Cryptos

Polygon joins Hermez, how they will improve Ethereum scaling

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Their Twitter ID contains their protocol and the Polygon cross-chain link bridge. Announcement a new area of ​​interest, scaling solutions based on ZK. The project announced a merger and investment of $ 1 Billion with Hermez Network in order to improve the aggregated transactions in a crypto-currency.

ZK-Rollups, a Layer 2 scaling solution that relies on zero-knowledge proof allows funds to be deposited in a smart contract via the Ethereum network. Transactions can be securely handled off-chain, which allows for increased scalability.

According to Ethereum’s official announcement there is a strong demand to improve its scalability. Their point-of sale-based chain, according to the project, is “the best out of-the-box solution” that will alleviate rising transaction fees and network congestion. They also added:

Polygon has established itself as one the most valued and popular projects in the industry.

The $ 1 Billion investment will be directly from Polygon’s Treasury and will be used for the acquisition and hiring of “world-class” ZK-based teams and projects. Additionally, the funds will be used to support research, construction, and adoption of ZK solutions.

The team highlighted security, privacy, and decentralization as the main challenges in scaling solutions. These will not be resolved immediately, but the Ethereum ecosystem is at a “stage of intense innovation and experimentation” with the potential to begin creating solutions that will eventually overcome these challenges.

Therefore, the project has revealed that they will focus on two “main long-term” objectives. The first is “Shipping” or putting solutions and innovation in “the hands of developers and users”. The second is to make Polygon the “innovation hub” for Ethereum. They added:

The Ethereum base layers fees have reached levels that make Ethereum nearly unusable for most users. Users are already leaving to join competing projects that have made difficult compromises in security, decentralization, and other areas. We realized that something had to be done today, and so we built and offered our Polygon PoS chain (…).

Polygon to merge into the Ethereum-based Hermez Network

From today, August 13eThe merger of Polygon and Hermez Network (a zk-rollup-based, decentralized payment system based on Ethereum) will take place. The solution will be renamed PolygonHermez and will be part this ecosystem of solutions and protocols, such as Polygon PoS and SDK.

The protocol treasury has committed funds of approximately $ 250 million or 250 million MATIC tokens to support the merger process.

We at Polygon are acutely aware of the importance EVM compatibility. The fact that Hermez has a roadmap and is actively working to bring it into being was another signal for us all to work together. Bedeutung.

ETH trades at $ 3,230 as of this writing with a 6% profit on the daily chart.

ETH with minor profit in the daily chart Source: ETHUSD trading view




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