Ernst & Young's ERC-20 Token and Smart Contract Analyzer Available For Public Testing

    Accountancy company Ernst&Young (EY) has made its smart contract and token service available in open beta.

    The beta version for the public has been launched on Wednesday. It allows users to put in code for an analysis, while security risks are being identified by testing how efficient and functional a smart contract is. The coding’s quality is also evaluated.

    The Service Works Only for ERC-20 Smart Contracts

    At the moment, the service is only able to review the ERC-20 smart contracts, as these are penned using the famous Solidity programming language. EY didn’t yet specify if it has plans to expand the service to some other blockchain protocols. In a Reddit post of a user with the nickname “pbrody”, which is most likely the lead of EY’s global blockchain, Paul Brody, it has been said EY has plans to launch its testing service very soon.

    The Service Was Initially Unveiled in April

    Known in the beginning as the EY Smart Contract Analyzer, has been testing in beta since it's launch in April. By making reviews of the code in their tokens, investors are going to be able to change the software and make sure their smart contracts and tokens meet the industry’s standards, reports EY. The tokens can also be tested for stress in different transaction scenarios, by using the data from the Ethereum (ETH) blockchain. This is what Brody said in an April announcement:

    “Our clients are increasingly entrusting key enterprise business processes and valuable investments to software code. We don’t run enterprise computing systems without anti-virus tools and it only makes sense to run blockchain-based investment systems with smart contract and token testing tools.”

    The Review Service Will Be Part of the Blockchain Analyzer

    The review service introduced by EY is going to be a part of the firm’s larger Blockchain Analyzer, which is a tool for analyzing and compiling data from transactions in order to make financial reports and to audit on the blockchain. Blockchain Analyzer’s second iteration was revealed in April too, not to mention it increased supported protocols’ numbers, including the ones of private blockchains. Furthermore, it enabled the privacy enhancing analysis and the zero-knowledge proof-based transactions.

    One of EY’s projects that runs private transactions in the ETH blockchain, known as Nightfall, has been as well integrated in Analyzer. In October this year, EY mentioned it created a blockchain tool meant to help governments analyze and track transactions, a tool that’s supposed to improve accountability and increase transparency when it comes to managing public funds.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Shopify Joins Facebook-led Libra Association To Help Build Stablecoin Payment Network

    E-commerce platform Shopify has announced that it has joined the Libra Association. This means that the online shopping firm is the latest entrant of...

    Tron Launches A New TIP While BTFS Prepares to Deliver Next-Gen Decentralized Storage

    Sprinkle of good news: TPS to add new features to TVM, number of accounts on Tron Network exceed 4.7 million, partnership with Steemit,...

    IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

    Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and...

    Gold Hits 7-Year High As Investors Jump into Safe Haven Assets But Bitcoin Not Following

    Coronavirus outbreak has the investors fearing a slowdown in global growth and piling into safe-haven assets like gold US dollar also rising while...

    Russia’s Central Bank And FSB Agree to Ban Cryptocurrency Payment Options

    A Russian local news source, recently reported that the country’s Central Bank and Federal Security Service (FSB) finally came to an agreement that cryptocurrencies...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.