Accounting giant Ernst & Young has released an open-source code that significantly improves privacy and transaction efficiency for Ethereum. The news comes a few days ago when the network undergoes an update that reduces costs and increases security.
EY Supercharged Ethereum Privacy
From a technical point of view, Ethereum is constantly strengthening, but this has not been reflected in token prices. There are some large companies that work with the platform and EY is one of them. The accounting firm uses the Ethereum public blockchain to describe how to link companies, with the aim of bringing ETH to companies.
In April of this year, EY launched a small development in Ethereum technology called Nightfire, designed to create private Ethereum transactions. According to a recent announcement, Nightfall has been updated to enable the first version of transaction batch processing, allowing up to 20 transactions to be made at a time under zero knowledge.
Zero-knowledge (zk) is a cryptographic method by which one party can demonstrate to another that they know the value of something, without revealing what they know. Indeed, this allows verifying transactions without revealing the transaction data.
The founder of Mythos Capital, Ryan Sean Adams, noted the development, recognizing that. It is highly profitable and represents a 400-fold improvement over its previous implementation.
EY’s global blockchain leader, Paul Brody, has bright plans for an Ethereum-based blockchain future. Earlier this year, he said;
“We believe that by 2030, more than half of all new commercial contracts will be made in the blockchain”
The focus is on personal smart contracts and this is where nightfall comes. The objective of the company is to create business transactions in which customers can preserve the knowledge that none of their data, even in encrypted form, will go to the blockchain.
A New Monetary System
Adams intervened to explain the big picture when the event was questioned.
“A new monetary system is being invented. It works in parallel to traditional monetary systems, but it is global, without permissions and programmable like the Internet. Great investment opportunities are in reserve assets: BTC and ETH
Ethereum is about to undergo an update to Istanbul in less than two days and this may be the first step before an important update to ETH 2.0.
Progress has not yet been reflected in token prices since ETH is still below $150. But it was before the winds for decentralized global computers changed.