Polygon Network Acquires ZK Technology with Hermez Merger!

In a blockchain first, two separate blockchains will come together in a merger that sees the Polygon network integrate the ZK based Hermez blockchain.

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It's just been announced that the Hermez network will be merged with the Polygon Network in a massive deal worth an estimated $250 Million dollars.

Polygon is making moves! After previously committing $1 Billion dollars towards a new focus on ZK Technology the network has acquired Hermez, an L2 blockchain that's a leader in using ZK based technology to verify and settle transactions.

The Polygon-Hermez merger is part of Polygon’s new strategic focus on ZK technology, also announced Friday. Polygon has made a $1 billion commitment to developing ZK-based systems, forming partnerships, hiring employees and acquiring ZK teams and projects like Hermez. -coindesk.com

In the eyes of many, ZK rollup technology is becoming a preferred scaling solution for blockchain transaction settlement.

Thankfully in the case of the Hermez network it's done in a decentralized manner which is part of the reason it's a favourite among ZK advocates.

Two L2 blockchains coming together in a merger is pretty cool to see, and a blockchain first!

Polygon has already been gaining rapid notoriety with it's EVM compatible blockchain, and the acquisition of a ZK based chain can only serve to strengthen it's future product offerings.

What is Hermez Network?

The Hermez network is an L2 blockchain (settlement on Ethereum) that specializes in open-source ZK-Rollup optimised token transfers.

Cost-efficient token transfers and swaps with high throughput.
Decentralised and open-source architecture.
Computational integrity for secure transactions.

Meet Hermez - The Most Efficient Way To Transfer Your Digital Assets

https://www.youtube.com/watch?v=3eR64DufpHA

What is ZK Rollup Technology?

Zero knowledge rollups is a method of completing computation off-chain and then submitting validity proof to the final settlement chain.

Zero knowledge rollups, also known as ZK-rollups, bundle or "roll up" hundreds of transfers off-chain and generates a cryptographic proof, known as a SNARK (succinct non-interactive argument of knowledge). This is known as a validity proof and is posted on layer 1 - ethereum.org

ETHereum: ZK Rollups explained in three minutes

https://www.youtube.com/watch?v=117OCmh06Yw

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@agr8buzz

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