Immutable X (IMX) holds the distinction of being the first ever layer-2 (L2) protocol and scaling solution for NFTs that are on the Ethereum blockchain network. Kyber Network (KNC) is an ERC-20 based protocol that allows for the instant exchange of cryptocurrencies and digital assets among themselves. In this post, we will find out more about both. Let’s get started.
Immutable X (IMX) And Kyber Network (KNC): All You Need To Know
Immutable X (IMX)
What is Immutable X (IMX)?
Created in partnership with StarkWave, the open source Immutable X allows developers to build their own decentralized applications as well as enable users to conduct low or no gas cost NFT transactions through the NFT marketplace Immutable X Exchange. Moreover, Immutable X has a transaction-per-second (TPS) capacity, which is approximately 600 times more than other marketplaces on the Ethereum network.
Immutable X technology is used by important partners such as OpenSea, Illuvium, ECOMI.
Immutable X’s native utility token, IMX, is an ERC-20 token and was created to help the platform grow.
What are the advantages of Immutable X?
Immutable X makes it possible to transact faster, gas free and more securely on the Ethereum blockchain. Immutable X can perform more than 9,000 operations per second.
Peer-to-peer transactions are possible with zero gas fees through Immutable X. An NFT artist can mint their work or works through Immutable X without paying a gas fee. Moreover, the protocol also supports ERC-721 and ERC-1115 token standards.
It is possible to produce carbon-zero NFTs with Immutable X. Another advantage of the protocol is that it does not compete with other Ethereum-based NFT marketplaces. On the contrary, you can sell an NFT minted with Immutable X in important marketplaces such as OpenSea, Mintable.
The protocol is also notable for providing high liquidity for NFT buyers and sellers. In addition, Immutable X gives its users the choice of two separate zero-knowledge proof systems: Zero-knowledge rollups (ZK Rollups) and Validium.
How does Immutable X work?
Immutable X, the first layer-2 protocol and scaling solution focused on NFTs on the Ethereum blockchain network, is a technology developed by Immutable (formerly Fuel Games) in partnership with StarkWave.
NFTs are as viable as the security and reputation of the blockchain network they are on. Immutable X technology, which is also the first zero-knowledge aggregation embedded in the Ethereum blockchain, offers a unique contribution to NFTs on the Ethereum blockchain in terms of security and speed.
Immutable X offers its users the chance to choose between two different zero-knowledge proof systems. One of them is aggregations; the other is the Validium zero-knowledge proof system.
Zero-knowledge aggregations are layer-2 security that connects multiple transactions to a single transaction. This particular transaction is then analyzed by smart contracts into individual transactions. Zero-knowledge aggregations reduce the storage volume and computational capacity required to validate blocks; In this way, it also reduces the transaction cost and time. In addition, zero-knowledge aggregations provide unlimited scalability and instant transaction acceptance without compromising the security of the user’s assets.
Zero-knowledge aggregations keep data on-chain and give the user full control over their assets. Validium, on the other hand, is a very similar system to zero-knowledge collections, but keeps data off-chain. In Validium, no small payment is required for on-chain data. Also, Validium promises more security as it doesn’t store users’ data on-chain.
With all this, Immutable X has been a less costly, safer and faster solution for transactions on the Ethereum blockchain.
Immutable X and NFT marketplaces
Immutable X has its own NFT marketplace where it is possible to trade Ethereum (ETH), Gods Unchained (GODS), Immutable X (IMX), and USDC.
However, Immutable X makes it possible to mint NFT without paying gas fees in other marketplaces it cooperates with. OpenSea and Mintable are two of these marketplaces. With Immutable X, it is quite easy to trade here. You only need to link a Web-3 supported wallet to the Immutable X account, then log in to these marketplaces with your account.
How to get an IMX Token?
The IMX token is the native utility token of Immutable X. The ERC-20 token, IMX, can be easily bought and sold on cryptocurrency exchanges.
The IMX token was created to grow Immutable X by supporting NFT creators, developers and professionals. IMX also speeds up the validation and verification of NFTs.
The IMX token basically does three things:
- Bring rewards to your stakers by staking,
- Paying transaction fees,
- Participate in governance by voting.
The maximum IMX token supply is 2 billion.
Kyber Network (KNC)
What is the Kyber Network (KNC)?
Kyber Network was launched in 2017 as a decentralized finance (DeFi) application. The Kyber Network was founded by Loi Luu, Yalon Verner and Victor Tran. Cryptocurrencies are based on decentralization, exchanges are centrally managed, while Kyber Network is a decentralized exchange. All transactions are done with smart contracts on Ethereum.
Kyber Network (KNC) is an ERC-20 based protocol that enables instant exchange of cryptocurrencies and digital assets among themselves. Thanks to this protocol, it enables the exchange between cryptocurrencies to be done over a decentralized exchange. This exchange is done by creating proofs on the blockchain.
Although it works the same as the 0x (ZRX) project, the difference is that 0x uses smart contracts, while Kyber Network (KNC) processes these transactions on the blockchain.
While the most important advantage of centralized cryptocurrency exchanges is that it allows you to quickly exchange your cryptocurrencies without losing their value, the situation is different in decentralized exchanges. If there are not enough sellers and buyers, you cannot exchange your cryptocurrencies or exchange them below their value. At this point, Kyber Network is separated from other decentralized exchanges with the reserve system it provides and prevents its users from making losses.
In addition to earning commission fees thanks to KNC tokens, Kyber Network also generates additional income with its reserve system. In this case, it increases its value as one of the most important features that distinguish KNC tokens from their competitors.
How Does Kyber Network (KNC) Work?
Although Kyber Network is a decentralized exchange platform, you do not need to keep your money on this network. As soon as the swaps are committed to the blockchain network, the counterparty can start using it. It can be used to make payments as well as instant exchange between cryptocurrencies. Regardless of the cryptocurrency desired by the person or place you will pay, it is transmitted by converting the cryptocurrency in your hand into the cryptocurrency requested by the other party on the Kyber Network.
Kyber Network Crystal (KNC) is a token issued for use in exchange transactions on the Kyber Network network. It has three tasks:
A certain amount is taken as a result of the transactions. Some of these collected KNC assets are destroyed to prevent deflation.
By purchasing KNC, businesses are able to receive payments through many different crypto types.
KNC is given as a reward when businesses recommend to other businesses to increase the use of KNC.
Kyber Network Crystal (KNC) printed a total of 226,000,000 KNCs with the ICO and distributed about 60% to the participants. Currently, there are 180,057,587 KNCs in the market.
How is Kyber Network Crystal (KNC) mining done?
Kyber Network Mining, cryptocurrency exchanges and conversions can be done on the network. You can send the cryptocurrency you own to the business that receives payment in a different cryptocurrency without exchanging it. Businesses, that is, parties that receive payments, receive a certain amount of KNC rewards from each user they recommend.
How to buy Kyber Network?
Buying a Kyber Network is a very easy and fast process, contrary to what you might think. You can buy Kyber Network without the need for any technical knowledge and official documents.
What is the DFINITY Foundation?
Internet Computer was created and launched by the DFINITY Foundation, a non-profit scientific research organization based in Zurich, Switzerland, comprised of the world’s top cryptographers, distributed systems and programming language experts, with nearly 100,000 academic citations and 200 patents collectively. Key technologists at DFINITY are:
Jan Camenisch, Ph.D. (Vice President of Research), world-renowned cryptographer and privacy researcher, led IBM’s Cryptography / Research department for 19 years.
Andreas Rossberg, Ph.D. (Chief Engineer and Researcher), is known as the co-creator of WebAssembly and the former team leader for the Google Chrome V8 engine.
Ben Lynn, Ph.D. (Senior Staff Engineer and Researcher), world-renowned cryptographer and Google Engineer, is the “L” in BLS cryptography, the key signature system used in Ethereum 2.0.
Jens Groth, Ph.D. (Principal Investigator) is a world-renowned cryptographer known for pioneering non-interactive zero-knowledge proofs.
Timo Hanke, Ph.D. (Chief Investigator) is the creator of AsicBoost, one of the few proven algorithmic optimizations for Bitcoin (which can be traded on bitcoinx) mining.
Paul Liu, Ph.D. (Staff Engineer) architected Intel’s Haskell compiler and received his Ph.D. from Paul Hudak, one of Haskell’s key designers.
Johan Georg Granström, Ph.D. (Director of Engineering), is known as the former Senior Software Engineer at Google responsible for scaling the YouTube systems infrastructure.