High commissions in Ethereum will help to overcome the Hermez Network project
The developers and founders of the project launched the mainnet. Transactions through Hermez Network will help reduce gas charges for Ethereum blockchain projects.
Developers have offered to send thousands of transactions in batches. If this works, users and projects that start looking for alternatives like Binance Smart Chain can still use the Ethereum blockchain.
The essence of innovation
In the network of Ethereum, for each transaction, regardless of the size of the transfer of funds, pays the accepted gas fee at the moment.
Through Hermez Network, thousands of transactions will be processed in one node, compressed, and added to the Ethereum blockchain. At the same time, the commissions will be reduced by 90%.
How it works
The verification and compression of transactions with the help of equipment and their package placement in the Ethereum blockchain will be carried out by users of the Hermez network (coordinators).
Each coordinator can apply for a special auction. Bidding at the auction is made with the help of the token HE and The winner is able to process the transaction.
After that, within 10 minutes, the chosen coordinator will process the maximum number of translations and add them to the blockchain. At the end of this transaction, he will receive a commission for this transaction.
The situation with transactions in Ethereum is quite deplorable. The popularity of DeFi, and then NFT, has increased traffic in the blockchain network many times, which has led to uncontrolled growth of commissions.
Gas fees often exceeded the commission for transactions in the Bitcoin blockchain. So, the decision from the Hermez team came just in time.