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Ernst & Young (EY) tried to promote secure and private transactions on the public blockchain at a cheaper cost, and finally released Nightfall 3.
the company Announce According to the news released on July 1, Nightfall 3 combines zero-knowledge proofs with optimistic rollups (zk-Optimistic Rollups) to improve transaction efficiency on Ethereum.
In fact, zk-Rollups is one of the second-layer scaling solutions developed to realize the scalability of networks such as Ethereum. It uses batch transfer to “roll” into a transaction.
Ernst & Young’s first contribution to ZK certification It was in April 2019, when Cointelegraph had previously reported. In this new iteration, the Ernst & Young team stated that Nightfall 3 is a set of tools for privately managing Ethereum transactions.
According to reports, Nightfall 3 certifies the transaction as Optimistic Rollups, without requiring all identity verification nodes to verify the validity of the transaction.
Nodes that challenge invalid blocks will be rewarded, thus ensuring that only valid transactions are added to the blockchain. According to the Ernst & Young team, Nightfall 3 has significantly improved transaction efficiency and reduced gas costs.
In detailing the improvement of the zk-Rollups solution, the global blockchain leader of EY Paul Brody stated that the protocol provides the best balance of mathematical efficiency and security for private transactions on the Ethereum network.
According to the announcement, compared with the public ERC-20 token transfer, the zk-Optimistic Rollups solution of Nightfall 3 can reduce gas costs by nearly 90%.
By releasing Nightfall 3 into the public domain, Brody stated in the announcement that Ernst & Young is doing everything it can to accelerate enterprise adoption of the technology.
related: Ernst & Young, a large audit company, releases updates on two blockchain-related products
Since Ethereum 2.0 is still under development, second-layer solutions like ZK Proof and Optimistic Aggregation continue to be touted as short-term solutions to increase the throughput of the Ethereum network.
The ZK certification is not the only exploratory work done by Ernst & Young in blockchain technology. In fact, the company has previously released a blockchain analysis tool. Audit giant releases beta version Smart contract analyzer in April 2019.
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