INTMAX, the innovative developer behind the zkRollup Layer 2, has announced that the co-founder of Settle Network and Latamex will lead the development of Plasma Free, the pioneering EVM-compatible Plasma protocol, according to the latest updates shared with Finbold on July 25.
Plasma Free is expected to transform blockchain applications by enhancing programmability and flexibility and catering to the growing demands of developers worldwide.
What is Plasma Free?
Plasma, initially envisioned by Joseph Poon and Vitalik Buterin in 2017, was a promising Ethereum (ETH) Layer-2 scaling solution set to enable Visa-level transaction volumes on Ethereum.
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Plasma networks offload all data and computation with the exception of deposits, withdrawals, and Merkle roots.
This allows for more scalability by bypassing on-chain data availability limitations.
Though Plasma was eventually outpaced by Rollups, Vitalik Buterin recently expressed interest in reviving Plasma.
Consequently, INTMAX seeks to merge the strengths of Plasma and zkRollups to enhance security and scalability while ensuring unparalleled privacy for transactions.
Plasma Free development
Jack Saracco, a Y-Combinator alum known for his work with Latamex and Settle Network, will be heading the development.
Latamex, the leading fiat gateway in Latin America, helps millions interact with cryptocurrencies using local currencies, while Settle Network delivers robust digital asset settlement frameworks to streamline exchanges and cross-border payments in the region.
Leona Hioki, Co-founder and CEO of INTMAX, commented on the importance of experience and broad market access, stating:
“We are proud to have a team with such extensive experience and a broad network within the crypto ecosystem. Their expertise and connections in crypto-related businesses, wallets, exchanges, and DApps will be invaluable as they lead this groundbreaking project within our foundation.”
What will Plasma Free bring?
Plasma Free will facilitate high-speed transaction processing on sidechains while maintaining EVM compatibility.
The protocol enhances programmability, supports complex smart contract interactions, and ensures transaction security.
Consequently, developers can deploy their smart contracts and dApps onto Plasma Free sidechains using familiar tools to benefit from faster speeds and lower transaction fees.
Jack Saracco, founder of Plasma Free, summarized the team’s chief aspiration, stating:
“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.”
Promoting the growth of the blockchain community
By supporting the Plasma Free team, INTMAX is not only promoting the growth of its developer ecosystem but also the broader blockchain community.
As such, the initiative serves as a testament to the commitment to innovation, open-source development, and finance democratization, marking an important step toward more accessible decentralized finance (DeFi) solutions.
INTMAX has also begun offering ecosystem support and will continue to support projects leveraging the stateless architecture by distributing grants, organizing events, and helping onboard and support developers within the ecosystem.
