Ithaca Project Launch by Paradigm CTO with $20M Funding

Key Points:

• The Ithaca Project Launch was announced by Paradigm CTO Georgios Konstantopoulos, backed by $20M, aiming to build a high-performance Layer 2 network.
• Odyssey, the first step of the Ithaca Project Launch, focuses on scalability and frictionless user experience using Reth, OP Stack, and Conduit.

Paradigm CTO Georgios Konstantopoulos announced the Ithaca project launch, backed by $20M, to build a high-performance L2 network with Reth, OP Stack, and Conduit.

Ithaca Project Launch: Building a High-Performance L2 Network

At the forefront is Odyssey, a revolutionary Layer 2 network created by Paradigm CTO Georgios Konstantopoulos and his Ithaca Project team, with backing via a $20 million investment from Paradigm. They are implementing Reth, OP Stack, and Conduit for the delivery of scalability and stability. Ithaca makes sure the user experience is smooth and seamless for users who have no deep understanding of complex processes, such as setting up custom RPC or bridging ETH.

The Odyssey testnet is a precursor to the main event of Ithaca, with advanced EIPs integrated into its architecture to guarantee high performance by means of Reth SDK. This way, it opens a path toward an open-source network to attract more developers and contributors into the ecosystem for faster innovation in decentralized applications.

Read more: Paradigm Third Fund Hits $850M As The Most Recognized VCs

Ithaca Odyssey: A Next-Generation L2 Network Powered by Paradigm

Odyssey is its first step in the Ithaca Project and is built on a combination of Reth with OP Stack technologies. This layer-2 testnet introduces top-tier performance and scalability. Ithaca focuses on a seamless user experience without the need to download browser extensions or set up a custom RPC.

It has also implemented new Ethereum proposals like EOF and RIP-7212, further fortifying its Layer 2. This testnet is part of a broader vision toward bettering blockchain for performance, security, and decentralization.