Developer of the Layer 2 zero-knowledge (ZK) rollup, Intmax announced that co-founder of Settle Network and Latamex, will lead the open-source development of Plasma Free, the first EVM-compatible Plasma protocol.
“We are proud to have a team with such extensive experience and a broad network within the crypto ecosystem,” said Leona Hioki, the Co-founder and CEO of Intmax. “Their expertise and connections in crypto-related businesses, wallets, exchanges, and dApps will be invaluable as they lead this groundbreaking project within our foundation,” he added.
Jack Saracco, a Y-Combinator founder, has previously established Latamex and Settle Network. Latamex is Latin America’s first and largest fiat gateway, allowing millions of users to interact with cryptocurrencies using local currencies. Settle Network is known for its strong digital asset settlement framework, which enables efficient exchange and cross-border payments throughout the region.
Plasma, an Ethereum Layer 2 scaling solution conceptualized by Joseph Poon and Vitalik Buterin in 2017, was created to achieve transaction volumes comparable to Visa on the Ethereum network. Plasma networks enable all data and computation, except for deposits, withdrawals, and Merkle roots, to be kept off-chain. This approach allows for scalability improvements without limitations imposed by on-chain data availability.
Although Plasma was eventually overshadowed by rollups due to challenges with user experience and online requirements, Vitalik Buterin has expressed interest in reviving Plasma, as outlined in his blog post “Exit games for EVM validiums: the return of Plasma.” Intmax merges the advantages of Plasma and ZK-rollups to improve security and scalability while ensuring that transactions are processed with exceptional privacy.
Its Plasma Free aims to improve the programmability and flexibility of blockchain applications, addressing the evolving requirements of builders globally.
It allows for high-speed transaction processing on sidechains while maintaining compatibility with the Ethereum Virtual Machine (EVM). It improves the programmability of blockchain applications, supports complex smart contract interactions, and ensures transaction security. Developers can deploy their smart contracts and decentralized applications (dApps) onto Plasma Free sidechains using familiar tools, benefiting from increased speed and lower transaction fees compared to other blockchains.
Intmax To Provide Ecosystem Support Through Grants And Events
Intmax provides block production, reducing data and computation utilization on the underlying blockchain. Its architecture differs from available ZK-rollups by shifting nearly all data and computational costs to the client-side, rather than imposing substantial requirements on block producers or the underlying Layer 1 blockchain.
By supporting the Plasma Free team, Intmax is fostering the growth of its developer ecosystem and contributing to the broader blockchain community.
Furthermore, Intmax has begun providing ecosystem support, initially focusing its resources on Plasma Free. The company plans to continue supporting projects that utilize its stateless architecture by distributing grants, organizing educational events, and creating content to assist and onboard developers into the ecosystem.
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