Coinspeaker
INTMAX Taps Y-Combinator Founder to Launch Plasma Free
Stateless Ethereum Layer-2 solution INTMAX has announced the open-source launch of Plasma Free, the first EVM-compatible Plasma protocol. According to the innovative Layer 2 zkRollup, Jack Saracco, founder of Y-Combinator, who previously built Latamex and Settle Network will lead this open-source development.
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.
Similarly, Settle Network allows users to buy and sell crypto using personal bank accounts and facilitates fiat-to-crypto transactions. The knowledge gained from running these protocols are crucial to efficiently lead Plasma Free development. Leona Hioki, the Co-founder and CEO at INTMAX did not agree less. He acknowledged Saracco’s extensive experience.
“We are proud to have a team with such extensive experience and a broad network within the crypto ecosystem,” Hioki said. “Their expertise and connections in crypto-related businesses, wallets, exchanges, and DApps will be invaluable as they lead this groundbreaking project within our foundation.”
From the inception of Plasma, the focus centered around bringing Visa-level transaction volumes to Ethereum. The design of Plasma networks is such that they allow off-chain storage of data and computation. Although there is an exception with deposits, withdrawals and Merkle roots, which are not kept off-chain. The perk of this approach is that it favors large scalability gains that are not restricted by on-chain data availability.
Along the line, Rollups relegated Plasma to the background, fueled by challenges associated with user experience and online requirements. However, Ethereum co-founder Vitalik Buterin strategized on how to reintroduce Plasma. He described it in detail in his blog post “Exit games for EVM validiums: the return of Plasma.”
This led to the birth of Plasma Free which is now a combination of the strengths of Plasma and zkRollups.
INTMAX’s emphasis in this Plasma Free project is on innovation, security, and accessibility in Decentralized Finance (DeFi). The new EVM-compatible Plasma protocol offers high-speed transaction processing on sidechains amongst other capabilities.
INTMAX Plans PlasmaCon Event
Before now, INTMAX made efforts to revolutionize the DeFi landscape including inking strategic partnerships.
In Q1, INTMAX collaborated with IdeaSoft, a member of the Sigma Software Group specializing in fintech blockchain applications. The aim of the alliance involved leveraging Plasma Next network advancement in making JIBx, a Decentralized Exchange (DEX) as convenient as an Centralized Exchange (CEX).
Meanwhile, INTMAX is hosting PlasmaCon, a special event held alongside the prestigious EDCON Tokyo 2024 conference. The event will hold on July 31 at the United Nations University in Tokyo.
