Fast take:
Ithaca is creating Odyssey, a layer-2 community dubbed the blockchain “from the long run”.
The layer-2 blockchain constructed with Reth and the OP Stack is now stay on testnet.
Paradigm introduced Friday it has invested $20 million within the spinoff.
Paradigm has invested $20 million in Ithaca, a Web3 startup spun off from the Web3-focused enterprise capital agency.
Ithaca is constructing a brand new layer-2 community Odyssey, described because the blockchain “from the long run.” Constructed with Reth and the OP Stack is now stay on testnet, based on an announcement on Friday.
The corporate stated Georgios Konstantopoulos, basic associate and CTO of Paradigm will probably be taking the helm because the CEO of the brand new spinoff.
Odyssey is a part of a brand new digital asset technique underneath Ithaca that may see the VC agency construct a brand new stack of expertise merchandise.
“Consider Ithaca as the corporate that’s constructing the total stack of merchandise and instruments that builders have to ship sooner and that customers have to have much less and fewer friction,” Konstantopoulos instructed The Block.
Though Konstantopoulos will retain his place as CTO of Paradigm, Ithaca will function independently of the crypto VC agency and can be a part of the likes of Uniswap, Coinbase and Flashbots as a portfolio firm in Paradigm’s books.
In response to Konstantopoulos Ithaca and Odyssey are a part of an ongoing growth work that Paradigm has been doing just lately to make “Crypto go sooner”.
“The entire crypto business must speed up, and speed up doesn’t simply imply larger transactions per second, it means larger innovation, it means iterating sooner to ship thrilling new issues that we are able to solely do with crypto,” he stated.
Konstantopoulos believes Odyssey is completely different from different layer-2s. Calling it a “layer-2 from the long run,” he defined that Ithaca’s L2 “ships a number of options from the way forward for the Ethereum roadmap that haven’t been constructed but by some other group.”
Odyssey “allows extra highly effective good contracts”, which Konstantopoulos believes will clear up the problem of “frictionless onboarding for crypto.”
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