INTMAX Announces Latin America’s Prominent Web3 Builders to Lead the Development of Plasma Free, the Pioneering EVM-compatible Protocol
Buenos Aires, Argentina, July 25th, 2024, Chainwire
INTMAX project, a developer of an innovative Layer 2 zkRollup that uses stateless architecture to offer a highly efficient, secure, and scalable solution for blockchain applications, is delighted to announce that the co-founder of Settle Network and Latamex will spearhead the open-source development of Plasma Free, the first EVM-Compatible Plasma protocol.
Plasma Free is designed to enhance the programmability and flexibility of blockchain applications, catering to the growing needs of developers worldwide.
Leading the development efforts is Y-Combinator founder, Jack Saracco. Jack previously built Latamex and Settle Network. Latamex is Latin America’s first and largest fiat gateway, enabling millions to engage with cryptocurrencies using local currencies. Meanwhile, Settle Network is recognized for its robust digital assets settlement framework, facilitating efficient exchange and cross-border payments across the region.
“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 at 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.”
Plasma, a once-prominent Ethereum layer-2 scaling solution conceptualized by Joseph Poon and Vitalik Buterin in 2017, was intended to help bring Visa-level transaction volumes to Ethereum. Plasma networks allow all data and computation, except for deposits, withdrawals and Merkle roots, to be kept off-chain. This opens the door to very large scalability gains that are not bottlenecked by on-chain data availability.
Though Plasma was superseded by Rollups due to issues with user experience and online requirements, Vitalik Buterin wants to bring back Plasma as described in his blog post “Exit games for EVM validiums: the return of Plasma.” Intmax combines the strengths of Plasma and zkRollups to enhance security and scalability while ensuring transactions are processed with unparalleled privacy.
Plasma Free enables high-speed transaction processing on sidechains while maintaining compatibility with the EVM. It enhances blockchain applications’ programmability, supports complex smart contract interactions, and ensures transaction security. Developers can easily deploy their smart contracts and DApps onto Plasma Free sidechains using familiar tools, benefiting from enhanced speed and reduced transaction fees compared to other chains.
“Plasma Free will become the largest ecosystem to build real user cases for everyday users and web3 builders. Plasma is the technology that will enable us to achieve mass adoption by introducing hyper scaling technology.” said Jack Saracco, founder of Plasma Free.
By supporting the Plasma Free team, INTMAX not only promotes the growth of its developer ecosystem but also contributes to the broader blockchain community. This initiative underscores a commitment to innovation, open-source development, and the democratization of finance, marking a pivotal step toward a more accessible and efficient decentralized finance landscape.
INTMAX has also started offering ecosystem support, with its initial resources directed towards Plasma Free. INTMAX will continue to support projects that leverage the stateless architecture by distributing grants, organizing educational events, and creating content to help support and onboard developers to the ecosystem.
About INTMAX
INTMAX is the Stateless Ethereum Layer built for mass adoption. Crafted on the principles of statelessness, advanced offline safety and capital efficiency, it is one of the most efficient native Ethereum L2 solutions currently available. By leveraging a mere 5 bytes of on-chain information to confirm the validity of computations, INTMAX drastically cuts the typical computational and storage overhead found in traditional blockchain systems. This minimalist approach not only increases scalability but also fortifies censorship resistance across the network. Moreover, it enhances privacy and security, moving beyond traditional rollup constraints and offering robust protection against a variety of network disruptions and threats.
