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- 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— Polygon Foundation (@0xPolygonFdn) August 6, 2020
Iden3 is an open source set of tools that allows users to create as well as manage their identities on the blockchain network. The main focus of Iden3 is to create tools and protocols that allow people or rather the society to redefine the relevance of identity. It scales networks by reducing the number of accesses required for identity management. It incorporates zero knowledge proofs to enable privacy by design. The team had previously developed Circom, a library where they are building circuits that can be used to build zero network proofs. It had also launched SnarkJS which was a javascript protocol entirely based on zkSNARK schemes.
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
