Hermez Network (HEZ) converter and calculator

What is Hermez Network (HEZ)?

Hermez is a revolutionary system that enables the scaling of payments and token transfers on top of the Ethereum public blockchain. With high-frequency tokens such as ETH, DAI, Tether, and wBTC in mind, Hermez is designed to provide a decentralized infrastructure of smart contracts and open source tools that empower a new wave of participants to engage with the network.

How does Hermez Network (HEZ) Work?

Hermez is an innovative platform that leverages the Ethereum public blockchain for data storage rather than computation. This approach enables Hermez to handle data availability on-chain while performing computation off-chain. Additionally, Hermez utilizes zero-knowledge proofs to provide an easily verifiable on-chain proof that the off-chain computations have been executed accurately. Since both the data and proof are available on-chain, Hermez relies on the same security assumptions as Ethereum, making it as censorship-resistant as Ethereum. Furthermore, Hermez integrates an auction system where potential coordinators bid the number of tokens they are willing to donate to become the next batch creator. This unique approach allows for a fair and transparent process for deciding who the next rollup batch creator should be.

What is the HEZ Token?

The Hermez Network Token (HEZ) serves as the primary economic driver for the Hermez network. By using HEZ, users can bid for coordinator slots and donate, burn, and incentivize active network usage and engagement. This economic design was intentionally built into the core protocol from the start.