TUESDAY, 4 AUG 2020

 

CONNECT

Facebook Linked In Twitter
Compliance_29/01-24/09_728x90px
GloriaJeans_266x90px
IMH LTD

New Measures Due To Dangerous Coronavirus Outbreak, President Anastasiades Says

The Policy Of Containment Vis-à-vis Turkey Has Failed, Presidential Commissioner Says

IMH LTD

PROFESSIONAL SERVICES

brought to you by PWC

EY Releases Third-Generation ZKP Blockchain Technology To The Public Domain

EY Releases Third-Generation ZKP Blockchain Technology To The Public Domain

EY announced today the release of the third-generation zero-knowledge proof (ZKP) blockchain technology to the public domain on the Ethereum public blockchain. The enhancements of the ZKP blockchain technology will help make private transactions on public blockchains more scalable by significantly reducing transaction costs through batching multiple private transfers together in a single transaction. 

 

The new components of the ZKP blockchain technology include tools for batching multiple proofs together and a solution for reducing the size of an on-chain Merkle tree. The combination allows for up to 20 transactions to be done at once and cuts the cost per transaction to around US$0.05. This represents a 400-fold improvement (at constant transaction pricing) over the initial EY prototype unveiled in October 2018.

 

The release of the third-generation ZKP technology comes on the heels of a study conducted by Forrester on behalf of EY in November 2019 in which half of respondents cite security (49%) and data privacy (46%) as top blockchain concerns. Additionally, 45% of respondents cite interoperability as a stumbling block of private blockchain.

 

In addition to being deployed on the public Ethereum network, the updated technology can also be deployed on private blockchains built on the Ethereum platform. On private blockchains, it provides a second layer of security and privacy, supporting more complex privacy models across multiple organizations within industry consortia.

 

The new ZKP batching function is also the first of several new batching-related functions that EY will announce in the coming months to help enable greater scalability. In 2018, EY became the first organization to complete a private transaction on the Ethereum blockchain.

 

Since EY announced the release of the original ZKP technology code known as Nightfall into the public domain, it has been tracked by more than 500 individuals and entities, as well as edited and customized more than 80 times. EY is preparing for upcoming changes to the Ethereum blockchain platform that will permit further performance improvements and allow users to pool transactions together.

 

Comenting on the release of the new technology by EY, Charalambos Constantinou, Partner and Head of Advisory Services of EY Cyprus, said: “Companies throughout the world are increasingly realising the potential for public blockchains, with research showing that 75% of enterprises likely to use these networks in the future. The technology presented by EY is a major milestone, reducing the cost per transaction by more than 90% and making private transactions more accessible for mainstream business application.”

 

The documentation for the third-generation ZKP blockchain technology can be found here.

MORE ON PROFESSIONAL SERVICES

AXIA Ventures Group Wins Best Investment Bank Greece Award By Euromoney

AXIA Ventures Group (“AXIA”) was declared Best Investment Bank Greece for the ...

EY Cyprus And The Cyprus University Of Technology Sign A Protocol Of Cooperation

EY Cyprus and the Cyprus University of Technology have signed a protocol of cooperation, ...

Abundance Of Talent In The Nicosia Office Of Michael Kyprianou & Co LLC This Summer

Michael Kyprianou & Co LLC is pleased to have with them this summer the following ...

FROM AROUND GOLDNEWS

   

Ancoria Insurance Supports The Cyprus Shipping Industry By Granting Three New Scholarships

Ancoria Insurance Public Ltd continues its ongoing support of the Cyprus shipping industry by granting three full scholarships. The three successful recipients ...
   

Completion And Delivery Of Two Additional Photovoltaic Parks

Two additional photovoltaic parks, with a total capacity of 2.5MW were completed and connected to the EAC national network, from L&T Sun Power Ltd. The two ...
   

2nd Cyprus Blockchain Summit: Transforming The Supply Chain With Blockchain

Due to the complexity and lack of transparency of our current supply chains, there is interest in how blockchain technology could totally transform the supply ...
   

Tototheo Maritime And Marine Fields Holdings Sign MoU With CMMI

Tototheo Maritime, a leading maritime technology and digital solutions company, and Marine Fields Holdings, a pioneer in the field of live Port call ...
   

New Measures Due To Dangerous Coronavirus Outbreak, President Anastasiades Says

The government decided on additional measures to stop the spreading of the coronavirus, due to the dangerous outbreak with unpredictable consequences, which ...
   

Back To School With Alphamega Hypermarkets

Going back to school is an ALPHAMEGA affair. Launching their new campaign “Back to School”, Alphamega Hypermarkets are once again supporting ...
   

The Policy Of Containment Vis-à-vis Turkey Has Failed, Presidential Commissioner Says

The policy of containment vis-à-vis Turkey has failed, Presidential Commissioner Photis Photiou has said, citing the President of Cyprus, Nicos ...
   

Deposit Rates In The Cyprus Banking System Declined Marginally In June

Deposit rates in the Cyprus banking system declined marginally in June, according to data published on Friday by the Central Bank of Cyprus (CBC). ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Expo_29/06-24/09_300x250px
GloriaJeans_300x250px

IMH LTD