Intmax is an Ethereum layer 2 rollup network whose algorithm was developed in 2021 by its co-founder. Intmax has achieved a significant milestone in the implementation and development of ZK(Zero-Knowledge) rollup technology. The platform is a unique layer 2 rollup network that offers low costs, security and privacy while at the same time maintaining scalability.
The protocol developed by Intmax has the ability to scale 1 billion users in a single day hence offering the highest performance among layer 2 networks. Just to give perspective, the scalability of this technology is 10 times more scalable than even the Ethereum layer 1 technology. The platform is therefore offering the most secure hyper-scaling solution in web3.
Ryodan Systems AG, the Switzerland-based company in charge of ZK rollup layer 2 project Intmax, has announced the completion of a seed funding round that yielded $4.88 million. The seed event also saw participation from other crypto venture capitals including HashKey Capital, Scroll, MZ Web3 Fund and Alchemy Ventures. The round also garnered participation from angel investors including Justin Drake – Ethereum cryptographer and Balaji Srinivasan – former CTO at Coinbase. The proceeds from this event will be utilized in developing a stateless layer 2 ZK-rollup.
ZK-rollups are attracting a lot of attention as they have the ability to act as layer 2 scaling solutions for the Ethereum layer 1 network that leverages ZK proofs technology. Intmax is therefore, poised to be the leading technology in scaling in the sector as it combines extremely high scalability and customizable privacy, a feat that other ordinary zk-rollups cannot offer.
The scaling technology from Intmax could solve a lot of problems for Ethereum layer 1 which currently has a limit of 100 000 maximum users per day. This limit has led to high gas costs in processing transactions on the network and therefore, resulting in a skewed user base. Intmax therefore, believes that solving this problem while giving all users programmable privacy rights is necessary for Ethereum’s future.
In the past, blockchains had often compromised their decentralization in order to gain scalability but recent security breaches and governance concerns have made the need for decentralization quite apparent. Users and developers are now realizing the ability of layer 2 networks in scaling operations in Ethereum while maintaining the same level of decentralization and therefore, retaining both security and governance integrity.
Intmax is also motivated to ensure interoperability of its solutions so as to make it easy for developers to develop and deploy smart contracts. The platform also has an algorithm that removes almost all on-chain data from ZK-rollup therefore reducing gas costs by 95% while at the same time separating user data from commonly shared data for privacy purposes.
To show its commitment to users’ scalability needs, Intmax has already launched the first iteration of their testnet which has since gone live. This testnet is a command-line beta mainly for developers. Other plans in motion throughout the year include a Biometrics Wallet Launch and a Mainnet Launch in the forth quarter of 2023.
