Understanding EY Newly Launched Zero-Knowledge Proof Blockchain
In its strategy to cut transaction costs, EY, a renowned auditing firm, introduced Zero-knowledge Proof (ZKP) blockchain on the 19th of December 2019. The function of ZKP as a digital protocol is to enable data distribution between two participants without the use of a password or other related details in the transaction.
This EY’s ZKP is ethereum-based, and its purpose is to bring more scalability for private transactions on public blockchains by reducing the cost of transactions. The previous gets achieved by the combination of various transfers in a single transaction.
The new iteration of ZKP can batch a maximum of 20 private transfers in a single transaction, reducing the cost to $ 0.05. The new ZKP is available on GitHub and is allegedly 400 times better than the first EY blockchain prototype released in Oct 2018.
EY’s Global Blockchain Leader, Paul Brody On the New ZKP
As per Paul Brody, the global blockchain leader EY, the new technology, ZKP, might be their most important milestone in the firm’s international attempt at scaling its public blockchains.
EY also plans to launch a smart contract and token testing service in beta. The firm awaits the feedback and the suggestions after their smart contract and token testing product review; there are already positive responses for these products.