- Iden3 recently unveiled a new zk rollup known as ‘Hermez’ aims to scale the transfer of tokens and payments on the Ethereum platform.
- The main focus of Iden3 is to create tools and protocols that allow people or rather the society to redefine the relevance of identity.
- 8 months ago, Ethereum Foundation’s Jordi Baylina explained scaling with zkSNARKs technology.
- The new rollup will enable Ethereum transactions to be scaled at 2000 TPS, bringing it quite close to that of Visa’s.
Iden3 recently unveiled a new zk rollup known as ‘Hermez’. The developer team has been working on it for over an year now and it is still under development. It mainly aims to scale the transfer of tokens and payments on the Ethereum platform. In a tweet by Hermez network, they revealed that the rollup would include validity proofs and on-chain availability. The number of transactions per second will be increased to 2000.
There's a new #zkrollup in town!
From @identhree, the team who brought you circom and
SnarkJS, we're presenting Hermez!
?? validity proofs + on-chain data availability
⏩ 2000 tps
?? 1 year in the making – and still developinghttps://t.co/Fu7OVZAhJ1
— Hermez network (@hermez_network) August 6, 2020
Previously, The Team Let Out Couple Of Iterations Of The Goerli Testnet
Back in December 2019, they hinted at the development of the Hermez. The tweet was regarding an Istanbul upgrade which included an EIP and enabled the Ethereum network to scale at 3000 TPS.
Did you know that the Istanbul upgrade includes an EIP that allows Ethereum to scale up to 3000 TPS?
— eric.eth (@econoar) December 5, 2019
And then 8 months ago, Ethereum Foundation’s Jordi Baylina explained scaling with zkSNARKs technology. Followed by which Iden3 let out a few iterations of the goerli testnet. And finally after an year of active development the team has finally declared the new zk rollup which is expected to be implemented on the mainnet by this year itself.
Will Allow Ethereum To Scale At 2000 TPS
In their blog, Iden3 spoke on the need of finding new and cost effective ways to make use of identities using blockchain accessible to everyone. Hence, the new 2 layer zk scaling solution which allowed users to make claims but in a much cheaper way than making transactions on the chain. Currently the number of transactions Ethereum can handle is around 30. The new rollup will enable Ethereum transactions to be scaled at 2000 TPS, bringing it quite close to that of Visa’s. However, this is just the dawn of Hermez solution and the team has assured that they would release regular updates on its development.
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