Zero-Knowledge Proof (ZKP) blockchain by British auditing giant
EY, British auditing giant has discharge a new iteration of its Zero-Knowledge Proof (ZKP) blockchain, that intends to cut transaction costs by ninety percent.
A Zero-Knowledge Proof is a digital protocol that allows information to be shared between the two participants without making use of any associated information or a password in the transaction.
EY discharged its third-generation Zero-Knowledge Proof blockchain technology to the open(public) domain on the Ethereum blockchain according to an announcement on December 19.
The new Zero- knowledge Proof blockchain intends to make private transactions on public blockchains more resizeable by reducing transaction costs by joining multiple private transfers in a single transaction.
The announcement notes that the new iteration can batch up to twenty private transfers in a single transaction, decreasing the transaction cost to $0.05. Available on GitHub, the new product is allegedly a four hundred fold improvement over the first EY blockchain prototype disclosed in October 2018.
EY global blockchain leader, Paul Brody qnoted that the new technology is powerfully the “most important EY blockchain milestone” in its world’s effort to scale public blockchains. Brody noted:
“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 smart contract testing service in public beta
The news manifests just a day after Brody disclosed that EY plans to launch its smart contract and token testing service in beta.
Brody commented that the beta product is available for review in a Reddit post on December 18, he said:
“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 is waiting for feedback and opinions for further features as the EY smart contract and token testing product is available for the public, Brody said.
Brody disclosed that the new service has gotten positive reactions despite it being “still early days for this product,” in a tweet on December 19.