RATE Group | EY Open-Sources Tech It Says Slashes Cost of Private Ethereum Transactions
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EY Open-Sources Tech It Says Slashes Cost of Private Ethereum Transactions

19 Dec EY Open-Sources Tech It Says Slashes Cost of Private Ethereum Transactions

Posted at 17:14h in Ethereum News by

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Accounting multinational EY has released blockchain technology that it claims greatly reduces the cost of private transactions.

In an announcement on Thursday, the firm said the third-generation of its zero-knowledge proof (ZKP) tech for the ethereum blockchain – originally dubbed Nightfall – is now available in the public domain (the documentation can be seen on GitHub).

In the updated code, EY said it’s made additions that allow private transactions at scale by batching up to 20 ZKP transfers in one transaction – a factor it says “significantly” reduces costs. One 20-batch transaction would cost around $0.05, according to the announcement.

Related: Snowball: The Effort to Bring Privacy to Every Bitcoin Wallet

ZPKs enable the sharing of information proofs between parties without revealing the information itself and, thus, removing the need for trust. The latest additions to EY’s ZPK tech include batching tools and an enhancement that cuts the size of on-chain Merkle…

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