EY Introduces New Version of Blockchain to Public Domain

News / 19.12.2019

On December 19, an announcement by the renowned auditing firm known as EY highlighted the introduction of a new iteration of its zero-knowledge proof (ZKP) blockchain. The introduction is toward cutting transaction costs by 90 percent.

The function of a ZKP as a digital protocol is to enable data distribution between the two participants without the use of a password or other related details in the transaction.

The third-generation ZKP blockchain technology of EY was released to the public domain on the blockchain of Ethereum. The purpose of ZKP is to bring on more scalability for private transactions on public blockchains by reducing the costs of the transaction. This is achieved by the combination of various private transfers in a single transaction.

It is reported that the new iteration is able to batch a maximum of 20 private transfers in a single transaction, thereby bringing down the transaction cost to $0.05. The new iteration can be found on GitHub, and the announcement stated that it is 400 times better than the first EY blockchain prototype released in October 2018.

According to Paul Brody, the global blockchain leader of the firm, the new technology is probably the “most important EY blockchain milestone” in the firm’s international attempt at scaling its public blockchains.

The announcement was made following Brody’s words about the plans by the firm to introduce its smart contract and token testing service in beta. He spoke about the beta product on Reddit on December 18:

“As we previously announced, we are developing a smart contract and token testing service and planning to launch it in production shortly. A public beta of the initial version is now available for users to try out.”

The firm awaits the feedback and suggestions of the public after they review the EY smart contract and token testing product.

Featured image courtesy of EY. Source: CryptoPress.

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.