Ethereum receives further major development boost from Ernst & amp; Young
The accounting firm Ernst & Young has just released open source code that significantly improves Ethereum privacy and transaction efficiency. In a few days, the network will also receive a major upgrade that further reduces costs and increases security.
Technically, Ethereum is getting stronger and stronger, but that has not been reflected in token prices. There are some big companies working with the platform – and EY is one of them. The auditing firm uses the public Ethereum Blockchain to reinvent corporate collaboration, it wants to bring ETH to companies.
In April, EY released an ethereum technology called Nightfall, which was developed for private Ethereum transactions. According to the official announcement, Nightfall has been updated to allow the first version of transaction batching Transactions at Zero Knowledge at once
Zero Knowledge (zk) is a cryptographic method by which one party can prove to another party that it knows something of value without revealing information about what it knows. Effectively, it allows for the verification of transactions without revealing the transaction data.
As stated in the EY announcement:
has been. We promised <$ 1 per transaction until the end
Mythos Capital founder Ryan Sean Adams praised the development by pointing out that it is very cost effective and a represents a slight improvement over their previous implementation.
EY's Global Blockchain Leader Paul Brody has big plans for an Ethereum-based blockchain future. At the beginning of the year he declared:
“We believe that 52 more than half of all new business deals be completed on a blockchain. “
The focus is on private smart contracts, and that's where Nightfall comes into play. The company aims to create enterprise transactions where customers can be sure that none of their data will ever reach the blockchain, even in encrypted form.
A new currency system
When asked about the developments, Adams replied:
“A new money system is being invented. It works in parallel with the traditional monetary system, but is global, permissive and programmable like the Internet. The large investment opportunities are in the reserves: BTC & ETH “
Ethereum plans to complete the Istanbul upgrade in less than two days. This is the first step in a comprehensive upgrade to ETH 2.0.
The progress is not yet reflected in token prices, as ETH is still bearish at the moment 52 $ lies. However, in all likelihood, it's only a matter of time until the wind blows in a different direction for the decentralized world computer.
Text Proof: newsbtc
Last update: Friday, December 6 2019