• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Iden3 unveils Hermez, a ZK rollup to support Ethereum-based community projects » CryptoNinjas

Written by:
Aeon Flux
Published on:
13 August 2020
Thoughts:
No comments yet

The team behind iden3, an open-source set of tools for self-sovereign identities on public blockchains, announced today the development of Hermez, a zero-knowledge (ZK) rollup, focused on significantly increasing the number of transactions on top of the Ethereum network and adding a unique Proof of Donation feature.

ZK-rollup is a layer 2 construction that scales Ethereum by rolling multiple transfers into a single transaction.

“It’s clear that zk-rollups will be the dominant scaling paradigm for at least the next couple of years in our industry. Hermez will focus on transactions that will bring ease to scaling payments and token transfers on the Ethereum network, and also give back to the community with its unique Proof of Donation feature,” said Jordi Baylina, Co-Founder of Iden3.

Hermez will be able to execute up to 2,000 transactions per second — a sizable increase from the 15 transactions per second currently possible using the Ethereum network alone.

Transactions happening on Hermez are not dependent on the gas prices of mainnet which significantly reduces the cost of transactions

Hermez will also be the first of its kind to introduce Proof of Donation, a decentralized bidding mechanism with reinvestment in the protocols and teams building projects that run on top of Ethereum.

The mechanism invites interested network coordinators to compete in an auction bidding Hermez tokens, HEZ, where the highest bidder wins the right to create the next block and collect transaction fees.

Forty percent of earnings generated by the auction process will be reinvested back into Ethereum community projects. Initially, funds will go directly to the Gitcoin Grant’s Quadratic Matching rounds, while a future governing DAO is established to decide other community quadratic pools to distribute funds as they become available.

This announcement comes at a time when the decentralized finance (DeFi) industry is booming, having surpassed $4 Billion in market cap in July 2020.

This rise brings increased pressure on the Ethereum network to keep up with demand from users and developers of decentralized applications (dApps) that are competing for the limited space of each block — steadily increasing gas prices and the cost of transacting on-chain.

The Iden3 team are the creators of the zk-focused open source libraries Circom and SnarkJS, which power solutions like Tornado Cash (improves transaction privacy), Semaphore (a frame-work for zero-knowledge signaling) and Zkopru (a layer-2 scaling solution for private transactions).

5

SHARES

More Info: iden3.io

Categories: Ethereum, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,424)
  • Ethereum (1,631)
  • News (5,093)

Recent Posts

  • Eighth CryptoSuper 500 List 5 June 2022
  • Bitcoin, Gold or Real Estate — Which Is The Best Hedge Asset? 5 June 2022
  • Even If the Bottom Is In for the Bitcoin Market, Don’t Expect a Big Surge to a New ATH for a While 5 June 2022
  • Why Bitcoin Mining Is Not Polluting 4 June 2022
  • An Overview About DeFi Lending 4 June 2022

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web