Ethereum ZK Rollup expansion plan Hermez releases white paper and launches HEZ token

The Ethereum expansion solution technical team iden3 launched the expansion network Hermez based on the ZK Rollup concept and released a white paper. According to the white paper, Hermez allows the expansion of payments and token transfers on the Ethereum public blockchain. Its design considers ETH, Tokens such as DAI, Tether and wBTC. Hermez improves the scalability of the blockchain by compressing each transaction to about 10 bytes, which is estimated to increase to a transaction speed of 2000 transactions per second. Hermez provides decentralized components in the form of smart contracts and open source tools, enabling participants to join the new network ecosystem. Hermez plans to launch HEZ tokens, which are ERC-777 tokens used to bid in auctions. Each time a rollup is created, a small part of HEZ tokens placed in the donation proof auction will be destroyed.