Polygon has launched Nightfall, the platform’s new scalability solution with enhanced privacy explicitly designed for enterprises.
Polygon Aims at Businesses
At the EY Global Blockchain Summit 2022, organized by Big 4 audit giant Ernst & Young (EY), Polygon‘s Head of Enterprise, Antoni Martin, delivered a keynote speech introducing Polygon Nightfall, the project’s new solution aiming to provide privacy to companies that want to use the Ethereum blockchain.
According to Antoni Martin, Polygon Nightfall will produce results eight times faster than Ethereum base layers, transfer ERC-20 tokens six times cheaper, and be completely transparent. Polygon Nightfall is one of four strategic scaling solutions of Polygon, including Polygon Hermez (ZK-Rollups technology), Polygon Miden (ZK-Rollups technology combined with ZK-STARK, based on StarkWare), and Polygon Zero (ZK-Rollups).
Polygon Nightfall combines ZK-Rollups and Optimistic Rollups. The solution will use Optimistic Rollups to reduce transaction fees and ZK-Rollups to provide privacy, revealing only the time and date of the transaction while keeping the rest confidential. In addition, Martin also said that Nightfall could be used in business activities such as supply chain management, NFT transactions, and blockchain coordination.
Support From EY
EY started working on Zero-Knowledge Proof (ZKP) technology in 2019 to allow its clients to use Ethereum privately. However, the project was put on hold when the company had to fight ETH’s high gas fee barrier in September 2021.
To cut the cost of transactions, EY partnered with Polygon. EY’s two leading blockchain services, EY OpsChain and EY Blockchain Analyzer, have been connected to Polygon Nightfall. According to the announcement, the duo will continue to innovate on business-friendly solutions that prioritize privacy to grow their ecosystem.
“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. In addition, we discovered our shared priorities around open systems and networks, and the Ethereum ecosystem would make collaboration in this area much easier,” Paul Brody, EY Global Blockchain Leader, said in a blog post.
ZKP technology has become the center of development in Polygon’s strategic vision with a commitment from the foundation worth $1 billion to related projects. Recently, Polygon also unexpectedly launched zkEVM, a layer-2 solution built for Ethereum based on ZK-Rollups.
Polygon’s network activity report shows that the platform achieved impressive numbers in the second quarter of 2022. The average cost per transaction dropped 49% to $0.018. Besides that, Polygon also saw a 12% increase in unique address generation, to 5.34 million. Total transactions on Polygon increased 4% to 284 million, with total revenue of $5.56 million.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
