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HERTZ Chain Swap

Starting in
Days
Hours
Mins
Secs

Swap period to open from

May 1st, 2022 at 5:00PM GMT

to

May 31st, 2022 at 5:00PM GMT

STRATEGIC ADJUSTMENT FOR FUTURE SUCCESS

After a series of discussions among team members about the outlook of the blockchain technology, we’ve reached a conclusion that Ethereum Virtual Machine (EVM) compatibility will greatly benefit Hertz Network Project in the future. Hertz Network blockchain is currently powerful, but is not readily compatible with EVM. We have explored various options, and have concluded that now is the time for us to make a strategic adjustment for the long-term growth of Hertz Network project.

Having said that, we are now thrilled to inform the community that Hertz Network project will migrate to an EVM compatible chain. The coin swap at 1:1 ratio will take place in May 2022, and we will also release DeFi platform based on the new EVM compatible blockchain in June 2022. 

The swap will open from May 1st, 2022 at 5:00 PM GMT and end on May 31, 2022 at 5:00 PM GMT. HTZ holders will need to send the current native HTZ coin to a designated address with a memo of an Ethereum compatible address for receiving the new native HTZ coin. More details on how to swap HTZ to the new chain will be available in the coming weeks.

More welcoming news is that HTZ will no longer have inflation, and will have a max supply after the swap at 29,500,000,000 HTZ. 

The stake rewards schedule will remain unchanged, and everyone will be entitled to the same rewards as applicable currently.

The table below shows the comparison between the current and the new chain.

Comparison Table
NOW vs NEW

Comparison

Hertz (NOW)

Hertz (NEW)

EVM Compatible

No

Yes

Software

EOSIO

GETH

Consensus

DPoS (Delegated Proof of Stake)

PoA (Proof of Authority)

Finality

50 sec

10 sec

Block Time

0.5 Sec

3 sec

Transaction Fee

0

Very low (<0.0001 HTZ)

Blockchain Layer

L1

L1

Testnet

No

Yes

dApps Development Costs

High

Medium

Supporting Tools

Somewhat limited

Widely available

MetaMask Ready

No

Yes

Web Wallet

Centralized

Decentralized

Ledger Nano Compatible

No

Yes (through MetaMask)

Smart Contracts

Yes

Yes

Token Creation

Yes

Yes

Max Supply

No Max Supply

29,500,000,000 HTZ

Inflation

0.22%/year

0%

Node Rewards

63 mil HTZ/year from newly minted coin

0

Stake Rewards

2%/month decreasing 0.15% each year after 2022

2%/month decreasing 0.15% each year after 2022

* The above comparison is preliminary and based on our initial findings. The information is subject to change without prior notice.

Next HTZ EVM Swap Process
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