Ethereum Wins Another Major Development Boost
Ernst & Young recently released an open-source code that significantly improves the privacy and efficiency of transactions for Ethereum.
Ethereum is gaining in strength from a technical point of view, but this is not reflected in the token’s prices. The platform has a number of large companies, including EY that support it. With the public Ethereum Blockchain, the auditing firm is reinventing the cooperation of companies and wants to attract companies with ETH.
In the development of the Ethereum technology Nightfall, which was designed for private Ethereum transactions, EY kicked off a small development in April this year. According to a recent announcement, Nightfall has been updated to allow the first version of transaction batching, which allows up to 20 simultaneous transactions with Zero-Knowledge.
Zero-Knowledge (zk) is a cryptographic process whereby one party to another party can prove the value of something without revealing information about what it is. In fact, it is possible to verify transactions without revealing the transaction data.
The EY announcement says:
“This includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team. We promised <$1 per transaction by the end of 2019, and we nailed it by a wide margin.”
The founder of Mythos Capital, Ryan Sean Adams, has acknowledged the development and points out that it is very cost effective and represents a 400-fold improvement over its previous implementation.
EY’s global blockchain leader, Paul Brody, has big plans for a blockchain future based on Ethereum. So he said at the beginning of this year;
“We believe that by 2030, more than half of all new business contracts will be done on a blockchain”
The focus is on private smart contracts, where Nightfall comes into play. It is the company’s goal to create enterprise transactions where customers can be confident knowing that none of their data, even in encrypted form, will ever be included in the blockchain.
“The end game is enabling all the functionality of the Ethereum blockchain for enterprise users, with full privacy,” Brody added.
Developments have not yet impacted on token prices as the ETH price is currently under $150. But it is only a matter of time before decentralized smart contracts unfold their momentum.
Author: Marko Vidrih