This is the first comprehensive merging of two public blockchains.
Polygon, an Ethereum blockchain “layer 2” network, is combining with Hermez Network together in 250 million MATIC transaction worth about 250 million dollars at the MATIC token’s new valuation.
Hermez will be integrated into the Polygon environment as Polygon Hermez, and would be a component of Polygon’s product range, comprising of Polygon SDK and also the Polygon Avail.
The whole Hermez initiative will be incorporated within Polygon’s system, including its personnel, tech, and original HEZ coin.
The merging of Polygon and Hermez is the first comprehensive integration of one public blockchain into the other.
During this year, 2 Ethereum initiatives, notably Retain and NuCypher, proposed a merging of their procedures together into highly autonomous origin initiative dubbed “Keanu,” although they will keep their names and enterprises distinct.
And, while Yearn Finance often proclaims acquisitions and collaborations, it is uncertain what really is going on behind the cover of such transactions.
Polygon’s acquisition of Hermez’s staff and process is a whole other story.
Hermez is a nil information rollup, meaning it verifies and settles operations using discrete mathematics. Rollups have evolved as the favored scaling technique as Ethereum suffers with processing constraints.
But Hermez, the sole authonomos rollup, is a top contender among users.
Polygon-merger Hermez is indicative of Polygon’s specific management focus on ZK tech, which was also revealed on Friday.
Polygon has pledged 1 billion dollars to create ZK technologies, form alliances, employing people, and purchasing ZK team members and initiatives such as Hermez.
“We believe that ZK encryption is the preeminent critical asset for crypto scaling and development projects, and we also have a specific vision of being the next dominating power and provider in this sector for generations to follow,” Polygon founder Mihailo Bjelic noted.