As per the latest reports, the zk-rollup mainnet release has been announced by Hermez Network on Wednesday, March 24, 2021. As a result of the mainnet release, the project will now be available for the public so the users will be able to benefit from it.
Ever since Ethereum (ETH) started gaining a lot of following, price, and market capitalization, the network is faced with one concerning factor. That factor is the high gas fees that the users have to pay every time they make a transaction through the Etheruem (ETH) network.
The Zk-rollups work in such a way that they use zero-knowledge proofs during the verification of correctness of transactions in large batches. There is an ecosystem that is outside the Ethereum (ETH) network, which is responsible for executing the transactions. Once done, the ecosystem tends to generate proofs for the users.
Once the above process has taken place, the proofs are then posted onto the Ethereum (ETH) blockchain. This results in saving a lot of block space, which on average is 10x that is occupied in case of a normal transaction.
The platform has claimed that its transactions only take up around 10-bytes of space on the main chain. On the other hand, a normal transaction without the Hermez protocol takes up around 100-bytes of space on the min chain.
At the moment, Hermez is known for supporting several cryptocurrency tokens. Some of the major tokens it supports include Hermez’s token, HEZ, Dai, Tether (USDT), Wrapped BTC (WBTC), and Ether (ETH).
In order to utilize the zk-rollup functionality, the users are required to top up a smart contract by depositing funds. Once the money has been deposited and the smart contract is topped up, the users can then withdraw these funds. After the withdrawal of the funds, the users can use them on the Ethereum mainnet.
There are several other rollups that provide the same functionality but have a long wait time for money withdrawal. On the other hand, zk-rollup enhances the withdrawal process and the users are able to make the withdrawals instantly, instead of waiting for hours.
Although the zk-rollup offers the best and the most efficient solution, yet there are several precautionary measures that are to be taken before going for the protocol’s smooth launch.
The Hermez’s ecosystem lead, Pol Lanski has also talked about the concerns and precautionary measurements for the protocol.
Lanski stated that although the ecosystem has been introduced to facilitate large batches of transactions, still they have remained very cautious with the batches.
They have put in place some restrictions that are to limit the number of transactions and batches to a particular figure. As soon as the threshold is met or surpassed, the concerned teams in the ecosystem run through some checks to confirm the legitimacy of the transactions.