INTMAX Taps Y-Combinator Founder to Launch Plasma Free

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As a seasoned analyst with extensive experience in the blockchain and cryptocurrency industry, I am particularly intrigued by INTMAX’s recent announcement of Plasma Free, an open-source EVM-compatible Plasma protocol led by Jack Saracco, the founder of Latamex and Settle Network.

In simple terms, INTMAX, a stateless Ethereum Layer-2 solution, has unveiled Plasma Free as its initial open-source EVM-compatible Plasma protocol. Jack Saracco, the founder of Y-Combinator and previous creator of Latamex and Settle Network, will spearhead this open-source development for this groundbreaking zkRollup technology.

Plasma Free: A Revolution to Ethereum Transactions

Plasma Free is designed to enhance blockchain scalability and programmability while catering to the growing needs of developers globally. Noteworthy, Saracco brings a wealth of experience and expertise from his two protocols Latamex and Settle Network. At Latamex, Latin Americans are offered a crypto-to-fiat gateway that makes it possible for them to engage with crypto using their local currencies.

Just like Settle Network enables users to buy and sell cryptocurrencies using their regular bank accounts and handles fiat-to-crypto transactions, the insights derived from managing these protocols are essential for effectively advancing Plasma Free’s development. Leona Hioki, INTMAX’s Co-founder and CEO, acknowledged Saracco’s extensive expertise in this regard.

“Hioki expressed his pride in having a team with vast experience and extensive connections in the crypto industry. Their proficiency and contacts in crypto businesses, digital wallets, cryptocurrency exchanges, and Decentralized Applications (DApps) will be indispensable as they spearhead this pioneering initiative within our organization.”

Since Plasma’s inception, the primary objective has been to achieve Visa-level transaction volumes on Ethereum. Plasma networks are engineered to facilitate off-chain storage of data and computational processes. However, there are exceptions for deposits, withdrawals, and Merkle roots, which are kept on-chain. The advantage of this setup is that it enables substantial scalability improvements that don’t depend on the availability of on-chain data.

In recent developments, Rollups have overshadowed Plasma with increasing frequency, primarily due to difficulties in user experience and online necessities. Yet, Ethereum co-founder Vitalik Buterin has devised a plan to reinstate Plasma. He elucidated his strategy in a blog post titled “Exit games for EVM validiums: the revival of Plasma.”

The result was the emergence of Plasma Free, a novel technology that inherits the best features of both Plasma and zkRollups.

In the Plasma Free initiative spearheaded by INTMAX, there’s a strong focus on pushing boundaries with innovation, prioritizing security, and ensuring accessibility in the realm of Decentralized Finance (DeFi). The novel EVM-compatible Plasma protocol brings forth the advantage of swift transaction processing on sidechains, along with other noteworthy features.

INTMAX Plans PlasmaCon Event

Previously, INTMAX worked hard to transform the Decentralized Finance (DeFi) sector by forming key collaborations.

In Q1, INTMAX joined forces with IdeaSoft, a fintech blockchain expert within the Sigma Software Group. Their partnership aimed to utilize the Plasma Next network’s progress to create JIBx, a Decentralized Exchange (DEX), offering user-experience equivalent to a Centralized Exchange (CEX).

During the esteemed EDCON Tokyo 2024 conference, INTMAX is simultaneously organizing PlasmaCon as a separate yet related event. This occasion is set to take place on July 31 at the United Nations University in Tokyo.

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2024-07-25 18:03