Stories by INTMAX on Medium

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/1*NXKAQ5ALSkO7Nx-5m36yTg.png"></figure>In a significant move towards enhancing financial inclusion and operational efficiency, INTMAX, the first stateless payment layer on Ethereum, has announced a strategic partnership with two Nigerian Microfinance Banks (MFBs) — Above Only Microfinance Bank and Source MFB. This collaboration aims to equip MFBs with cutting-edge blockchain technologies, fostering a new era of democratized financial services in Nigeria.
<h3>Bridging the Financial Gap with Blockchain</h3>
In Nigeria, financial inclusion remains a critical goal. Microfinance Banks play a pivotal role in providing banking services to underserved and unbanked communities. The partnership with INTMAX is designed to leverage blockchain technology to address these challenges head-on.
Philip Asaya, Senior Coordinator and Country Representative for INTMAX, underscored the transformative potential of blockchain:
<blockquote>“Blockchain has the power to democratize access to financial services. Our partnership with these Microfinance Banks reflects a commitment to driving financial inclusion and empowering institutions with the tools to thrive in the digital age.”</blockquote>
<h3>What This Partnership Brings to the Table</h3>
This collaboration is set to redefine how Microfinance Banks operate by integrating blockchain-driven solutions. Key benefits of the partnership include:
<ul>
<li>
Streamlined Operations: Advanced blockchain solutions will simplify processes like loan disbursement, customer onboarding, and asset management, reducing inefficiencies and operational costs.</li>
<li>
Enhanced Transparency: The adoption of blockchain technology will improve transparency, building greater consumer trust in financial services.</li>
<li>
Innovative Financial Products: INTMAX plans to introduce blockchain-based lending models, smart contract-enabled savings plans, and digital asset management systems tailored for underserved communities. These tools aim to unlock new economic opportunities for individuals and businesses alike.</li>
</ul>
Ogunnubi, CEO of Pengage Finance, highlighted the focus on community-specific solutions:
<blockquote>“By collaborating with these forward-thinking MFBs, INTMAX will introduce innovative financial products tailored to meet the needs of underserved communities.”</blockquote>
<h3>Empowering Staff with Blockchain Knowledge</h3>
An essential aspect of the partnership is capacity building. INTMAX will offer tailored training programs to the staff of Above Only Microfinance Bank and Source MFB. These programs will provide the skills needed to leverage blockchain technology effectively, fostering a culture of innovation within these financial institutions.
This approach ensures that bank personnel are equipped to deliver modern, efficient, and secure financial services to their customers, positioning them as leaders in Nigeria’s evolving digital economy.
<h3>A Step Towards a Digital Future</h3>
For Above Only Microfinance Bank and Source MFB, this partnership represents more than just a technological upgrade. It is a strategic step towards redefining their roles in an increasingly digital world.
<blockquote>
“Blockchain technology offers immense potential for transforming traditional banking processes,” said Philip Asaya. “These solutions will not only improve efficiency but also reduce operational costs, positioning the banks as leaders in digital financial services.”
</blockquote>
<h3>Conclusion</h3>
The partnership between INTMAX and these Nigerian Microfinance Banks marks a significant milestone in the journey towards financial inclusion and digital transformation. By integrating blockchain technology, this collaboration aims to bring secure, transparent, and efficient financial services to communities that need them the most.
As INTMAX and its partners work together, they pave the way for a future where blockchain-driven financial solutions are accessible to everyone, fostering growth and innovation in Nigeria’s financial landscape.
<h3>Media releases in Nigerian Press:</h3>
<ol>
<li><a href="https://businessday.ng/bd-weekender/article/mfbs-tap-blockchain-solutions-to-boost-operations-deepen-financial-inclusion/">https://businessday.ng/bd-weekender/article/mfbs-tap-blockchain-solutions-to-boost-operations-deepen-financial-inclusion/</a></li>
<li><a href="https://themirroronline.com.ng/intmax-teams-up-with-mfbs-on-capacity-building-blockchain-expertise/">https://themirroronline.com.ng/intmax-teams-up-with-mfbs-on-capacity-building-blockchain-expertise/</a></li>
</ol>
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=1aa839c1f277" width="1" height="1" alt="">

INTMAX Partners with Nigerian Microfinance Banks to Drive Financial Inclusion

<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*W91Mpbe0YB9GUNR3"></figure>INTMAX, recognized for creating the first stateless Layer 2 solution on Ethereum and acknowledged by notable researchers, is inviting more participants to join its mining program ahead of the upcoming halving event for its native token, ITX. With just 0.1 ETH and a computer, anyone can participate in this innovative approach to mining, earning rewards while contributing to network anonymity.
<h3>Token Distribution Based on Protocol Rules</h3>
At INTMAX, we believe that the value of a token should reflect meaningful contributions. With INTMAX, contributing to citizen privacy can be as simple as depositing and withdrawing ETH. In return, participants earn ITX tokens as rewards for enhancing privacy on the network.
Currently, the mining process runs on the Base chain, meaning only a small gas fee is required. Anyone can join with as little as 0.1 ETH and a computer. ITX operates on a fixed supply model of 1,001 million tokens, distributed over a carefully planned 2,032-day halving schedule.
By Q1 2025, Privacy Mining will be available through an enhanced UI/UX interface. However, those who start early using the CLI (Command Line Interface) can earn a larger share of ITX rewards by getting involved sooner.
<h3>Making Privacy Accessible and Rewarding</h3>
“Privacy is normal; it’s your right and your responsibility,” states Leona Hioki, INTMAX Co-founder. “INTMAX offers Privacy Mining as a tool to free users from obligatory crypto voyeurism. At the same time, individuals who use it contribute to the privacy of the entire ecosystem and should be rewarded. This is one of the most exciting developments in crypto today.”
The platform’s commitment to accessibility will expand in December with the release of a web interface for Privacy Mining, eliminating the current requirement for command-line interface expertise. This development aims to broaden participation beyond technical users, allowing anyone with as little as 0.1 ETH and a computer to contribute to the privacy ecosystem. Importantly, those who embrace the challenge of using the CLI before the halving will be rewarded with higher incentives, recognizing their early efforts and technical engagement.
<h3>Building Privacy as a Social Experiment</h3>
INTMAX’s privacy mining is designed as a mechanism that rewards participants who expand and strengthen the network’s Anonymity Set.
The mining schedule follows a unique halving pattern with intervals of 16, 32, 64, 128, 256, 512, and 1,024 days, creating a predictable emission schedule while incentivizing early participation. This structure ensures long-term sustainability while rewarding early adopters who contribute to building the privacy infrastructure.
<h3>About INTMAX</h3>
INTMAX is the first stateless Ethereum Layer 2 solution, enhancing Plasma technology with zero-knowledge proofs to provide privacy and scalability regardless of the number of users. This positions INTMAX as a key driver for Ethereum and blockchain adoption by bridging the gap between convenient client-side data storage and execution and the decentralization and security of blockchain technology. By offering both ease of use and robust security, INTMAX paves the way for wider adoption.
For more information about participating in Privacy Mining or to learn about the upcoming web interface launch, visit <a href="https://hackmd.io/g1Pl9rQAQMmC86I7wiMEtQ">INTMAX’s website</a>, check the <a href="https://hackmd.io/@lionfeeder/rkbbpd5a0">Privacy Mining Page</a>, or follow the <a href="https://x.com/intmaxIO">project on social media</a>.
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=1a1b1ce06a5d" width="1" height="1" alt="">

Introducing Privacy Mining: Earn Rewards by Contributing to Citizen Privacy

<figure><img alt="" src="https://cdn-images-1.medium.com/max/960/1*_heu-urwBIUNa4CRYLUjgQ.jpeg"></figure>The history of financial privacy has followed a very peculiar path. Throughout history, information about how much wealth one possessed and in what form has always been highly sensitive and kept private. There has never been an era when governments or those in power had extensive knowledge of citizens’ assets. In that sense, the current era can be considered an anomaly. Most assets have been digitized, and a single enormous power can now track the assets of citizens across national borders. We must adopt a more macro perspective on this unprecedented historical situation.
<figure><img alt="" src="https://cdn-images-1.medium.com/max/1024/0*bnSPCGOqA6Wy7ddJ"></figure>We must realize this financial privacy as quickly as possible in a way that as many people as possible can agree upon. To achieve this, we need to swiftly establish privacy for citizens in a way that clearly aligns with and adheres to current laws and regulations, and, as such, identifies and discourages criminal activity. If we cannot create privacy in this era, the next opportunity may not come for a very long time. How can we provide a privacy protocol that is unfriendly to criminals? At Intmax, careful and multilayered measures are taken in at least four ways.
<ol><li>Chain Analysis</li></ol>
The first is the decentralized utilization of chain analysis tools. Chain analysis tools can basically be viewed as a special method of operating full nodes, and this can be used to reach consensus among multiple nodes and impose restrictions on deposits. Incorporating decentralized chain analysis tools like Aethos provides fairer restrictions. This means introducing permissions at the gateway for deposits from Layer 1 to Intmax Layer 2, but of course, it does not affect the permissionless nature within Layer 2.
1) Advanced Risk Monitoring: Chain Analysis tools leverage TRM’s Risk Engine, a sophisticated tool that enables us to monitor over 150 configurable risk scenarios. This allows us to identify potential risks associated with our digital asset transactions and interactions, ensuring we remain vigilant against illicit activities.
2) Customizable Risk Categories: The Risk Engine provides us with access to detailed risk categories derived from regulatory guidance and insights from law enforcement. We can tailor these categories to our specific operational needs, ensuring that we maintain a granular view of potential risks.
3) Proactive Risk Management: By categorizing risks into Ownership, Counterparty, and Indirect types, we are able to effectively manage exposure. This proactive approach helps us identify and address potential issues before they impact the users.
4) Continuous Compliance: We are committed to adhering to regulatory requirements and best practices. Our partnership with TRM Labs equips us with the tools necessary to stay compliant with evolving regulations, safeguarding our reputation and the trust of our clients.
5) Enhanced Incident Response: The insights gained from TRM’s Indirect Exposure Engine allow us to trace connections between transactions and potential risks,
enabling swift action to mitigate any identified threats.
6) Risk Categories: Developed from regulatory guidance and insights from law enforcement, financial institutions, and compliance experts. Categories focus on illicit finance risks pertinent to the crypto industry, aligning with FATF recommendations on money laundering.
Categories include:
Sanction list, incl. OFAC, Human Trafficking, CSAM Vendor/Consumer, Terrorist Financing, Blocklisted, Carding, Cybercrime Services, Darknet Market, Banned/Controlled Substances, Counterfeit Good, Piracy, High-Risk dApp, High-Risk Exchange, Hacked/Exploited Funds, Known Hacker Group, Violent Extremism, Escort Service, Malware, Scam, Extortion, Mixer.
By utilizing TRM Labs’ cutting-edge technology and expertise, we are reinforcing our dedication to creating a secure and compliant environment for our users. We believe that these measures not only protect but also foster a safe ecosystem for all participants in the digital asset space.
2. IP Block:
IP blocking is a critical security measure implemented at the software level to enhance compliance and protect the Intmax network from potentially illicit activities. This feature focuses on identifying and blocking access from IP addresses associated with sanctioned entities or jurisdictions.
<ul>
<li>When a user attempts to connect to the Intmax network from a sanctioned IP address, the system automatically denies access.</li>
<li>This blocking occurs at the gateway level, preventing any transactions or interactions that may pose a regulatory risk.</li>
</ul>
3. AML using ZKP (Zero-Knowledge Proof) “Proof of Innocence.”
With the implementation of (ZKP) technology, specifically through a “Proof of Innocence” framework, users have the flexibility to select their Anonymity Set, which serves as the input for the ZKP circuit. This capability enables users to demonstrate that their deposit source is either “one of these innocent addresses” or “not among these suspicious addresses.” By using ZKP, users can prove their compliance without revealing any sensitive information about their financial transactions.
This methodology is aligned with concepts introduced in the “Privacy Pools” framework proposed in 2023 by notable figures such as Vitalik Buterin and Ameen Soleimani, along with researchers from ChainAnalysis. By allowing users to prove their association with verified, compliant addresses while keeping their transaction details private, this system effectively enhances the integrity of the Intmax network.
The ZKP-based “Proof of Innocence” not only bolsters AML efforts by enabling scrutiny of transaction sources but also promotes user privacy, striking a balance between regulatory compliance and individual confidentiality. This dual focus helps protect the network from illicit activities while fostering a trustful environment for legitimate users.
4. Limiting the deposit amount
This is very simple but effective. When creating privacy among citizens, there isn’t much need to provide means to easily conceal very large amounts, such as $100M. This deposit limit will be dynamically adjusted based on protocol decisions, but it will always serve as an effective barrier governing the protocol.
Intmax’s protocol creates a new era of privacy in the crypto space. Combined with our pursuit of scaling technology, it offers privacy that is inexpensive, stable, and minimizes social friction during the transition period.
<img src="https://medium.com/_/stat?event=post.clientViewed&amp;referrerSource=full_rss&amp;postId=ae96bf6cb465" width="1" height="1" alt="">

Ultimate Payment Protocol

What is Intmax Protocol?

Extreme Scalability

Backed by Pioneers

Compliant Privacy

Deep Dive Into INTMAX

Testnet Launch

FAQ