Let's dive into this whole big deal about IdeaSoft teaming up with INTMAX to launch this, you know, pretty innovative Perpetual DEX on Plasma Next. It’s all the rage in the blockchain world, and if you're into the tech scene, this is like, major news. So, what’s the buzz all about? Let's break it down, shall we? What Does This DEX Thing Mean? The letters DEX stand for "decentralised exchange." People can buy and sell cryptocurrency there without going through a middleman. As a new partner, JIBx has some really cool things to offer, such as no transaction fees, up to 250X leverage, and some really cool tech about on-chain matching engines. That seems pretty cool, right? Plasma Next to the Rescue? As we all know, high gas fees have been a huge problem on Ethereum for ages now. Well INTMAX has been working on this open source scaling solution called Plasma Next that basically brings gas fees down to almost nothing! This would solve so many issues that have been holding back mass adoption. Their co-founder Leona talked about how excited they are to work with IdeaSoft to "create a product of exceptional quality". Plasma Next is the magic tech that makes it work. Plasma Next isn't like most people. Joseph Poon and Vitalik Buterin, who is known as "Ethereum guy," came up with the idea. It's meant to fix some of Ethereum's problems, like the high petrol fees and the trouble of liquidity. Using zero-knowledge proofs is like giving Ethereum a power boost; it works really well for many things. Plasma Next utilizes zero-knowledge proofs to enhance Ethereum's capabilities and address its current issues. This innovative technology provides a power boost to Ethereum, making it more efficient and effective for a variety of applications. With the introduction of Plasma Next, JIBx is able to offer its users a seamless and cost-effective trading experience, setting it apart from other platforms in the market. The collaboration between JIBx and Plasma Next demonstrates a commitment to pushing the boundaries of what is possible in the world of cryptocurrency and blockchain technology. IdeaSoft and INTMAX are joining forces, which is a big deal. Do you know about IdeaSoft? They are a cool group of people who work on cryptocurrencies and money as part of the Sigma Software Group. INTMAX's Plasma Next is now being used by them. It is an open-source solution for Ethereum's scale that makes trades very cheap. Who doesn't like saving money on fees? A DEX That Actually Works Andrey from IdeaSoft said working with Plasma Next is "exactly what we need to make many of the projects faster, more convenient for users". The new JIBx DEX they're building will have pretty much zero transaction fees thanks to Plasma Next. It will also offer crazy high leverage of up to 250x! No more waiting around forever hoping your cheap swap goes through. Sounds like it will actually be usable. JIBx is planning to have an on-chain order book like a normal DEX but also private off-chain settlement layers. And they're using some new "black-red tree sorting" technique instead of Tendermint like most others. Apparently this could significantly lower costs while increasing throughput. Seems like they're really trying to optimize everything and set a new standard. Bullish for Adoption If they can really deliver on all this, reducing fees to basically nothing while keeping things fast and private, it has the potential to bring so many more users into the DeFi space. No more being priced out by gas. And helping developers build with Plasma Next's huge scalability opens up all kinds of new possibilities. Exciting times ahead it seems! Let me know if any of you trader guys plan to check out JIBx when it launches. Don’t forget to like and share the story! Vested Interest Disclosure: This author is an independent contributor publishing via our brand-as-author program. Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR

Too Long; Didn't Read

Discover Saakuru: Web3 Mass-Adoption with 0-FEES

Plasma Next Powers New Decentralized Exchange by IdeaSoft and INTMAX: Zero Fees, 250X Leverage

Too Long; Didn't Read

Ishan Pandey

About Author

TOPICS

Languages

THIS ARTICLE WAS FEATURED IN...

Plasma Next Powers New Decentralized Exchange by IdeaSoft and INTMAX: Zero Fees, 250X Leverage

Too Long; Didn't Read

Ishan Pandey

About Author

TOPICS

Languages

THIS ARTICLE WAS FEATURED IN...

RELATED STORIES