EY Releases New Version of Zero-Knowledge Proof Blockchain to Public Domain

British auditing large EY has launched a brand new iteration of its zero-knowledge proof (ZKP) blockchain, intending to chop transaction prices by 90%.

A ZKP is a digital protocol that permits knowledge to be distributed between the 2 members with out utilizing a password or any related info within the transaction.

According to an announcement on Dec. 19, EY launched its third-generation ZKP blockchain know-how to the general public area on the Ethereum blockchain.

The new ZKP blockchain goals to make non-public transactions on public blockchains extra scalable by reducing transaction prices by combining a number of non-public transfers in a single transaction. 

Specifically, the brand new iteration reportedly can batch as much as 20 non-public transfers in a single transaction, decreasing the transaction price to $0.05. Available on GitHub, the brand new product is reportedly a 400-fold enchancment over the preliminary EY blockchain prototype unveiled in October 2019, the announcement notes.

Paul Brody, EY international blockchain chief, famous that the brand new know-how is doubtlessly the “most important EY blockchain milestone” in its international effort to scale public blockchains. Brody famous:

“With this iteration, we cut the cost per transaction by more than 90% again, making private transactions more accessible for mainstream business application.”

EY launches token and good contract testing service in public beta

The information comes only a day after Brody revealed that EY is planning to quickly launch its good contract and token testing service in beta. In a Reddit submit on Dec. 18, Brody mentioned that the beta product is out there for overview:

“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.”

As the EY good contract and token testing product is obtainable for the general public, the agency is ready for suggestions and strategies for additional options, Brody mentioned. In a tweet on Dec. 19, Brody revealed that the brand new service has obtained optimistic reactions regardless of it being “still early days for this product.”

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