Polygon is integrating Hermez Network in the first full blockchain merger in history to form “Polygon Hermez,” a new scalability solution that leverages the best of both chains.
The developers of the second-layer scaling protocol Polygon have just announced that they will be integrating the zero-knowledge (ZK) proof-based second-layer scaling network Hermez Network as part of their future growth and development strategy. According to the announcement, the blockchain integration will form “Polygon Hermez,” a new scaling solution that will be focused on zero-knowledge proofs and that will take advantage of the best of both worlds. block chains. Polygon called this integration the “first complete merger of two networks” in the history of the blockchain industry. cryptocurrencies, .
Polygon Hermez will be part of the Polygon product suite, along with Polygon PoS, Polygon SDK, Polygon Avail, among others, as reported by the developers in their release The new solution will also have funding of approximately $250 million in MATIC tokens, the native token of the Polygon network, which will be committed to the project to boost its development; although the developers assure that they will be able to allocate up to $1.000 billion for the construction of solutions based on ZK.
The developers of the scaling solution Ethereum They have also said that the integration of Hermez is their first major foray into the field of ZK-based blockchain scalability, which is now part of their strategic development focus for the future.
“All components of the Hermez project – technology, live solutions, team and HEZ token – will be integrated into the Polygon ecosystem.”
Eventually, the integration of Polygon and Hermez Network will dissolve the HEZ token, although there is no specific date for this yet. With the merger, Polygon developers will publish a contract so that HEZ token holders and owners can exchange their tokens for MATIC and protect their value.
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Jordi Baylina at Polygon
The team of 26 developers and specialists in blockchain and in different areas of Hermez Network will become part of Polygon's digital engineers and builders. The idea is to transfer much of the knowledge and experience of this team, which transformed Hermez Network into one of the most prominent ZK-based scaling projects in the crypto industry, to Polygon.
Jordi Baylina, one of Ethereum’s most prominent and respected contributors and the leader of the Hermez Network team, now joins Polygon in the merger. Baylina is deeply tied to Ethereum’s history, having started contributing and developing on the network when it was just 1 month old. He then participated in the recovery of funds hacked from TheDAO in 2016 and later began development on the Hermez Network to help alleviate mainchain congestion.
Polygon developers expressed pride in having the legendary Baylina on board, and have said that Hermez members share the same principles and values and are eager to start working together to build a better, more scalable future.
Hermez, scalability and privacy
Hermez Network is a ZK-Rollup that allows for scalable, secure and low-cost payments, designed to optimize the interaction and use of Ethereum. Today, Hermez has become a driving force for the inclusive economy, offering a decentralized and open architecture for all, allowing high-performance and low-cost payments and token exchanges, and guaranteeing an excellent level of security that allows for 100% reliable transactions.
In addition to all this, Hermez Network is building a solution compatible with the Ethereum Virtual Machine (EVM); the de facto standard for blockchain technology development.
“At Polygon we are aware of the importance of EVM compatibility”, the developers said, so the Hermez integration is part of their strategy to focus on ZK solutions to introduce EVM support. The Polygon team stated that the fact that Hermez already had a roadmap for this was a great sign to join forces, in addition to the fact that they both “love” Ethereum.
Polygon, the Internet of Ethereum Blockchains
In addition to scalability, Polygon also seeks to make Ethereum a more interoperable network with other compatible chains and protocols, so this second-layer solution can be seen as a Polkadot analogue within Ethereum.
Polygon, known as the Internet of Blockchains of the second most important network and cryptocurrency in the ecosystem, is a framework for building and connecting different compatible blockchains, turning the Ethereum network into a complete multi-chain ecosystem.
Its merger with Hermez is a clear message from its developers that they will continue to strive to provide effective and efficient solutions that allow crypto industry participants to interact with their Dapps in a simple and accessible way. In recent months, the development of second layer scaling solutions for Ethereum has become very popular, as well as the construction of new, faster and cheaper blockchains; especially due to the problems of network congestion and gas costs.
Polygon's sustained development since the beginning of the year has raised the value of its token by more than 8.000%, currently trading at a value of $1,49 per unit.
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