Hermez Network launches zk-rollups on the Ethereum mainnet to process cheap payments

On Wednesday, Hermez Network announced the launch of its zk-rollup mainnet release. This means that the network is now open to users who can benefit from much lower transactional costs for cumulative updates than Ethereum.

Excerpts Zk use zero knowledge to verify the correctness of a large batch of transactions. The external ecosystem carries out these transactions and generates evidence for them, which are then published directly on the Ethereum blockchain. The result is a saving of more than 10x in terms of block space, with the Hermez transaction weighing only 10 bytes in the main chain, compared to more than 100 bytes in standard ether transmission.

Hermez supports several major tokens, including Ether (ETH), Packaged BTC (WBTC), Tether (USDT), Dai and HEZ, Hermez’s token.

Zk-rollup requires investing funds in a smart contract and selecting them for use in the Ethereum mainnet. However, unlike optimistic summaries, funds can be withdrawn immediately from the second tier. In the case of Hermeza, there are still certain preventive restrictions to ensure a smooth start. Pol Lanski, head of ecosystem development at Hermez, told Cointelegraph:

“This is an automatic withdrawal volume limitation that is implemented in smart contracts as an additional checkpoint to identify unusual network behavior.” This restriction is triggered automatically when a sudden high volume of resource withdrawals is detected, and the goal is to give the development team some time to verify the system and determine if resources are being legitimately withdrawn. “

Hermez comes a few months after a similar solution designed by Matter Labs ZkSync was launched. Although it has been adopted on platforms such as Gitcoin, a mixed crowdfunding and grant platform, there have been several other integrations.

Hermez launches mainnet integration with Bitfinex and Tether are already under their belts. Antoni Martin, co-founder of Hermez, told Cointelegraph:

“We have several exchanges that have committed to implementing Hermez, and many of them are in direct contact with us and playing with the testnet.”

However support for the adoption of the second layer seems to be more difficult than originally expected. Payment-only systems can only be used to transfer funds between exchanges or to pay for products in centralized ecosystems that support the second tier. They cannot be used directly with DeFi, as this would require users to withdraw and re-enter funds each time, which partially calls into question the purpose of the cumulative update. Nevertheless, the Tether and USDC agreements are among the largest “gas cannons“In the network, even the sum of only payments can only significantly alleviate the pressure on etherea charges.

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