What is Hermez Network (HEZ)?
The Hermez Network is a ZK-Rollup designed to provide secure, economical, and convenient token transactions on the Ethereum blockchain. It is seamlessly incorporated into the Ethereum environment, enabling low-cost token movements to benefit everyone. Besides, note that Hermez is a predecessor of Polygon zkEVM, which is a ZK implementation of the Ethereum Virtual Machine (EVM) that is still being developed as of writing this.
Hermez utilizes Zero-Knowledge Proof technology to increase the throughput and efficiency of the Ethereum blockchain by condensing mass transfer processing into a single transaction. The proof and compressed data of the batch of transfers are stored on the Ethereum blockchain, publicly verifying the validity of the rolled transfers. By utilizing zero-knowledge technology, token transfers and swaps can be executed in an efficient and cost-effective manner with high throughput.
Also, note that Hermez employs the Proof-of-Donation consensus mechanism, which incorporates charity donations into the operation of a blockchain.
The HEZ token is the platform’s native token. On the live Hermez Network price chart above, you can find the latest HEZ price.
HEZ Use Cases
HEZ tokens are used for placing bids in the Coordinators auction (an auction that elects new coordinators). Coordinators on the network act as block producers, taking care of the network's maintenance by verifying the accuracy of users' transactions via a zero-knowledge proof. Bidding in Coordinators auctions is done with HEZ crypto tokens. The participant who bids the highest amount of tokens becomes the winner. The minimum bidding price is set at 10 HEZ coins.
If you plan to acquire Hermez Network crypto assets, make sure to make a thorough HEZ price analysis beforehand. Use the aforementioned Hermez Network price chart for doing that.
Who Founded Hermez Network?
The platform was founded in 2020 by Jordi Baylina, David Schwartz, and Antoni Martin. In 2021, Hermez merged with Polygon. As of writing this article, Hermez Network has fully integrated into the Polygon network and is now known as Polygon Hermez. The main founders of the network are still working on the project as well.
Jordi is driving the technical development behind the Hermez zkRollup, and he is actively working on the zkEVM as well. He is also a co-founder of the White Hat Group, Giveth, DAppNode, and Iden3. Besides, he is the creator of the MiniMe token contract, the elliptic curves Solidity library, and several other well-known Ethereum contracts. Moreover, Jordi is a highly respected auditor, having led teams to audit the MakerDAO Stable Coin system and Aragon project.
David is in charge of the planning and implementation of various projects for iden3 and Hermez. He has an extensive experience in the IT field garnered over the past two decades in engineering and managerial roles at telecom operators, consultancy companies, and tech suppliers.
Antoni is the head of business development and potential expansion plans for Hermez. He focuses on providing innovative solutions to address people's issues.
HEZ Tokenomics
The max and total supply of HEZ tokens is 100,000,000. The total supply, however, will become smaller when the mainnet is active and coordinators start bidding, due to the deflationary nature of the auction system.
The token allocation is separated into two tiers. Tier 1 has 5% of the total tokens released immediately, and then 0.104% of the total supply made available each day for about 2.5 years after the launch, until all tokens are released. Tier 2's initial release is 10%, and then 0.164% per day for 1.5 years, with a full unlocking at the end of the 2-year period. These unlocking schedules are designed to maintain HEZ price stability.
