Accounting giant Ernst & Young has just released open source code that vastly improves privacy and transaction efficiency for Ethereum. The news comes just days before the network undergoes an upgrade that further reduces costs and increases security.<\/p>\n
From a technical standpoint Ethereum<\/a> is constantly strengthening<\/a>, but that has not been reflected in token prices. There are some huge companies working with the platform and EY is among them. The accounting firm is using the public Ethereum blockchain to reinvent how businesses work together, it aims to bring ETH to enterprises.<\/p>\n In April this year, EY released a small development in Ethereum technology called Nightfall, which was designed for making private Ethereum transactions. According to a recent announcement<\/a>, Nightfall has been upgraded to enable the first version of transaction batching, allowing up to 20 transactions at once under zero knowledge.<\/p>\n Zero knowledge (zk) is a cryptographic method by which one party can prove to another party that they know a value of something, without revealing any information about what it is they know. Effectively it allows transactions to be verified without revealing the transaction data.<\/p>\n The EY announcement added;<\/p>\n \u201cThis includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team. We promised <$1 per transaction by the end of 2019, and we nailed it by a wide margin.\u201d<\/p><\/blockquote>\n Mythos Capital founder Ryan Sean Adams acknowledged the development pointing out that it is highly cost efficient and represents a 400x improvement over their previous implementation.<\/p>\n EY just released open source code for Ethereum that enables 20 zero knowledge transactions on mainnet for $0.24<\/p>\n Private transactions<\/p>\n A 400x improvement<\/p>\n EY is one of the Big Four<\/p>\n Some of the biggest companies in the world already work for ETH<\/p>\n We're just getting started<\/p>\n \ud83d\ude80<\/p>\n — RYAN S\u039eAN ADAMS – rsa.eth (@RyanSAdams) December 5, 2019<\/a><\/p><\/blockquote>\n\n