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To build social infrastructure based on Ethereum
Ryodan Systems AG, which is based in Switzerland and handles zkRollup’s L2 project “INTMAX”, announced on the 13th that it has raised approximately 650 million yen in seed round funding.
In the announcement, the company explained, “We aim to build a new social infrastructure based on Ethereum (ETH) encryption technology by utilizing zkRollup, which enables both near-zero gas costs and data sovereignty.” “We will continue to develop it so that we can provide a global property rights infrastructure,” he said.
What is zkRollup?
A rollup technology that introduces zero-knowledge proofs. Rollup refers to a technology that reduces network congestion by processing some transactions off-chain while leveraging the security of the main blockchain.
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HashKey Capital, Scroll, Yusaku Maezawa’s MZ Web3 Fund, and Alchemy Ventures have invested in this round. A wide range of companies have invested, from venture capital (VC) that supports blockchain since the dawn of time to VCs in Japan.
Other angel investors in the round include Ethereum cryptographer Justin Drake and former Coinbase CTO Balaji Srinivasan.
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HashKey Capital investment manager Harper Li commented:
Offering INTMAX scaling and customizable privacy features, the L2 solution represents a technological breakthrough.
Its main features are the pre-consensus mechanism, state deltas, zkRollup with limited online assumptions, Liveness/Safety Separation components to make zkRollup almost zero gas cost.
In addition, the following is the comment from Reona Hioki, CEO of Ryodan Systems AG.
I am very happy that there are many people around the world and in Japan who have a deep understanding of the mechanism of Ethereum L2 and stateless cryptography, and who are willing to take on challenges together, amidst many uncertainties in the global economic environment.
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Future Plans
INTMAX is an Ethereum L2 project whose algorithm was devised by the representative and co-founder of the development project in 2021. In January of this year, it announced that it was selected as one of the “TOP 50” out of 1,135 companies in a report analyzing the best performing blockchain projects in Switzerland’s Crypto Valley.
connection: zkRollup project “Intmax” selected as one of the top 50 projects in Crypto Valley, Switzerland
Ethereum’s L2 has products developed by various projects, but in this announcement, multiple investors commented that INTMAX was able to differentiate itself by combining Rollup and Plasma.
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The future plan is to start a trial operation on the Ethereum mainnet in the 2nd quarter of 2023 (April to June). In the fourth quarter of the same year (October to December), the INTMAX mainnet will be launched, and validators/miners will be able to participate freely.
The announcement also states that INTMAX can solve the problems of Japanese companies. INTMAX’s technology, such as customizable privacy features, is also beneficial for NFT companies.
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