The Hermez Network Token (HEZ) is a cryptocurrency that powers a decentralized scalability and privacy solution for Ethereum. It uses Zero-Knowledge-Rollups to reduce fees and increase throughput, ensuring transaction details remain confidential through zero-knowledge proofs. HEZ tokens are used for securing the network, participating in validation, earning rewards, paying transaction fees, and engaging in network governance.
The Hermez Network Token (HEZ) is used for several purposes within the Hermez Network ecosystem. Key uses include:
- Transaction Fees: HEZ tokens are used to pay for transaction fees on the network, ensuring the cost of transactions remains low and efficient.
- Staking: HEZ tokens are used for staking, which helps secure the network and ensures its reliability and performance.
- Governance: Holders of HEZ tokens can participate in governance, influencing network upgrades and decisions.
- Validation: HEZ tokens are used for validation, where block creators are selected through a burn auction, and the winning bid is partially donated to support Ethereum public goods through Gitcoin quadratic funding grants.
These uses highlight the integral role HEZ tokens play in maintaining the network's security, scalability, and community engagement.
To store Hermez Network Token (HEZ) tokens, you have several options:
Centralized Exchanges (CEXs): You can store your HEZ tokens on a CEX, which provides convenient access to investment products and features like spot and futures trading, staking, and lending. However, be sure to select an exchange with strict security measures to protect your assets.
Non-Custodial Wallets: For greater security and control, you can withdraw your HEZ tokens to a non-custodial wallet, such as hardware wallets, Web3 wallets, or paper wallets. This option gives you complete control over your private keys but may be less convenient for frequent trading.
Decentralized Exchanges (DEXs): You can also store your HEZ tokens on a DEX, which allows for direct, peer-to-peer transactions without intermediaries. This option provides more privacy and control over your assets.
- Hermez Flutter SDK: Additionally, you can use the Hermez Flutter SDK, a plugin that allows you to store Ethereum and Baby JubJub keys for your Hermez account, enabling you to move tokens from Hermez to other wallets.
Regardless of the storage method you choose, make sure to store your private keys securely to avoid losing access to your tokens.
To buy Hermez Network Token (HEZ) tokens, you can follow these steps:
Buy Ethereum (ETH): Purchase ETH on a platform like Bit2Me. This is necessary because you will need ETH to access a decentralized exchange (DEX) that supports HEZ trading.
Create a MetaMask Wallet: Download and set up a MetaMask wallet, which is compatible with Ethereum and other major blockchains. This will allow you to interact with DEX platforms.
Transfer ETH to MetaMask: Send your ETH from Bit2Me to your MetaMask wallet. This may involve paying a gas fee.
Choose a DEX: Connect your MetaMask wallet to a DEX that supports HEZ trading, such as PancakeSwap. Select ETH as the payment and HEZ as the cryptocurrency you want to buy.
Make the Swap: Complete the swap by exchanging your ETH for HEZ on the DEX.
Alternatively, you can also buy HEZ directly on a centralized exchange like Binance.
