EY Rolls Out Zero-Knowledge Proof Technology For Ethereum, Reducing Costs By More Than 90%
Accounting giant EY has just launched a blockchain technology meant to reduce the costs of private transactions.
The announcement was made on Thursday, when the firm made its Ethereum (ETH) blockchain zero-knowledge proof (ZKP) technology called Nightfall available to the public. All the documentation on the project can be found on GitHub. The updated code presents EY’s additions that allow private transactions of up to 20 ZKP transactions to be made at significantly reduced costs. According to the announcement, one transaction of 20-batch would be charged $0.05.
ZPKs Permit the Sharing of Information Proofs
ZPKs make it possible for the information proofs to be shared between parties, without sharing the information itself. This means they increase trust. EY has added to ZPK an enhancement that’s reducing on-chain Merkle trees’ size and some batching tools. The company says what’s the most important when it comes to this advancement is that transaction costs are lowered and that the Ethereum blockchain becomes more competitive when confronted with private blockchain-based networks.
EY’s global blockchain leader, Paul Brody, said the third-generation code represents,
“the most important EY blockchain milestone in making public blockchains scalable for [enterprises].”
The Release not Restricted for Use on the Public Chain
The brand-new release isn’t restricted for use on the public chain, as it can be deployed for the private Ethereum versions. This is what EY had to say about the matter:
“On private blockchains, it provides a second layer of security and privacy, supporting more complex privacy models across multiple organizations within industry consortia.”
The company added that it has some more other batching functions that are about to be released in the coming months, for boosting scalability. Only yesterday, EY launched the public beta version of its smart contract and token review, a tool that determines the security risks by performing tests on the efficiency and functionality of smart contracts and checking out if the coding is according to standards.