TheCryptoNews.eu
Elrond

Polygon Acquires Hermez Network, How They Will Toughen Ethereum Scaling Alternatives

Polygon Acquires Hermez Network, How They Will Toughen Ethereum Scaling Alternatives

By draw of their Twitter address, protocol and flawed-chain bridge Polygon announced a novel put of interest, ZK-based scaling options. In announce to make a contribution and toughen this solution to aggregate transactions into a blockchain, the mission also announced a merger with Hermez Network and a $1 billion investment.

Consistent with zero-recordsdata proof, the layer 2 scaling resolution referred to as ZK-Rollups enables funds to be deposit into a sexy contract on high of the Ethereum community. Thus, transactions would possibly be securely processed off-chain and scalability can expand.

As its legitimate announcement, there is a high seek recordsdata from for Ethereum to toughen its scalability. The mission claims that their PoS based chain is “the suitable rapid resolution” and relief for the expand in transactions charges and community congestion. They added:

By organising itself as one among the unreal’s most well-appreciated and very top valued initiatives, Polygon proved that there would possibly be so a lot of price to be created and captured by engaged on these laborious challenges in symbiosis with Ethereum, as a replace of competing with it.

The $1 billion investment will advance straight from Polygon’s treasury and would possibly perchance well perchance exhaust to employed and got “world-class” ZK-based initiatives and teams. In addition, the funds will doubtless be frail for study, building, and adopting ZK-based options.

Scaling options accept as true with 3 main challenges, the team argued security, decentralization, and privateness. These obtained’t be resolved as we stammer, however the Ethereum ecosystem is at a “stage of intense innovation and experimentation” being able to lay originate constructing options that will in the damage meet these challenges.

On account of this truth, the mission published that they’re going to focal level on two “main lengthy-term” objectives. The indispensable one is “Transport” or putting the options and innovation in “the fingers of developers and users”. The 2d is to present Polygon the “innovation hub” for Ethereum. On scalability, they added:

Ethereum putrid layer charges reached levels that made Ethereum nearly unusable for most users and exhaust cases, and we already started seeing consumer outflow to competing initiatives that made up our minds to present problematic compromises by draw of decentralization, security etc. We realized that one thing must be done this day, and thus we built and provided our Polygon PoS chain (…).

Polygon To Merge With Ethereum Based mostly Hermez Network

As of this day August 13th, Polygon and Hermez Network, a decentralized zk-rollup based scaling payments working on Ethereum, will originate up a merger job. Thus, the resolution will doubtless be rebranded as Polygon Hermez and would possibly perchance well perchance be portion of this protocol ecosystem and options, corresponding to Polygon PoS, SDK, and others.

The merger job will doubtless be supported by funds obtained from the protocol’s treasury, 250 million MATIC tokens or around $250 million accept as true with been committed to fulfilling this motive.

We at Polygon are very aware regarding the importance of EVM-compatibility, and the reality that Hermez already has a roadmap and is actively engaged on introducing it used to be one more gigantic signal for us that joining forces is wise.

On the time of writing, ETH trades at $3,230 with a 6% profit in the day-to-day chart.

Related posts

Bitcoin Poised To Explode Above $50K?, Why Fundamentals Converse More Earnings

The Crypto News

The Altcoin Evolution – Allotment I: Introduction

The Crypto News

TA: Ethereum Gearing For But another Plan shut-Off, Why Rally Isn’t Over But

The Crypto News

Leave a Comment

Or Login with

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More