Hemi is a modular L2 that can achieve scalability, security, and interoperability. It has been launched on the testnet and will be launched on the mainnet in the fourth quarter of this year.

By 1912212.eth, Foresight News

Although the market has once questioned the excessive infrastructure, venture capital still insists on its own judgment and continues to bet.

New players in the L2 track are still eager to try. Recently, Hemi Labs, a team founded by legendary Bitcoin developer Jeff Garzik, has completed a $15 million financing round. This round of financing was jointly led by Binance Labs, Breyer Capital, and Big Brain Holdings, with participation from Crypto.com, Jihan Wu, and others. The financing funds will be used to develop and launch the Hemi Network, an L2 network based on Bitcoin and Ethereum.

Not only are there many star-studded players in the L2 track, but the performance is generally average. Why did Hemi receive support from a group of VCs?

What is Hemi?

Hemi is a modular L2 that can achieve scalability, security, and interoperability. Unlike other L2 protocols, which usually only focus on Bitcoin L2 or Ethereum L2 and focus on a single ecosystem, Hemi considers Bitcoin and Ethereum as components of a single super network, unlocking more programmability and portability potential.

The core of Hemi is its virtual machine, which integrates a complete Bitcoin node on top of the Ethereum virtual machine, along with its Bitcoin toolkit, making it easy for developers to build smart contracts that interact with Bitcoin and Ethereum.

How does it work?

Hemi runs as an Ethereum L2, protected by Bitcoin's PoW. As of now, in the DeFi cross-chain bridge hack event, losses have reached as high as $2.8 billion. Hemi's miners publish network data to Bitcoin, and once confirmed by the Bitcoin network, the data will have the same security as Bitcoin itself. This allows transactions to be protected by Bitcoin's PoW.

To optimize network optimization and security, Hemi uses a professional node architecture, mainly including Bitcoin deterministic adjuster, Bitcoin security sorter, and PoP miners, verification challengers.

After the miners package and verify the transactions, the verification challengers monitor and verify the correctness of the transactions and state proofs, and finally confirm them on the Bitcoin network.

Core consensus PoP

Currently, most blockchain protocols use PoW and PoS. Although for most PoS public chains, the system operates well, there are still two main risks.

One is "weak subjectivity," where attackers can accumulate old PoS miner keys to gain majority control at a past moment, allowing them to create an alternative chain.

The other is censorship, where attackers with majority voting power may refuse or ignore certain transactions, gaining control and undermining the network's decentralization and fairness.

PoS networks lack protocol-level defenses against these attacks. Hemi inherits Bitcoin's security while maintaining Ethereum's flexibility through a mechanism called Proof of Proof (PoP). Its operation is designed so that Hemi deploys dedicated miners, namely PoP miners, to

collect critical network details and publish them on Bitcoin, directly linking Hemi's security to Bitcoin's mature system.

Complex algorithms are used to generate proofs crucial to network security.

By using Bitcoin's security to ensure the integrity of the Hemi network, it provides double protection.

Integrating with Bitcoin provides an additional security layer for Hemi, using Bitcoin's PoW (Proof of Work) system as the basis for resolving disputes and ensuring credibility.

In addition, new blocks in the Hemi chain will receive confirmation from the Bitcoin network, making potential attacks more difficult.

Through Tunnels, Hemi also provides a secure channel for moving assets between chains. Hemi makes it possible to transfer assets between networks in multiple ways, not just the traditional methods and trust models provided by traditional bridges.

Hemi provides advanced asset programmability, including on-chain routing, which allows users to program and automate multi-step transactions, and can call or reroute transactions in case of errors.

In summary, the PoP consensus mechanism allows miners to indirectly protect Hemi without participating in Hemi's consensus process, increasing the transaction throughput in the Hemi ecosystem and raising the threshold for network reorganization, enhancing its security and bringing new functions to the protocol.

Team members

Hemi Labs was co-founded by early Bitcoin developer Jeff Garzik and blockchain security pioneer Max Sanchez. Jeff Garzik has worked with Satoshi Nakamoto and has long been a core figure in open-source software development and commercialization of Bitcoin technology, serving as a Bitcoin core developer for 5 years. It is worth mentioning that Jeff has a series of stories about early Bitcoin and Satoshi Nakamoto on YouTube.

In addition, he worked at Red Hat for ten years and served as a board member of the Linux Foundation.

Jeff is not only a co-founder of Hemi but also the co-founder and CEO of Bloq. Founded in 2016, Bloq is a blockchain solutions provider, including an open-source development experimentation center and a member of the Enterprise Ethereum Alliance.

Maxwell is the co-founder and CTO, who, together with others, created the Proof of Proof (PoP) protocol and led the design of a new protocol optimized for PoP. In addition, he launched the first testnet using post-quantum cryptography and open-source GPU miner software, discovered and disclosed vulnerabilities in multiple protocols, and has extensive technical expertise and experience.

Currently, the entrepreneurial team has nearly 30 members, most of whom are experienced development engineers.

Testnet

Hemi Network launched an incentive testnet in July this year, where ordinary users can earn points by inviting and sharing links. After inviting users to the platform, the inviter will receive 10% of the accumulated points of the invitee.

Participate in various official tasks (such as on-chain interactions) to earn points and rankings. The system panel will update ranking information every 4 hours. In addition to earning points through on-chain participation, social platforms and community contributions that contribute to network growth will also receive corresponding points.

The current incentive is for the first season, and there will be second and third season incentives in the future.

Hemi will be launched on the mainnet in the fourth quarter of this year.

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