In celebration of being just one month out from the @0xPolygonZK launch of Hermez 2.0, we should probably look at what the #ZK scaling solution has to offer us, what it does and why it is important (a short summary of my findings) 🧵:
We are embarking into exciting and uncharted waters as we enter the era of Zero Knowledge Proofs, roll ups & #zkEVM With @0xpolygon launching it’s first (of 4) solution, Hermez 2 on 27 March. a ZKP shows that information is valid, without any details about the information itself.
Polygon Labs announced their ambitious goals in 2021, their ZK rollup is a fully decentralized layer 2 solution,built on top of and inheriting all the security of the ETH mainnet, but benefiting from cheaper transaction costs and faster finality.
when I say fast I mean seconds and costs are around $0.01 according to @MihailoBjelic in a 2022 interview, but like any network, fees will increase with usage. this is achieved by bundling double-triple digit counts of transactions and cryptographically proving them to be true.
these are not the only benefits of a ZK roll up. as mentioned before privacy is preserved for the user, the batch explorer has 3 key parts, on the first, no wallet or contract addresses are displayed, nor is the amount sent in a transfer or who the receiver is.
It does show the address of who forged the proof and batch number. the second part is a bit more revealing. with batch number, the time completed and number of transactions in the batch. It also includes fees paid to the forger & the ETH block number and hash it was published to.
If you look at the transaction id it acts much more like the block explorers we all know and love, revealing what the users wallet address is, the value of the tokens and what they were doing 🕵️ disclaimer: these screenshots are all 3 days old but you can check it out here:
explorer.hermez.io the last item of interest on the explorer is the Registered Tokens tab, here you can keep an eye on your favorite blue chips building on Hermez, giants like @aaveaave @curvefinance @uniswap @sushiswap @bancor and @balancer
all of this is possible because of the compatibility with the EVM, this makes it easy for devs to move any smart contract already running on an EVM chain over to the ZK roll up with relative ease 12 some last things to note about the Hermez network:
$ETH will be the gas token and $HEZ will be discontinued at a rate of 3.5 $MATIC per HEZ token, a number that was established on 4 August 2021. This particular roll up aims to hit 2,000 TPS compared to ETH mainnets 300 and no more waiting days for moving funds back to L1
beyond Hermez and other zkEVM projects like @zksync there are exciting uses of ZK proofs at play now in various sectors of society; Dutch bank ING has been using them since 2018 to create private ranges for loan eligibility and it appears to be a success so far 👌
apart from financial services, another interesting way this tech is currently in use is actually from the US DoD to secure sensitive information: darpa.mil/program/securi… pretty cool stuff, huh? 💜🤫
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