Demex Daily #261: Paradigm Unveils Ithica - New Web3 Firm and Layer 2 Network

What’s Interesting Today:

Paradigm executives have launched Ithica, a new web3 development firm, aimed at enhancing open-source development in the crypto space. On October 11, CTO Georgios Konstantopoulos announced that Ithica has raised $20 million from Paradigm and is working on its first project, Odyssey, a Layer 2 network now live on the Sepolia testnet. Odyssey utilizes various technologies, including Reth and Optimism’s OP Stack, to improve throughput and user onboarding while supporting features from Ethereum's upcoming Pectra upgrade. Ithica also plans to focus on interoperability, privacy, and zero-knowledge technology in the Ethereum ecosystem.

Ethereum co-founder Vitalik Buterin outlined his vision for the protocol's future in a recent blog post, emphasizing the need for improvements in proof-of-stake (PoS) and overall network security following the Merge. Key areas for advancement include reducing transaction completion time, which currently takes about 15 minutes, through solutions like single-slot finality. Buterin also proposed lowering the minimum staking requirement from 32 ETH to 1 ETH to increase accessibility and decentralization. He highlighted the importance of securing the network against potential attacks using cryptographic techniques and addressing future quantum computing threats. Buterin’s insights come ahead of the anticipated Prague-Electra (Pectra) upgrade set for early 2025.

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