EY Releases Nightfall 3 – Protocol To Strengthen Private And Affordable Ethereum Transfers – Technology Bitcoin News
EY, the multinational Professional Services Network, commonly known as Ernst & Young, announced that the company has provided a suite of tools for privately managing transactions on the Ethereum network. Joanna Hardy, EY’s global media relations executive, explained Thursday how the company’s protocol will help make Ethereum transaction fees more affordable and enable the private transfer of Ether.
Professional Services Giant and Big Four member EY publish Ethereum Protocol Nightfall 3
EY is a well-known specialist and financial services brand and the company, headquartered in London, has been working with blockchain and cryptocurrency solutions for some time. EY is one of the largest professional services networks in the world, but also a member of the “Big Four” auditing firms.
On July 1, Hardy stated in an EY blog post that the company has released a number of tools that are making Ether transactions cheaper and more private. The protocol is called “Nightfall” and uses zero-knowledge proofs and other technologies to support the tool’s privacy and affordability goals.
“EY today released a new set of tools for privately managing transactions on the Ethereum blockchain,” Hardy said Thursday. “The project known as Nightfall 3 combines zero-knowledge proofs (ZK or ZKP) with a new model for handling transaction verification to increase efficiency and reduce transaction costs, known as an optimistic rollup. The combined protocol is called the ZK-Optimistic Rollup. “
The EY Global Media Relations Executive added:
Nightfall 3 summarizes ZKP transactions in groups called rollups. These are known as “optimistic” rollups because the system assumes that the transactions are valid unless proven otherwise, and eliminates the process of verifying all transactions by all participants.
Hardy further claims that the Nightfall 3 tool set, with the help of ZK-Optimistic Rollups, can result in the cost of a single transaction being “one-eighth the cost of a conventional, public ERC20 token transfer “. “When developing a new ZKP protocol, developers must be able to interact directly with low-level ZKP constructs,” said Dr. Duncan Westland, Associate Director and Head of Global Blockchain Research and Development at EY.
Westland continued:
If the user only needs private token transfers, it is possible for the application to manage the ZKP interactions. In this case, a ZKP transaction can be viewed as a traditional token exchange, provided the user is careful with the way Layer 1 to Layer 2 transfers are made, albeit with added privacy. Having an API that allows users to work this way can speed development.
Nightfall 3 balances safety incentives and math efficiency
Hardy’s EY announcement states that the prototype code for Nightfall 3 is available on Github and in the public domain. EY has devoted a lot of energy to the growing crypto industry, and in 2016 the company said the blockchain is ready for critical mass. The previous month, ET helped Australia auction 24,000 BTC, and last July, EY launched an app to help US crypto investors with their tax returns. EY has also devoted time to Ethereum and Nightfall 3 is “designed to reduce the learning curve required by developers”.
“Based on EY’s experience, ZK-Optimistic Roll-ups are currently among the most effective for balancing security incentives and mathematical efficiency for conducting private transactions on the public Ethereum network,” concluded Paul Brody, EY global blockchain leader , in the blog post written by Hardy. “As in the past, we are re-launching this code to expedite the adoption of this technology in businesses,” added Brody.
What do you think of EY’s tools aimed at making Ether transactions cheaper and more private? Let us know what you think on this matter in the comments below.
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