January 27, 2020 Real Estate Publication

Ethereum Gets Another Big Development Boost From Ernst & Young

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.EY Supercharges Ethereum PrivacyFrom a technical standpoint Ethereum is constantly strengthening, 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.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, Nightfall has been upgraded to enable the first version of transaction batching, allowing up to 20 transactions at once under zero knowledge.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.The EY announcement added;“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.”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.EY just released open source code for Ethereum that enables 20 zero knowledge transactions on mainnet for $0.24Private transactionsA 400x improvementEY is one of the Big FourSome of the biggest companies in the world already work for ETHWe’re just getting started🚀— Ryan Sean Adams – rsa.eth (@RyanSAdams) December 5, 2019EY’s global blockchain leader Paul Brody has grand 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 focus is on private smart contracts and that is where Nightfall comes in. The firm aims to create enterprise transactions where clients can be secure in the knowledge that none of their data, even in an encrypted form, will ever go on the blockchain.“The end game is enabling all the functionality of the Ethereum blockchain for enterprise users, with full privacy,” Brody added.A New Monetary SystemWhen questioned on the developments Adams took a step back to explain the bigger picture.“A new money system is being invented. It operates in parallel to the traditional money system but is global, permissionless, & programmable like the internet. The big investment opportunities are in the reserve assets: BTC & ETH”Ethereum is about to undergo the Istanbul upgrade in less than two days and this will serve as the first step before a huge upgrade to ETH 2.0 can begin.The progress has not been reflected in token prices yet as ETH is still bearish below $150 at the moment but it is only a matter of time before the winds change for the decentralized world computer.Image from Shutterstock

Related Posts

How Payswap Can Confuse Blockchain Analysts, Benefiting Bitcoin Privacy for All

January 23, 2020

January 23, 2020

Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often...

2019 Saw Most Exchange Attacks Ever, With Hackers Becoming More Savvy

January 22, 2020

January 22, 2020

As cryptocurrency exchanges beef up their security to defend themselves against cyberattacks, hackers are responding in kind by amping up...

Video: Reviewing the Billfodl Multishard

January 17, 2020

January 17, 2020

Bitcoin Magazine reviewed the Billfodl Multishard, a two-of-three stainless steel recovery seed storage device that allows you to split your...

Review: HTC Exodus 1s, the Full Bitcoin Node Smartphone

January 17, 2020

January 17, 2020

When it launched during The Lightning Conference in October 2019, HTC’s Exodus 1s smartphone took on the ambitious mission of...

The Kindest Cut: Why the 2020 Bitcoin Halvening Is the Most Important Yet

January 16, 2020

January 16, 2020

In May of 2020, bitcoin will see its next halving: the reduction of the reward for successfully mining a block....

Remembering Tamás Blummer, Pioneering Bitcoin Developer

January 15, 2020

January 15, 2020

Tamás Blummer, a Bitcoin developer since 2012 and founder of several groundbreaking Bitcoin-focused projects, reportedly passed away on January 12,...

Bitcoin Researcher Drums Up Academic Interest in Erlay Protocol

January 15, 2020

January 15, 2020

In November 2019, Gleb Naumenko, co-author of the Erlay protocol and Bitcoin researcher at Chaincode Labs, came to London to...

Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: CashFusion

January 13, 2020

January 13, 2020

Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often...

Wasabi Wallet Launches #BitcoinIsSafe Campaign to Counter Erroneous Antivirus Detections

January 13, 2020

January 13, 2020

Recently, Wasabi Wallet users have reported multiple instances in which antivirus programs identify both Wasabi and the newly integrated Bitcoin...

On the Coast of El Salvador, Bitcoin Is Becoming the Standard

January 13, 2020

January 13, 2020

When Michael Peterson made a semi-permanent move to El Salvador, the California native’s motive was simple and, well, fittingly expected:...

Want to Learn About Bitcoin? Try Conference-Driven Development

January 10, 2020

January 10, 2020

Continuing our series on how to learn about Bitcoin and its more technical aspects, in this article, we will focus...

River Financial Wants to Be the Bitcoiner’s Charles Schwab

January 2, 2020

January 2, 2020

Ever since he read the Denationalization of Money by Friedrich Hayek in college, Alex Leishman, the co-founder and CEO of...

Hashing Ahead: A Look at Bitcoin Mining in 2020

December 30, 2019

December 30, 2019

The December 2019 report on the Bitcoin mining network from CoinShares Research, a division of the digital asset management firm,...

Op Ed: Pitching Bitcoin During the Holidays

December 24, 2019

December 24, 2019

It’s that time of year again! When you can’t decide whether to get a pumpkin spice or eggnog-flavored latte, and...

Op Ed: Tendencies and Opportunities of Bitcoin Taxation in the EU

December 19, 2019

December 19, 2019

In the U.S., the IRS is progressively clarifying the ambiguity persisting on the taxation of cryptocurrencies, as illustrated by the...