What is Immutable X?
Immutable X is the first Layer-2* NFT platform on Ethereum protocol. It offers solutions to issues on Ethereum-based transactions by offering instant trade confirmation with zero gas fees and carbon-neutral NFT creation and trading.
The platform is open-source, which allows anyone to create games and apps on the Ethereum chain.
* Layer-2: a secondary framework built on top of an existing blockchain system. These protocols are meant to solve the transaction speed and scaling difficulties that are being faced by Layer-1 or the base networks of major cryptocurrencies.
What makes it different?
Immutable X claims to have a transaction speed of more than 9,000 tps. As Immutable X supports all desktop Ethereum wallets, users do not have to switch networks when connecting to the protocol.
At Immutable X, operators are able to set their own trading fees. In contrast to other scaling solutions on Ethereum, a 51% attack on Immutable X is unfeasible, as it is not a centralized side chain.
IMX is the native ERC-20 utility token of Immutable X. The token is used for fees, staking and governance. When making a transaction on the platform, 20% of the fees must be paid using IMX. Users can stake IMX also to receive a proportional share of the network’s fees. IMX token holders are also given voting rights.
What is Ethereum Name Service?
The Ethereum Name Service, or ENS, seeks to simplify the cryptocurrency and financial decentralization area by shortening long crypto addresses into one URL that represents the address. An address such as “0xDC25EFKCKNC23KWB5OOW7X90QPLLAJJD” becomes as simple as “Something.eth.”
Besides Ethereum addresses, ENS can also provide human-readable domains on various crypto wallets sites, content hashes, websites, and metadata.
What makes it different?
Ethereum Name Service is the first service that transfers the Domain Name Service to the decentralized Web3. The network aims to become an integral part of the Web 3.0 infrastructure, just like how the DNS is vital to the internet/Web 2.0.
It aims to remedy an obstacle they have identified in the journey to mass adoption of blockchain technologies—the accessibility and its ease of use. By providing links that are easy to remember, as opposed to long alphanumeric codes, the user experience is improved.
ENS is the governance token of Ethereum Name Service and is used to govern the protocol and influence decisions on pricing. Holders of the ENS token can delegate their tokens to the DAO, to have an influence on the protocol’s advancement.
To distribute ENS tokens to the community, the developers allocated 25% of the total ENS token supply to users who had already signed up for an ENS domain by Oct. 31, 2021. Fractions of the ENS token pool were distributed based on how long a given user owned an ENS domain.
What can you do with ENS and IMX on Coinhako?
1. Trade ENS and IMX directly with Singapore Dollars (SGD) 🇸🇬
With ENS/SGD and IMX/ SGD trading pairs available on Coinhako, our Singapore users will be able to buy & sell ENS and IMX in Singapore Dollars (SGD) when they fund their accounts with SGD.
2. Trade ENS and IMX directly with Vietnamese Dong Trading (VNDT) 🇻🇳
With ENS/VND and IMX/ SGD trading pairs available on Coinhako, our Vietnam users will be able to buy & sell ENS and IMX when they fund their accounts with VND.
3. Trade ENS and IMX directly with US Dollars (USD) 🇺🇸
The ENS/USD and IMX/USD trading pair ENS and IMX prices against the United States Dollar (USD), and our Singapore users will be able to buy & sell ENS and IMX when they fund their accounts with USD.
4. ENS and IMX swaps (Crypto-to-crypto trading)
Coinhako users will also be able to trade ENS and IMX with other cryptocurrencies that are supported in their countries, with our Swap function.
5. Get the latest ENS and IMX price news on Coinhako 🚨
As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.
The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on both tokens, alongside on the other top crypto projects, like uniswap, polkadot, band protocol.
6. Buy ENS and IMX instantly with debit and credit card
Beat the deposit queue and buy both tokens instantly when you pay by card.
7. Buy ENS and IMX instantly with GrabPay
Connect your GrabPay wallet and fund your ENS and IMX trades instantly.
Disclaimer: All writer’s opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.