THELOGICALINDIAN - Hermez Network launched on mainnet this morning The ZKRollup band-aid is acquisitive to allay some of Ethereums welldocumented bottleneck issues
Ethereum’s Layer 2 welcomes a new arrival: Hermez Network.
Hermez Network Launches
Hermez Network has gone alive on Ethereum mainnet.
The Layer 2 activity aggregate account of the amend in a blog post beforehand today. In it, they wrote:
“We aim to advice with Ethereum’s bottleneck peaks, and lower the access barrier to decentralized finance. This is aloof the beginning, but the arrangement will be able to action all-inclusive amounts of transactions, affective billions of dollars account of agenda assets.”
Hermez Network is a anatomy of rollup that works by alignment affairs calm to actualize SNARKs—succinct non-interactive arguments of knowledge. These SNARKs again get acclimatized on the Ethereum abject band as one transaction. Rollups are advantageous for processing affairs at a college acceleration and lower amount than on the abject chain, and they booty two forms: ZK-Rollups and Optimistic Rollups.
Hermez Network is an archetype of a ZK-Rollup, admitting Optimistic Rollups such as Optimism accept additionally afresh angry active as the costs of application Ethereum hits almanac highs. Yesterday, Uniswap abundant its affairs to go alive on Optimism “shortly after” its V3 amend goes alive on May 5.
Hermez Network warned that there’s a accident of “possible bugs” in the cipher in the advertisement post. The band-aid was activated and audited on Ethereum’s Rinkeby testnet afore ablution on mainnet. They wrote that users “should amusement it as an aboriginal adaptation and should apprehend that there can be bugs.”
Hermez Network has launched a bug compensation program to foolproof the code, advantageous up to 100 ETH for analytical issues. There’s additionally a wallet interface for interacting with the solution. It’s attainable through the broadly acclimated Web3 wallet MetaMask.
The blog column addendum that users can now actualize accounts, drop funds, accelerate affairs and abjure funds through the network. It will initially abutment ETH, USDT, DAI, wBTC, and HEZ.
Disclosure: At the time of writing, the columnist of this affection endemic ETH and several added cryptocurrencies. They additionally had acknowledgment to UNI in a cryptocurrency index.
