Binance decided to add IMX and ACH tokens to its platform
Binance announced today that it would list Immutable X and Alchemy Pay tokens. The exchange will also open trading for IMX/BTC, IMX/USDT, IMX/BUSD, ACH/BUSD, ACH/BTC, and ACH/USDT trading pairs on January 10, 2022. Both IMX token and ACH token are in the spotlight currently. Alchemy Pay is a payment system. However, unlike many other similar platforms, it focuses only on retail transactions at the Point-of-Sale and peer-to-peer remittance.
According to the team, customers will have the opportunity to make payments in fiat, as well as stablecoins and other cryptos on traditional payment systems. The company created ACH as the platform utility token. The team will use it to incentivize the adoption of the platform. Token holders will also be able to settle payments through cryptocurrencies.
Furthermore, the platform will support the staking of ACH tokens. Users staking ACH will enjoy tiered platform benefits such as memberships for Netflix and Spotify, airport lounge privileges, etc.
Alchemy’s goal is to provide open-source protocols, along with rapid product development platforms. It offers the ecosystem partners fast, secure, flexible, and convenient global payment solutions, which are also fast-growing. Based on the decentralization, consensus mechanisms from blockchain technology, and smart contracts, this platform has strong potential.
Considering the rich experiences of the company and its eco-partners in mobile payment applications, the team is confident that it will be able to lead the payment industry’s technology application in the blockchain era. It plans to provide new solutions in cases where the traditional payment is more popular with merchants.
How will Alchemy reach its goal?
The company aims to use decentralized smart contract payment agreements. That, along with the incentives for the innovation capabilities of various payment technology companies, will be a good start. However, the team plans to employ people with technical talents and reach a consensus with the industry community through the agreement. It will guarantee the transparent implementation of rules with technology to ensure that cryptos will become an important part of real-life transactions in the near future.
Alchemy has an experienced team with a deep understanding of the operational experience and payment industry. Its members know the global payment technology trend of wallet payment, as well as corporate funds collection, cross-border acquiring, collecting solutions for multi-level distribution, and other traditional payment programs. The company also possesses a favorable network in the tech community.
The platform will offer an open and scalable Alchemy consensus protocol. Eventually, it aims to establish payment industry norms and promote changes in the payment industry.
The team will provide other interesting features as well, such as lightning-fast network technology to achieve real-time transactions of existing electronic payments. Users will have the benefit of choosing how to make their payments. In fact, the company offers the most comprehensive support for various cryptocurrencies.
The token holders will become part of decentralized infrastructural networks, governance, and operation networks. The team plans to improve operational efficiency while simultaneously reducing operating costs greatly.
In addition, Alchemy will provide basic payment functions and solutions for large-scale commercial applications, along with combined payment, targeted payment, subscription payment, and multiple types of account systems.
What about Immutable X and its token?
Immutable X is a relatively new L2 scaling solution explicitly created for non-fungible tokens on Ethereum. The company also launched the platform’s native governance token IMX. Traders can stake it to receive protocol revenue.
The Immutable X team believes that NFT users and developers shouldn’t have to choose between the security and network effects of Ethereum. Thus, it decided to create a world-class experience for its users, offering a cutting-edge protocol for NFTs which will enable projects to build on Layer 2 Ethereum.
The company wants to achieve its goal through several core components, including ZK-Rollup Scaling Engine, API Abstraction Layer, NFT-Enabled Wallets, and Platform SDKs.
Immutable X will combine NFT-specific exchange and proof logic with the new rollup technology developed by StarkWare. The result will be the most advanced tool for trading NFTs ever built. Such rollups allow for world-class scalability and user experience and, at the same time, retain the underlying security of Ethereum. They batch large numbers of transactions, generate validity proof for them, and then submit that proof to an L1 smart contract to achieve that.
According to the Immutable X team, its roll-up allows for more than 9,000 NFT transfers, mints, and trades per second. That meets and even exceeds the scale required by mainstream NFT projects.
Furthermore, the company wraps this scaling engine in a set of powerful REST APIs to make building NFT applications easier. Every interaction on the Immutable X platform, from trading to minting to transferring, is as simple as an API call. It converts complex asynchronous blockchain interactions, often taking minutes or hours, into synchronous REST API calls. That is a powerful upgrade to existing blockchain development paradigms.
Investors won’t need to interact directly with smart contracts. Thus, beginner Defi users will be able to launch better projects faster.
How will the NFT-Enabled Wallets work?
Unlike other blockchains or sidechains, this platform supports all desktop Ethereum wallets without forcing customers to switch networks. Moreover, it provides an intermediate layer that enables an NFT-specific wallet experience of first-class quality. Thanks to this feature, the company can support a thriving third-party marketplace ecosystem without presenting a security risk. Investors can rely on the Immutable X Link to ensure the safety and security of their transactions.
The company uses platform and programming language-specific software development kits, also called SDKs. The latter allows partners to integrate with Immutable X more easily. Currently, the team offers a Typescript SDK implementation. Defi users can use it to incorporate the protocol easily into websites.
Besides, the SDK allows for typed access to the company’s APIs and Wallet, regardless of the platform. In the future, the team will offer SDKs for all common programming languages, as well as development platforms like iOS, Android, Unity, and Unreal. Combined with the APIs, these SDKs will allow partners to build NFT projects in hours rather than weeks on this platform.
IMX token is already very popular, and considering the project’s potential, its price will likely grow significantly in the coming months.