Hermez Network has announced the launch of its zk-rollup mainnet release, as the network is now open for users, who can benefit from the rollup’s much lower transaction costs than Ethereum.
It has been reported that 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.
However, the result is a saving of over 10x in terms of block space, with Hermez transactions weighing just 10 bytes on the main chain, compared to more than 100 bytes for a standard Ether transfer.
A new zk-rollup is in town! @hermez_network launched on mainnet, allowing more than ten-fold cheaper payments with Ethereum tokens. The platform is already supported by Tether and Bitfinex. https://t.co/wEaf362hAX — Cointelegraph (@Cointelegraph) March 24, 2021
The report said that Hermez supports several major tokens including Ether (ETH), Wrapped BTC (WBTC), Tether (USDT), Dai, and HEZ, Hermez’s token. The zk-rollup requires depositing funds to a smart contract and withdrawing them to use in the Ethereum mainnet.
Unlike optimistic rollups, funds can be withdrawn immediately from layer two. In Hermez’s case, there are still some precautionary limitations to ensure a smooth launch.
Pol Lanski, the lead of ecosystem development at Hermez, said:
“It’s an automated volume limitation on withdrawals that is implemented in the smart contracts as an additional checkpoint to identify the network’s anomalous behavior. This limitation will kick in automatically only when a sudden high volume of funds withdrawal is detected, and the objective is to give the developer team some time to verify the system and determine whether the funds are being withdrawn legitimately.”
Likewise, Hermez comes several months after ZkSync, a similar solution designed by Matter Labs, hit the market. While it has seen adoption on platforms like Gitcoin, mixed crowdfunding, and grants platform, there was little other integration. Hermez is launching on mainnet with integration with Bitfinex and Tether already under their belt.
Thus, Antoni Martin, the co-founder of Hermez, said:
“We have several exchanges committed to implementing Hermez and a good number of them in direct contact with us, playing with the testnet.”
Source: Cointelegraph