EY To Release Free Ethereum Software And Deloitte’s Focus On VeChain
April 23, 2019 Weekly Crypto Round Up
Nightfalls, And Now My Watch Begins
EY (formerly Ernst & Young), one of the largest professional services firms in the world, announced it will release free Ethereum software into the public domain. The move is an attempt to help boost adoption of secure, private transactions on public blockchains. The project, called ‘Nightfall’, uses a zero-knowledge proof private transaction protocol to help clients use the Ethereum blockchain. A zero-knowledge proof is a cryptographic method of proving the validity of information without actually revealing the information itself. According to EY, the new technology is the solution to a lack of security and privacy on public blockchains.
‘Nightfall’ represents the next step in the evolution of EY’s Ops Chain product. The blockchain application platform is based on the Ethereum network and is significant for several reasons. First, the software is designed to run on public networks, not private networks like many other corporate attempts to capitalize on blockchain solutions. Furthermore, clients who use the software can still trace transactions for auditors or regulators without divulging additional information. ‘Nightfall’ is expected to be released by the end of May.
VeChain Gang
Not to be outdone by EY, Big Four member Deloitte announced it will migrate its projects from the Ethereum network and begin developing blockchain solutions with VeChain (VET). The news was delivered at the VeChain Summit 2019 in a video featuring Antonio Senatore, Deloitte Global CTO for Blockchain.
Deloitte’s initial focus will be on releasing an open-source block explorer and Loki, a development environment to help VeChain developers manage and test smart contracts. The new partnership also includes a role on VeChain’s advisory board for Senatore. Details remain sparse, but one can’t ignore the fact that half of the Big Four (PwC and Deloitte) are now paying particular attention to VeChain.
- Coinbase expands to Argentina, Mexico, Peru, Columbia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines, and New Zealand
- The Enterprise Ethereum Alliance is forming the Token Taxonomy Initiative, a blockchain-neutral program aimed at better defining tokens to promote interchangeability across platforms
- Bakkt adds former Google and PayPal executive to its team
850million US dollars raised so far this year by crypto and blockchain startups, according to data collected by PitchBook for Reuters
“Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks in the US. We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential.”
— Andrew Yang, 2020 Democratic Presidential candidate
