Do you know the Polygon Hermez development?
A few hours ago the co-founder of polygon Mihailo Bjelic, announced that updates to polygon matic will be presented within 3 days
source: twitter.com/MihailoBjelic/status/1548743057188724749/photo/1
Although Bjelic's tweet gave no clue as to what the reveal would be, speculation points to a Polygon Hermez presentation at the Ethereum Community Conference (EthCC) in Paris, which will take place from July 19-22.
Meet Polygon Hermez
Polygon Hermez is an open-source ZK-Rollup optimized for secure, low-cost and usable token transfers on the wings of Ethereum.
Polygon Hermez seamlessly integrates into the fabric of the Ethereum ecosystem and enables low-cost token transfers for an inclusive economy.
- Cost-efficient token transfers and swaps with high throughput.
- Decentralized and open-source architecture.
- Computational integrity for secure transactions.
Zero-knowledge cryptography
Polygon Hermez zk-rollup is a layer 2 construction on top of Ethereum that solves its scalability through mass transfer processing rolled into a single transaction.
The "zero-knowledge proof" (ZK) technology is used to present and publicly record the validity and correctness of the rolled transfers processed on the Ethereum blockchain. By storing just the proof and the compressed data of a batch of transfers, the efficiency and the throughput of the network is multiplied.
Universal scalability with validity proofs
The consensus of status between Ethereum and Polygon Hermez is leveraging on zk-SNARKs validity proofs. Since validity is enforced by the zero-knowledge circuits, the L2 network status and the transactions can be considered as valid instantly once the corresponding block containing the proof is mined in L1.
All the data availability required to reconstruct the full state of Polygon Hermez Network is implemented on Ethereum, and so any permissionless node can be deployed and synchronized from it.
For more information: hermez.io
Chart Analysis
Polygon had been punished like all defi projects, due to the mistrust that existed after the fall of terra and celsius, the upward climb began when we found out that terra Luna projects had been added to the Polygon network, this led to the price up to 60 cents 90% from its minimum from 33 cents.
Now since the breakout to the upside at 60 cents the price has gone up 55% more.
The next resistance will be when the price touches the dollar.
What is driving up the price of Polygon Matic
- Projects that will be incorporated into the Poygon Matic network after the fall of Terra Luna.
New Updates of the Polygon Matic project, Hermez, one of the most important updates to be implemented.
New Alliances. Disney
On July 14, Disney announced that it had selected Polygon, along with Lockerverse and Flickplay, to join its Accelerator program, which aims to develop technologies to create new storytelling experiences.
Expanding on this, Disney said that the Accelerator program intends to make use of new technologies, including augmented reality, non-fungible tokens, and AI characters, to build future immersive experiences.