Hermez Network HEZ

Hermez Network is a payment network built on the Ethereum blockchain. It aims to provide a highly efficient and inclusive platform for the next generation of digital currencies. The network utilizes a mechanism called Proof-of-Donation, where block creators are selected through a burn auction, and a portion of the winning bid is donated to Ethereum public goods through Gitcoin quadratic funding grants. Hermez Network offers significant improvements in throughput and cost reduction for token transfers, as well as secure and fast withdrawals. Its mission is to ensure that everyone has the freedom to transact in the digital economy.

Hermez Network is unique compared to other cryptocurrencies due to several factors:

1. Decentralized Auction: Hermez Network allows anyone to participate in a decentralized auction to create the next batch. This means that anyone can contribute to the network's operation and be rewarded with transaction fees.

2. Zero-Knowledge Cryptography: Hermez Network leverages zero-knowledge cryptography, specifically zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). This technology ensures privacy and scalability by allowing transactions to be verified without revealing any sensitive information.

3. Universal Scalability: Hermez Network provides universal scalability through zk-SNARKs validity proofs. This means that the network's status and transactions can be instantly validated once the corresponding proof is mined in the underlying Ethereum network.

4. Integration with Polygon: Hermez Network has merged with Polygon, and as a result, its native token HEZ has been indexed to MATIC, the utility token of Polygon. This integration strengthens the capabilities of both networks and expands the ecosystem.

5. Data Availability on Ethereum: All the data required to reconstruct the full state of Hermez Network is implemented on the Ethereum blockchain. This means that any permissionless node can be deployed and synchronized from Ethereum, ensuring transparency and accessibility.

These unique features make Hermez Network stand out in terms of scalability, privacy, and interoperability within the blockchain ecosystem.