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

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Hermez Network has introduced on Wednesday the launch of its zk-rollup mainnet launch. Which means that the community is now open for customers, who can profit from the rollup’s a lot decrease transaction prices than Ethereum.

Zk-rollups use zero data proofs to confirm the correctness of a giant batch of transactions. An out of doors ecosystem executes these transactions and generates proofs for them, that are then posted instantly on the Ethereum blockchain. The result’s a saving of over 10x by way of block house, with Hermez transactions weighing simply 10 bytes on the primary chain, in contrast to greater than 100 bytes for the standard Ether switch.

Hermez helps a number of main tokens together with Ether (ETH), Wrapped BTC (WBTC), Tether (USDT), Dai and HEZ, Hermez’s token.

The zk-rollup requires depositing funds to a wise contract and withdrawing them to use within the Ethereum mainnet. Not like optimistic rollups, nonetheless, funds could be withdrawn instantly from the layer two. In Hermez’s case, there are nonetheless some precautionary limitations to guarantee a clean launch. Pol Lanski, lead of ecosystem improvement at Hermez, informed Cointelegraph:

“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the objective is to give the developer team some time to verify the system and determine whether the funds are being withdrawn legitimately.”

Hermez comes a number of months after ZkSync, an analogous answer designed by Matter Labs, hit the market. Whereas it has seen adoption on platforms like Gitcoin, a blended crowdfunding and grants platform, there have been few different integrations.

Hermez is launching on mainnet with an integration with Bitfinex and Tether already below their belt. Antoni Martin, co-founder of Hermez, informed Cointelegraph:

“We have several exchanges committed to implementing Hermez and a good number of them in direct contact with us, playing with the testnet.”

Nonetheless, fostering layer two adoption appears to be tougher than first anticipated. Payments-only techniques can solely be used for transferring funds between exchanges or paying for merchandise in centralized ecosystems that assist layer-two. They can’t be instantly used with DeFi, as it could require customers to withdraw and redeposit funds every time, partially defeating the aim of the rollup. Nonetheless, with the Tether and USDC contracts being among the many largest “gaz guzzlers” on the community, even a payments-only rollup can considerably alleviate strain on Ethereum charges.

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