Hermez Network launches zk-rollups on Ethereum mainnet to process cheap payments
Hermez users will be able to transact with ETH, USDT, WBTC on a scalable layer-two network. Hermez Network has announced on Wednesday the launch of its zk-rollup mainnet release. This means that the network is now open for users, who can benefit from the rollup’s much lower transaction costs than Ethereum.Zk-rollups use zero knowledge proofs to verify the correctness of a large batch of transactions. An outside ecosystem executes these transactions and generates proofs for them, which are then posted directly on the Ethereum blockchain. The result is a saving of over 10x in terms of block....
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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....
Hermez Network sets out to provide faster and cheaper transactions on Ethereum.
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....
The author of the Ethereum whitepaper, Vitalik Buterin, believes rollups will solve Ethereum’s scaling woes until the introduction of Eth2 sharding. Ethereum co-founder, Vitalik Buterin, believes the network is on the verge of scaling by a factor of 100, predicting the Optimism will release its layer-two solution in the coming weeks.Speaking on the Tim Ferriss podcast, Buterin noted Eth2’s developer are focused on working toward the chain merge with Ethereum, and are confident that layer-two solutions can support the network until sharding is developed. “Rollups are coming very soon,” he....