EY Blockchain is integrating Blockchain products with the altcoin Polygon to reduce the high fees and congestion associated with transacting on Ethereum mainet for its institutional clients. Here are the details…
EY Blockchain, Polygon integration:
Announced Monday, Ernst & Young’s Bitcoin Blockchain services, including EY OpsChain and EY Blockchain Analyzer, will be integrated with Polygon, allowing transactions to be committed to Ethereum via side-chain. The project emphasized that its corporate clients will be able to access increased transaction volume with predictable fees and payment times using Polygon.
The firm also revealed that it is working with altcoin Polygon to deliver blockchains with permissioned, non-Ethereum transaction processing. Rollup Blockchains are a layer two scaling solution that provides greater security and efficiency compared to transacting on Ethereum mainet. Paul Brody, EY’s global blockchain leader, said:
Working with Polygon provides EY teams with a powerful toolset for scaling transactions for customers and a faster roadmap for integration on the overall Ethereum mainnet.
Altcoin Polygon is preferred for blockchain solutions
Ernst & Young, one of the Big Four consulting multinationals, will connect their Blockchain solutions to Polygon to reduce the scalability constraints of Ethereum’s mainet. Also, post-announcement, Polygon co-founder Sandeep Nailwal praised EY for its commitment to the Ethereum ecosystem and open technology standards. As EY continues to iterate on the second layer zero-knowledge proof protocol Nightfall (zero-knowledge proof protocol Nightfall), the firm also helped launch the open-source Basic Protocol in March 2020.
Now, the demand for Ethereum scaling solutions has been increasing in recent months amid the consistently high fees associated with transacting on mainet. Therefore, the total value locked in the Polygon network rose from roughly $1 billion at the beginning of April to $8.5 billion at that time.
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