Ethereum Gets New Boost From Accounting Firm Ernst & Young

The major accounting giant Ernst & Young has recently released its open source code which improves the privacy and transaction efficiency for Ethereum (ETH). As we can see, Ethereum gets new boost from the major accounting firm – an update which comes just days before the network undergoes an upgrade which will further reduce its costs and increase its security.

Right now, the ETH news show that from a technical standpoint, Ethereum is constantly strengthening. However, this has not been reflected in token prices. There are some huge companies working with the platform and for now, EY is among them. Speaking of, the accounting firm is using the public Ethereum blockchain in order to reinvent how businesses work together, which is why it brings ETH to enterprises.

As we could see from the cryptocurrency news before this, in April this year, EY released a minor development in Ethereum technology called Nightfall. This update was designed for making private Ethereum transactions. A recent announcement also showed that Nightfall has been upgraded to enable the first version of transaction batching. With this, Ethereum gets new boost and can allow up to 20 transactions at once under zero knowledge.

For those of you who don’t know, zero knowledge (ZK) is a cryptographic method by which a party can prove to another (party) that they know a value of something without revealing information about what it is that they know.

The EY announcement that Ethereum gets new boost also noted the following:

“This 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.”

Analysts and experts including the founder of Mythos Capital, Ryan Sean Adams, acknowledged this development and pointed that it is highly cost efficient, representing a 400x improvement compared to the previous implementation.

EY just released open source code for Ethereum that enables 20 zero knowledge transactions on mainnet for $0.24

Private transactions

A 400x improvement

EY is one of the Big Four

Some of the biggest companies in the world already work for ETH

We're just getting started

🚀

— Ryan Sean Adams – rsa.eth 🏴 (@RyanSAdams) December 5, 2019

The global blockchain leader at EY Paul Brody is known for his big plans for a blockchain future based on Ethereum. Earlier this year, he stated:

“We believe that by 2030, more than half of all new business contracts will be done on a blockchain. The end game is enabling all the functionality of the Ethereum blockchain for enterprise users, with full privacy.”

Ethereum is set to undergo the Istanbul upgrade in less than two days, which will be the first step before a huge upgrade to the ETH 2.0.