Our team is delighted to announce that the Hermez Network is launching on the Ethereum mainnet on Wednesday, 24th of March 2021. The Hermez mainnet will be live around 9:30 AM UTC.
In this article, you’ll find a recap of the security measures we’ve taken before launching mainnet and a list of the features available at launch.
The road to mainnet
Security is a top priority for us. The Hermez zkRollup is a permissionless payment network that will enable a high volume of token transfers at a fraction of current costs.
We aim to help with Ethereum’s congestion peaks, and lower the entry barrier to decentralised finance. This is just the beginning, but the network will be able to process vast amounts of transactions, moving billions of dollars worth of digital assets.
We’ve implemented measures and safety procedures to protect the integrity of the funds. Still, as with all novel technologies, there are risks that every user should be aware of, like possible bugs.
Although we’ve tested, audited and reviewed the performance of Hermez on the Rinkeby network, we won’t know how it will perform until we launch on the Ethereum mainnet.
Interacting with the Hermez Network
Users willing to operate with the mainnet should treat it as an early version and should expect that there can be bugs.
We have a bug bounty program where you can contribute to finding them and get rewarded for your help.
For users that want to start interacting with the Hermez Network, we suggest using small funds. As the cryptocurrency saying goes: only use money that you can afford to lose.
Although we’ve done our best to increase the safety and cryptographic integrity of our zkRollup, we can’t provide 100% guarantees about its security.
It would be imprudent to deposit large amounts of money on the Hermez Network at this early stage, and we recommended hedging on the side of caution and using it with proper risk management.
Features available at launch
Hermez is a decentralised protocol by design. But during some grace time after launch, the Hermez Network will be operated by a Boot Coordinator, as explained on our whitepaper.
This Boot Coordinator will construct the batches and process transactions on Layer 2 and periodically record them on Layer 1.
- Create accounts
- Deposit funds
- Send transactions
- Withdraw funds
At launch, the only tokens available will be:
Users can also check transactions using the Hermez Batch Explorer, where they can find network performance stats.
That’s it for now. In a post dropping in the next few days, we’ll outline the roadmap for developing the Hermez Network mainnet.
In the meantime, you can contribute by giving your feedback on Discord. We will be sharing updates related to the mainnet performance on Twitter and Telegram.
Please remember that the public Hermez Network mainnet is software currently in development, and it might be prone to bugs. You might find unforeseen errors and issues.
If you find a bug, we’ve created a dedicated bug report channel on our Discord server; feel welcome to leave your feedback. The Hermez team is committed to resolving these issues as quickly as possible.