Hermez Lists on AscendEX

Hermez Lists on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the Hermez Network Token (HEZ) under the pair USDT/HEZ on Mar 29 at 1:00 p.m. UTC.

Hermez is a zk-rollup that allows for scaling payments and token transfers on top of the Ethereum public blockchain. Hermez uses the Ethereum public blockchain for data storage instead of computation. In addition, utilizing zero-knowledge proofs attaches an easily verifiable on-chain proof that the off-chain computations have been carried out correctly.

The Hermez Network Token (HEZ) acts as the Hermez network’s economic lifeblood. Their model allows the network to be permissionless and censorship resistant for user transactions.

Hermez integrates an auction where everyone intending to become a coordinator, the batch creator in the Hermez ecosystem, bids the number of tokens they are willing to donate to obtain the right to create the next batch. In the Hermez Network, this mechanism is referred to as proof-of-donation because a significant fraction of the bid is donated to the protocols and social services that run on top of Ethereum. The Hermez network’s objective is to follow a gradual path towards becoming fully decentralized to provide stability and security to the network.

Hermez employs a new circuit compiler language called Circom and the SnarkJS libraries built by the team behind iden3. Although these technologies are relatively new, they are being used by other projects like Semaphore and Tornado Cash.