Scaling Solution Hermez Network Adds Tether Token to Tackle High Ethereum Fees

Ethereum is starting to lose ground to its competitors for USDT usage, and Hermez may help to fix that. Tether (USDT) has now launched on Hermez Network, an Ethereum scalability solution based on the zk-rollup concept. Rollups provide a way of batching or “rolling up” transactions to lighten the load on the Ethereum network.The key to rollups is the concept of data availability, which means that the state data of the rollup is always fully available on-chain. In practice, this means that the Ethereum network knows the token balances of all user accounts on the Hermez rollup after every....

Hermez, an Ethereum scaling solution, has partnered with Tether to offer cheaper Tether transactions via zero-knowledge rollups. Popular stablecoin Tether (USDT) is the first token to go live on the Hermez layer-two network, the company announced on Monday.As part of the collaboration, batched USDT transactions will be possible once the Hermez network officially launches in early 2021. David Schwartz, project lead at Hermez told Cointelegraph:“Hermez network is run by permissionless coordinators who will decide the transactions included in each batch, based on incentives (fees).”Back in....

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the Hermez Network Token (HEZ) under the pair USDT/HEZ on Mar 29 at 1:00 p.m. UTC. Hermez is a zk-rollup that allows for scaling payments and token transfers on top of the Ethereum public blockchain. Hermez uses the Ethereum public blockchain for data storage instead of computation. In addition, utilizing zero-knowledge proofs attaches an easily verifiable on-chain proof that the off-chain computations have been carried out....

Scaling solution Polygon has stepped up its Zero-Knowledge (ZK) proof ambitions. According to an official post, a startup called Mir will collaborate with Polygon and has invested a staggering amount of $400 million. Related Reading | Polygon: Ethereum’s Friend Is Looking To Make Big Strides Mir and its team of experts will join the scaling solution to implement their ZK Rollup technology, developed for over two years. The startup was founded by Brendan Farmer and Daniel Lubarov, and its team, comprised of people with backgrounds in pure math, cryptography, and engineer, will be....

Via their Twitter handle, protocol and cross-chain bridge Polygon announced a new area of interest, ZK-based scaling solutions. In order to contribute and improve this approach to aggregate transactions into a blockchain, the project also announced a merger with Hermez Network and a $1 billion investment. Based on zero-knowledge proof, the layer 2 scaling solution called ZK-Rollups allows funds to be deposit into a smart contract on top of the Ethereum network. Thus, transactions can be securely processed off-chain and scalability can increase. As its official announcement, there is a high....