What is Ethereum’s New Layer 2 Solution Immutable X and Why Does It Matter?
Immutable X aims to address Ethereum’s scaling issues for the fast-growing NFT market.
The Ethereum network’s scaling challenges have never been more evident than during this year’s NFT boom. Fortunately, Immutable X was released as the first market solution to address Ethereum’s scaling issues while honoring Ethereum’s commitment to decentralization.
Learn about Immutable X, how it addresses the scaling challenges on Ethereum affecting the NFT market, and what this means for Trust Wallet users.
Immutable X and the Blockchain Trilemma
Sacrificing one of three: decentralization, security, or scalability for the other two is known as the blockchain trilemma. Immutable X aims to solve the trilemma for NFTs on Ethereum using a second-layer solution.
The Non-Fungible Token Boom
The increasing popularity of NFTs this year lead to congestion on Ethereum, resulting in impractically expensive fees for simple transactions.
Immutable X uses layer 2 solutions to take a much-needed load off the Ethereum network, drastically improving scalability.
Think of the main chain of data on Ethereum as layer 1 with external transaction processing done outside of the network as layer 2.
Immutable X offers two different layer-2 solutions for users to choose from when transacting. They are ZK Rollups and Validium. Choosing between them is what Immutable calls the process of Volition.
Currently, only ZK rollups are available, but Validium is expected soon.
ZK Rollups
Batching many transactions into one to save processing time, ZK rollups verify transactions off-chain but post the proof on layer 1 Ethereum. Since layer 1 still hosts proofs, the security of Ethereum is captured alongside improved speeds.
Validium
Validium is very similar to ZK rollups, however, the resulting proof is not posted back on layer 1 Ethereum. Although this increases speeds further, it requires a trusted group to hold authority. That trusted group would be significant entities pertaining to the industry of the service.
Gasless Transactions
These methods allow transactions to be gas-free since they aren’t processed on the Ethereum blockchain. It also allows 9,000 NFT transactions per second as well as instant transaction resolution.
Improved User Experience
The instant resolution dramatically improves the experience for NFT trading. It also removes scalability-related constraints on developers when building services.
User Self-Custody for NFTs
As Immutable X is only a layer 2 solution, users still benefit from the ownership rights that come with layer 1 Ethereum. All NFTs and their ownership rights remain in the custody of users.
Carbon Neutral NFT Trading
Since the security of proof of work blockchains requires a lot of computations, they use a lot of electricity. Shifting to less energy-expending layer 2 networks is not the only energy reduction Immutable X facilitates. They also purchase carbon credits to ensure carbon-neutral NFT trading.
NFT Projects Currently Collaborating with Immutable X
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Gods Unchained (trading card game)
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OpenSea (NFT marketplace)
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Mintable (NFT marketplace)
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RTFKT studios (fashion NFT artists)
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HighRise (social sandbox)
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TokenTrove (collectibles marketplace)
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SuperfarmDAO (DeFi NFT farm)
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Epics.GG (collectibles)
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Illuvium (auto battler RPG)
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Lucid Sight (MLB Champions Baseball, Crypto Space Commander)
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War Riders (post-apocalyptic MMO)
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Guild of Guardians (mobile RPG)
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doublejump.Tokyo Inc / MCH+ (My Crypto Heroes and other blockchain games)
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Crypto Assault (strategy MMO)
What Does This Mean For Trust Wallet Users?
Trust Wallet arguably provides the best NFT mobile wallet in the market. However, the Ethereum network’s high transaction fees have been preventing many users from participating in the NFT market.
Thanks to Immutable X, access to popular NFTs will soon become affordable again so that anyone in the world with an Internet connection can take part in the NFT market on Ethereum.
If you’re a Gods Unchained player, you can already benefit from the improved scalability offered by Immutable X alongside the convenience of the Trust Wallet DApp Browser for trading your hard-earned cards.
To take part in Ethereum’s NFT market, download Trust Wallet today.