Ethereum ZK Rollup expansion solution Hermez announced that it will integrate the stable currency USDT to provide lower-cost on-chain transfer functions. In the next few weeks, USDT will be tested on the Hermez network, and the official release time is expected to be mid-February.
Speaking of cooperation, Paolo Ardoino, the chief technology officer of USDT issuer Tether, said, “ Hermez was chosen because it is'a very good scalability solution' that helps to aggregate and store the entire data on the chain.”
"It is necessary to implement the Layer 2 expansion solution. In the next few years, the congestion problem of the Ethereum network will become more serious before Ethereum 2.0 goes online."
According to the person in charge of Hermez's technology, Hermez can help process 2000 transactions per second at a cost of one-tenth of the current cost. "The current capacity of Ethereum is about 15 transactions per second, and the average fee per transaction is about $11."
Hermez is the Layer 2 project launched by the Ethereum expansion solution technical team iden3, which allows cryptocurrency to expand payment and token transfer on the Ethereum public blockchain. At the beginning of this year, the project will release the first version of the ZK-Rollup network, which includes the first implementation of Massive Migrations Layer 2 transactions.
In October last year, Hermez released the native token HEZ, a total of 100 million, 65% of the tokens are used to incentivize or allocate strategic partners; 20% are allocated to the founder of Hermez; the remaining 15% is allocated to the Hermez development team.
According to reports, HEZ is a payment tool for node bidding. Any user who wants to become a Layer 2 node operator (Hermez refers to the role as the “coordinator”) can participate in the bidding through the token, and the higher bidder will become the next The node operator for a round of packaged transactions.
“The coordinator mainly packages the user’s transaction, passes the zero-knowledge password student into a proof, and publishes the proof and transaction data on the Ethereum mainnet.” The coordinator needs to pay Gas fees and additional costs (electricity, hardware, etc.), but in return , Which can charge fees from the transactions processed-equivalent to miners in the PoW network. "
As of press time, HEZ is quoting 5.5 US dollars, down 9.9% in 24 hours.