- Blockchain Council
- May 26, 2022
On the Ethereum platform, the operational costs for trading and minting NFTs can be quite expensive, especially during high congestion moments. When the platform is facing congestion, minting transactions frequently fail, resulting in substantial losses. And thus, to get their transactions validated swiftly, users must pay a higher gas price.
However, to overcome the issue of higher gas fees for NFTs on Ethereum, Immutable X has emerged as a layer-2 scaling solution. For minting and trading NFTs, it provides rapid transaction confirmation and near-zero gas expenses. As a result, users may quickly construct and sell NFTs while maintaining asset security. And for this, the users need to setup their immutable X wallet.
In this post, we will summarize the steps to setup your immutable X wallet, but before that, let us have a brief overview of immutable X.
What is Immutable X?
Founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly, Immutable X is a layer-2 scaling alternative for NFTs on Ethereum. Its prime goal is to enhance the scalability and user experience of the Ethereum platform.
It offers its users with features like the near-zero gas fess and speedy transaction execution when minting and selling NFTs. Users may easily create and exchange ERC-721 and ERC-20 tokens at reduced costs while keeping their assets safe.
To enhance its scalability, Immutable X deploys a Zero-knowledge rollup engine, which is capable of processing approximately 9000 transactions in a second. In addition, immutable X authorizes to trade NFTs on any marketplace built on its platform. To increase NFT trading volume and liquidity efficiently, Immutable X’s shared global NFT order books are used.
How does Immutable X function?
Immutable X deploys ZK-Rollup (Zero-Knowledge Rollup) technology at its core for optimizing the platform’s scalability. ZK-Rollup is a layer-2 solution on the Ethereum blockchain for authenticating the transactions.
ZK-Rollup works by making batches of several transactions into a single zk-STARK proof instead of adding each transactional data to the blockchain. ZK-STARK is the abbreviated form of zero-knowledge scalable transparent arguments of knowledge.
ZK-STARK is an authentication mechanism used to prove the control of particular knowledge without compromising its confidentiality. It offers Immutable X transactions with high levels of security and privacy.
The ZK-Rollup smart contracts store all the information concerning the transactions on layer-2. This allows the proofs to be verified instantly regardless of having complete transactional data. The proof is submitted to the blockchain and validated by smart contracts after batching the transactions. This methodology even reduces the storage and computing resources required for authenticating a block, and thus Immutable X can offer zero-gas fees to the end-users.
Immutable X also provides a set of robust REST APIs that may assist simplify even the most complex blockchain interactions. Instead of actively engaging with smart contracts, users may simply generate and transfer NFTs via API calls. Immutable X’s basic software development kits make it easy for developers to integrate the APIs and Wallet into their systems (SDKs). This will allow them to launch non-traditional initiatives such as play-to-earn games in hours rather than weeks.
Immutable X creates a third-party NFT marketplace ecosystem by providing a global order book that allows NFTs to be acquired and sold on any marketplace that employs their scaling technology. This means that orders placed in one market can be executed in another, increasing the volume and liquidity of NFT trading. Furthermore, Immutable X is configured to support all desktop-based Ethereum wallets. Users can trade NFTs between several NFT-enabled crypto wallets without moving their assets between networks.
How to Begin Using Immutable X
Follow the given steps to use setup your Immutable X wallet:
- The first thing you should do when you go to the website is going to the trading area. You must connect your ETH wallet to Immutable X in order to trade. Metamask is the most popular add-on for linking your wallet to any platform.
- You’ll need to create an immutable x key after linking your wallet. To create an Immutable X key, ensure your wallet (such as Metamask) is linked properly. Next, look for your public wallet address and double-check that the final few numbers correspond to your wallet.
- You’ll need to sign consent to create a key after your wallet is linked. Then, accept the terms of service and create your Immutable X key. But, again, this is simply allowing your wallet to interface with a new platform; nothing to be concerned about. However, always double-check to ensure it isn’t a phishing scam.
- Navigate to the Inventory page and select the deposit tab in the upper right corner to deposit funds into your Immutable X wallet. You can deposit currencies, such as GODS, Ether, IMX, and USDC.
- You’ll need some ETH in your wallet to transfer funds to your Immutable X wallet. You may buy ETH via a controlled exchange like Coinbase. Continue by entering the amount of ETH you wish to bring into Immutable X.
- Don’t forget that you are transferring funds from your wallet to your Immutable X wallet. Therefore, these monies will be removed from your Metamask account.
- You may explore the marketplace and conduct some deals after your money arrives in your Immutable X wallet. Now you are ready to trade NFTs with no gas expenses on the Layer 2 Ethereum platform.
You may verify whether you’ve connected successfully in two ways:
- First, your wallet should now be marked as connected.
- When you return to Immutable X, the “Connect Wallet” option has been replaced with “Disconnect Wallet.”
What is an Immutable X key?
As an added degree of protection, when using the Immutable X Marketplace, you must sign off transactions to approve them and validate your identity. This digital signature is known as an Immutable X key, and it allows the Immutable X Link to function as an extension of your Ethereum wallet.
On the first setup, your Immutable X key will be permanently linked to the Ethereum wallet account you chose to connect. If you’ve got a recommended wallet for Immutable X transactions. Or, if you have numerous wallets, each one must have its own Immutable X key.
Conclusion
Immutable X fills in the loopholes in Ethereum NFT trading using layer-2 scaling technology. It serves as a foundation for the establishment of non-traditional businesses like play-to-earn games and marketplaces.
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