bangalore, india / accesswire / Aug 14, 2021 / ethereum scaling project polygon (formerly matic network) acquired hermez network, an ethereum scaling solution based on zk-rollups, for 250 million dollars. the two projects are also merging their native tokens, matic and hez, in a first-of-its-kind deal in the crypto space.
polygon is proud to announce that hermez, one of the most prominent zero-knowledge (zk) cryptography-based scaling projects and teams, will be joining polygon. Starting today, the process of integrating Hermez into the ecosystem of industrial estates will begin, where it will be operating under the new name: Polígono Hermez. polygon hermez will become part of the growing polygon suite which already offers solutions like polygon pos, polygon sdk, polygon available, etc. m based on the price at the time of reaching the agreement (August 4, 2021).
This merger is the first major foray into the zk scaling arena, after zk-based solutions were publicly announced as hermez’s strategic approach moving forward.
This merger will be the first complete merger of one blockchain network with another. the m&as in the traditional technological world are an everyday thing. in blockchains however, they are a new and very interesting concept. There has been a lot of thought about what a real merger between two networks would look like, but very few real attempts to do one. we think this is, in a way, a historic moment, as it will be (as far as we know) the first complete merger of two blockchain networks. all the components of the hermez project: technology, live solutions, team and token hez will be integrated into the ecosystem of the polygon. hez token holders will be able to exchange their tokens for polygon’s native token (matic) through the soon to be published exchange contract. the exchange ratio is 3.5 matic: 1 hez, and is calculated based on the respective prices at 11 am. m. on August 4, 2021, as publicly announced by the hermez team. matic will remain the only token in the polygon ecosystem and will take on the role of hez in the future of the hermez polygon: it will provide security, rewards, and potentially some additional utilities. hez token will cease to exist after a specific date yet to be defined. all other details of the merger will be announced and explained in the coming days and weeks. the dynamics of this merger will open new frontiers in terms of blockchain governance, token design, utility, value accumulation, etc.
“We thank the entire polygon and ethereum community for all the support so far and invite you to stay with us moving forward, this journey is about to get even more exciting,” he says sandeep nailwal , co-founder of polygon.
hermez is a decentralized zero-knowledge rollup that scales and greatly reduces the cost of payments and transfers on the ethereum network with a focus on supporting community-driven projects through its original mechanism of donation test. hermez aims to create an inclusive and accessible blockchain payment network developed by the team behind iden3, an open source protocol for autonomous identities on public blockchains. For more information on Hermez, visit: https://hermez.io/.
polygon is the first well-structured and easy-to-use platform for scaling ethereum and developing infrastructure. its main component is polygon sdk, a modular and flexible framework that supports the creation and connection of secure chains like plasma, optimist rollups, zkrollups, validium, etc., and independent chains like polygon pos, designed for flexibility and independence. polygon scaling solutions have seen widespread adoption with over 500 dapps, ~567m+ txns and ~6m+ txns daily.
if you’re an ethereum developer, you’re already a polygon developer! Take advantage of fast and secure polygon txns for your dapp, start here.
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source: polygon technology
see source version at accesswire.com: https://www.accesswire.com/659767/polygon-hermez-the-first-full-burst-merger-of-two-blockchain-networks