount of IMX stuck per month, is shared over the total IMX tokens. To subscribe to your IMX, you must do one of the following two things.

The first method:

• Store IMX tokens in the first or second layer of the atrium.
• In the last 30 days, vote on one of the governing proposals.

The second method:

• Have one or more NFTs in AmyTable X.
• Have made an NFT transaction in the last 30 days.

Game to earn money

Gaming for Money is one of the features that IMX offers to reward loyal users and advertisers of its platform. Eligible participants are users who have been on the platform from the beginning and have played an important role in the development of IMX. Examples of these people include active NFT owners of Gods Unchained.

Users can earn up to 600,000 IMX tokens by playing. The “Make Money” section has two sections that users can participate in and be rewarded. The first part is provided to the initial sponsors; That is, those who have prepared the NFT of Gods Unchained game before the deadline and kept it in their Immutable X wallet.

However, players must complete all three of the following steps to win the 100,000 IMX tokens that are distributed to all users:

• They must have played Gods Unchained at least once before the end of the alpha period;
• They must have connected their wallet to their Gods Unchained account and IMX account before the end of the alpha period;
• They must have kept at least 1 NFT of Gods Unchained before July 22, 2021 (July 31, 1400).

The second part is called Alpha Rewards and is given to all participants. The prize includes 400,000 IMX tokens that the platform distributes equally among members who have passed these three stages:

• The player must have played Gods Unchained at least once;
• Must have connected their wallet to the Immutable X platform;
• Must have at least 1 Gods Unchained token in your IMX wallet.

IMX and the future of NFTs

The popularity and acceptance of NFTs initially increased unimaginably; But after a while, it suddenly declined among lovers and developers of digital currencies. This has led some critics to see the popularity of NFTs as a bubble. Others, however, attributed the decline in use to common scalability problems in the Atrium blockchain mentioned above.

The IMX protocol was developed to solve these problems. The platform aims to facilitate the upgrade, distribution and use of NFTs in the digital currency market.

The IMX reward-driven model makes NFT manufacturing and trading a more interactive and engaging process; Because digital art creators and collectors are involved in the process of building and trading NFTs and ensuring that content creators create valuable NFTs.

The IMX team consists of members of AmyTable who have good and effective experience in China blockchain innovation and value for NFTs. The core members of this team have a long history of NFT ecosystems and China Blockchain technology.

With more than $ 15 million raised in various financing periods, IMX has enough capital to continue the project. Some of the main investors in this project include Quinn Base, Nirvana Capital, Apex Capital and Naspers.

If we add to all this the accompanying solution with the popular Gods Unchained game, we realize that a bright future awaits this project and the entire NFT ecosystem.

Concluding remarks

It is clear that with the advent of projects like IMX, a bright future and tremendous progress await the Chinese blockchain ecosystem. These initiatives will pave the way for new scalable solutions for the digital currency ecosystem and NFTs.

The project’s reliance on the model previously set up by Atrium demonstrates coherence and coordination in China’s blockchain ecosystem. This could inspire future projects and innovations to build a solid foundation for the Chinese bloc in the Defai community.