EthereumHermez NetworkLayer 2TechnologyZk-rollup

Ethereum Layer 2 Solution Hermez Network Launches on Mainnet

Ethereum’s Layer 2 welcomes a new arrival: Hermez Network. 
Hermez Network Launches 
Hermez Network has gone live on Ethereum mainnet. 
The Layer 2 project shared news of the update in a blog post earlier today. In it, they wrote: 
“We aim to help with Ethereum’s congestion peaks, and lower the entry barrier to decentralized finance. This is just the beginning, but the network will be able to process vast amounts of transactions, moving billions of dollars worth of digital assets.”
Hermez Network is a form of rollup that works by grouping transactions together to create SNARKs—succinct non-interactive arguments of knowledge. These SNARKs then get settled on the Ethereum base layer as one transaction. Rollups are useful for processing transactions at a higher speed and lower cost than on the base chain, and they take two forms: ZK-Rollups and Optimistic Rollups.
Hermez Network is an example of a ZK-Rollup, though Optimistic Rollups such as Optimism have also recently turned heads as the costs of using Ethereum hits record highs. Yesterday, Uniswap detailed its plans to go live on Optimism “shortly after” its V3 update goes live on May 5. 
Hermez Network warned that there’s a risk of “possible bugs” in the code in the announcement post. The solution was tested and audited on Ethereum’s Rinkeby testnet before launching on mainnet. They wrote that users “should treat it as an early version and should expect that there can be bugs.” 
Hermez Network has launched a bug bounty program to foolproof …
Story continues on Crypto Briefing

Related posts
Cointelegraph.comEthereumHermezTetherzero knowledgeZk-rollup

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

Hermez users will be able to transact with ETH, USDT, WBTC on a scalable layer-two network. Hermez Network has announced on Wednesday the launch of its zk-rollup mainnet release. This means that the network is now open for users, who…

Ethereum's high gas fee crisis won't be solved by EIP-1559: Coin Metrics report

Consistently full blocks are the primary reason that gas prices have reached all-time highs. A report by analytics provider Coin Metrics has delved into the world of Ethererum transaction fees noting that they’re still at highest-ever levels and even a…
BitcoinBTC Trading ViewNewsNews 1TechnologyTrading View

Bitcoin miner Hut 8 to join Foundry USA Pool, DCG's subsidiary

Canada-based mining company Hut 8 is now mining operations with Foundry USA Pool, a subsidiary that is wholly owned by Digital Currency Group (DCG). The mining company said it added a portion of its tThe post Bitcoin miner Hut 8…