Hermez Network Token

What is HEZ and how Does It Work?

As part of the Decentralized Finance (DeFi) ecosystem, the HEZ project offers self-sovereign identity support with team members such as David Schwartz and Carlos Matallana. Associated frequently with the Polygon Hermez undertaking, it utilizes zk SNARKs proofs, a cryptographic tool that enhances the efficiency of batch transactions on Ethereum, under Alonso Rodríguez's supervision. The Zero Knowledge (ZK) technology comes into play, reflecting its broad-ranging significance in the Ethereum ecosystem.

Working to expand the accessibility of finance, the team integrated Hermez network with Polygon. This integration led to the HEZ token being indexed to the MATIC token. As part of the Polygon Hermez zkRollup, the native token MATIC takes on the role of a utility token. The Hermez Network's decentralized structure relies on the iden3 technology (Circom and SnarkJS libraries), which is similar to the cryptography deployed on the Zcash blockchain.

Aiming to scale payments and token transfers on the Ethereum network, Hermez Network yields a notable reduction in token transfer fees and offers a significant throughput boost. It operates a decentralized, trustless, and censorship-resistant network model, with transactions managed through a specific time frame that coordinators can compete for via a permissionless auction system. The primary focus is on synchronization and deployment of permissionless nodes on Ethereum, providing the necessary data to reconstruct its network.

The team is committed to meeting the community's needs and driving public goods scalability by allocating a portion of auction winnings towards Ethereum public goods via Gitcoin quadratic funding grants. The project also intends to promote crypto usage and facilitate person-to-person payments and arbitrage opportunities. On the operational side, the HEZ network operates as a Layer 2 extension on the Ethereum protocol, relying on native tokens and zk-SNARKs validity proofs.

Proactively, the project's direction points to developing a comprehensive payment network for evolving digital tokens. It strives to decrease identity proving costs, promote strong withdrawals, and enable high throughput, cost-efficient token transfers. While also promoting energy cost efficiency for coordinators and the composition of private transactions, decentralized governance, and cross-chain functionality, the project's roadmap also voices the potential for transaction fee collection through a decentralized auction model. At the same time, the Proof of Donation consensus algorithm directs a significant part of the network's value to donation projects and ecosystem public goods. The open-source code and protocol allow for Layer 2 interoperability by supporting open contributions. It emphasizes validated proofs, zero-knowledge cryptography, and reduced transfer costs as primary features of the Hermez Network.

The Vision and Mission Behind HEZ

HEZ, also referred to as Hezereum, operates on a layer 2 Ethereum network as a token. It focuses on scalability and interaction speed to facilitate rapid and economical transactions. HEZ incorporates smart contract capabilities, aligning with the conditions of the Ethereum protocol. This token has an interest in decentralized finance (DeFi) applications like lending platforms, prediction markets, and decentralized exchanges, creating a space for you to engage in a variety of DeFi activities. The governance of HEZ is characterized by a community-driven approach, allowing you to be involved in key decisions. Utilizing a proof-of-stake consensus mechanism, HEZ acknowledges the importance of energy efficiency when validating blocks, which contrasts traditional proof-of-work models, thus supporting swift transaction processing while being mindful of the environment.

How to Buy and Store HEZ?

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HEZ Metrics:

• Current price: $3.9988

• Market cap: $44.3 M

• All-time high: being indexed (being indexed)

• All-time low: being indexed (being indexed)

• Daily trading volume: $29.01 k