EY Blockchain Team Allows Sending ETH Anonymously For Under $1

The EY Blockchain team published an open-source code for the newly developed Nightfall project addition, which aims to increase the potential for grouping anonymous transactions on the Ethereum (ETH) blockchain. The Nightfall project will use the ZK-Snarks technology which is compatible with Ethereum’s ability to cover transactions. Furthermore, the team also worked on transaction grouping in order to make possible for lower gas costs.

The EY Blockchain team announced for our ETH news today:

“Doing the full 20 transactions available in this version drops your gas cost to approximately $0.24. This includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team.”

The Global Blockchain EY Leader, Paul Brody explained the latest update and promised further optimization of the Ethereum blockchain usage. With the updates, the EY team will bring a scaling solution for Ethereum that will provide a more efficient form of transaction grouping. The technology also aims to improve token usage by hiding some of the interactions with smart contracts.

The Ethereum network is still busy although there is falling in utilization about 80-90%. There is no difference in the forms of gas-optimization because any of them will be beneficial to end-users. At the present time, a small number of smart contracts in continuum burn most of the gas, and many remain fixtures on the network.

The EY team is one enterprise that has made the decision to tie existing, business-ready blockchain solutions on one of the biggest public blockchains. Creating a private blockchain is relatively simple, but companies could not want to be missing out or face technical difficulties from their competition.
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By using blockchain technology, companies can easily spot problems and optimize their blockchain usage.

The EY technology gives the offer of a certain form of tokenization for business processes, producing non-fungible token to signify an obligational payment, and is using fungible tokens to fulfill that obligation. The process bears resemblance to a private blockchain with the use of secondary types of payment settlement, in that way avoiding legacy systems and middlemen. After falling from the $180 level, Ethereum found stability and is now traded in at $148.90.