Ethereum ernst and young
The main Polygon systems network and the main Polygon test and development network are now both directly accessible from blockchain. EY is making use of Polygon in order to mitigate against the high transaction fees gas fees and congestion associated with executing transactions on the Ethereum blockchain for its enterprise clients. The publication emphasized that its enterprise clients will have access to increased transaction throughput with predictable fees and settlement times using Polygon. We discovered our shared priorities around open systems and networks and the Ethereum ecosystem would make collaboration in this area much easier.
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- Ernst & Young teams up with Polygon on Ethereum scaling
- EY’s Emerging Technologies and Blockchain Solutions
- Ernst and Young Working With Polygon, Ethereum Scaling
- Ernst & Young Picks Polygon to Step Up its Enterprise Blockchain Products on Ethereum
- Ernst and Young (EY)
- EY Prototype Allows Private Transactions on Ethereum’s Blockchain
- Ernst & Young bets on Ethereum, no to private blockchains
- EY chooses Polygon to scale its enterprise blockchain products on Ethereum
- Ernst & Young to use Polygon to scale its blockchain products on Ethereum
Ernst & Young teams up with Polygon on Ethereum scaling
The auditing giant shared the news via an official press release. According to the PR, Nightfall 3 combines zero-knowledge proofs and optimistic rollups to create zk-Optimistic Rollups.
The zk-Optimistic Rollups solution aims to improve transaction efficiency on Ethereum. To clarify, the top altcoin has been experiencing some scaling challenges. This limitation has led to congestion, slow transaction speed, and exorbitant gas fees on Ethereum. To overcome these difficulties, Ethereum is currently working on its ETH 2.
However, the migration rollout is proving longer than expected. These solutions aim to bring relief to the Ethereum ecosystem. Of note, EY published its first zk-proof. EY global blockchain leader Paul Brody commented on the latest version. Brody noted that the solution offers a good balance between mathematical efficiency and transaction security and privacy on the blockchain. Also, Nightfall 3 is a collection of private tools that help manage ETH transactions.
At the same time, Nightfall 3 removes the need for authentication nodes to validate transactions. This is because the solution rewards nodes that challenge invalid blocks. Finally, by publishing Nightfall 3 in the public domain EY says the audit firm is doing its part to fuel enterprise adoption of blockchain. Avid reader and writer with a passion for sharing crypto news and trends.
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EY’s Emerging Technologies and Blockchain Solutions
EY announced its partnership with Layer 2 Ethereum scaling solution Polygon to allow its enterprise clients to conduct smoother transactions on the Ethereum mainnet. This integration will enable enterprise clients to increase transaction throughput with reasonable fees and fixed transaction times. Additionally, the Polygon partnership is also opening up the opportunity for EY to offer permissioned, private optimistic rollup chains to handle transaction verification and increase security and efficiency. Furthermore, the rollup chains would also help enterprises be closely aligned with the public Ethereum mainnet to ensure quicker and lower risk transitions to public networks in the future. Plus, it would also provide businesses with the security of a closed system. In addition, congestion on the network drives up transaction costs.
Ernst and Young Working With Polygon, Ethereum Scaling
The solution, which has been designed to streamline enterprise resource planning ERP , is called the OpsChain Network Procurement platform and allows companies to conduct private end-to-end procurement activities. The platform converts procurement agreements into digital smart contracts, automates calculation of volume discounts and rebates. With the Ethereum-based platform, buyers and sellers interact as a network, track volumes and funds, as well as agree to terms and pricing. The platform also moves ERP business processes to a shared platform blockchain-based smart contracts. EY built the ERP solution with the help of the Microsoft-backed, Ethereum-based Baseline Protocol, which combines cryptography, messaging, and blockchain for secure and private business processes and uses the public Ethereum Mainnet not as a distributed database but more as a middleware. Corporations can use the Baseline Protocol as a common ledger between different record keeping systems. It is a part of the OASIS open-source project with the stated goal of developing standards for blockchain.
Ernst & Young Picks Polygon to Step Up its Enterprise Blockchain Products on Ethereum
EY launches Baseline protocol, an open source initiative for the public Ethereum blockchain. Initiative is comprised of enterprise procurement and business process tools developed in cooperation with ConsenSys and Microsoft. Supports smart contracts and tokenization and integrates into the decentralized finance DeFi ecosystem. EY today announced the launch of the Baseline protocol, a new package of public domain blockchain tools that will allow enterprises to build and deploy procurement and other business processes securely and privately on the public Ethereum blockchain.
Ernst and Young (EY)
According to the official press release from the firm, this means EY can now offer its corporate clients faster and increased transaction volumes with predictable fees and settlement times. This, according to them, solves the concerns they and other users have had over the growing transaction fees that have accompanied the growing adoption of the Ethereum network. EY is also working with Polygon to bring optimistic rollups to private industry blockchains. These are private permissioned chains that leverage new models for handling transaction verification to increase efficiency and reduce transaction costs. The integration is a validation of the strides Polygon has made in the Ethereum ecosystem.
EY Prototype Allows Private Transactions on Ethereum’s Blockchain
The auditing giant shared the news via an official press release. According to the PR, Nightfall 3 combines zero-knowledge proofs and optimistic rollups to create zk-Optimistic Rollups. The zk-Optimistic Rollups solution aims to improve transaction efficiency on Ethereum. To clarify, the top altcoin has been experiencing some scaling challenges. This limitation has led to congestion, slow transaction speed, and exorbitant gas fees on Ethereum. To overcome these difficulties, Ethereum is currently working on its ETH 2. However, the migration rollout is proving longer than expected. These solutions aim to bring relief to the Ethereum ecosystem.
Ernst & Young bets on Ethereum, no to private blockchains
This initiative builds on that groundwork and starts filling in gaps such as enterprise directories and private business logic so enterprises will be able to run end-to-end processes like procurement with strong privacy. The Baseline protocol integrates multiple technologies including zero knowledge proofs, off-chain storage and distributed identity so that enterprises can set up and synchronize processes and agreements using common standards, with full privacy, and without storing sensitive business information on the blockchain itself. By working with EY, we can help build a powerful business ecosystem on open standards that is designed for privacy and security from the ground up. The Baseline protocol supports smart contracts and accepted industry-wide tokenization standards — and in so doing, enables an ecosystem of interoperable business services.
EY chooses Polygon to scale its enterprise blockchain products on Ethereum
RELATED VIDEO: Ernst \u0026 Young – EY Ops Chain Public Edition Launches on Ethereum BlockchainThus, the accounting firm continues developing corporate-focused Ethereum-based solution. He shed light on the benefits of the public Ethereum blockchain and commented on why private blockchain is less suitable:. Meanwhile, the executive stressed the current challenges his company is facing, adding that most Fortune companies are still questioning the use of a public blockchain. During the conference, Brody explained that the public blockchain can provide such companies with the benefits they need.
Ernst & Young to use Polygon to scale its blockchain products on Ethereum
Using Ethereum as a kind of message-orientated middleware, rather than a source-of-truth data repository, is a novel approach. I think we could use a little boring. A useful analogy, says Wolpert, is thinking of Ethereum like an old-school message bus, a type of messaging infrastructure connecting distributed systems and interfaces. This concept ought to be attractive to the chief security officers of large enterprises since their critical data all remains within their firewalls, he added. Rather than build a general set of tools, team Baseline has chosen to pick off one specific use case in the area of procurement: comparing and verifying purchase orders and the like. These records, and some of the business logic attached to them, are then tokenized. The Baseline Protocol code will be released later this month and a technical steering committee is also being formed.
The latter is a layer 2 scaling solution backed by Binance and Coinbase. This will allow transactions to Ethereum through the sidechain, mitigating high fees and congestion issues of the Ethereum network. Users will also have the option to move transactions onto the public Ethereum mainnet.
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