278
views

Financial Firm EY Chooses Polygon to Scale Its Blockchain Products on Ethereum

Accounting firm Ernst & Young (EY) just announced that it would be using the Polygon protocol to implement its blockchain solutions on the Ethereum ecosystem. The firm said the new development would enable a future transition to less risky and more efficient public networks. 

According to a recent press release, EY will adopt Polygon’s chain scaling solutions to uplift transaction volumes. This union will allow more predictable costs and settlements for business customers.

The firm also disclosed it is engaging with Polygon blockchain scaling solution to offer permissioned, private optimistic rollup chains. Rollups are innovative layer-two scaling solution protocols that provide increased security and efficiency compared to transacting on the Ethereum mainnet. Additionally, through optimistic rollup, the protocol will reduce transaction costs immensely.

EY Terms Polygon as Elaborate and Secure

The industry chains would offer businesses the comfort and security of a closed system. At the same time, the chains will retain a close alliance with the public Ethereum mainnet. Thus, it would make a future transition to public networks faster and more secure.

Global blockchain leader at EY, Paul Brody, said that engaging with Polygon enables EY teams to have a robust set of tools to scale customer transactions. Additionally, there will be a swift roadmap to integration on the public Ethereum mainnet. 

He added that they discovered their shared priorities around open systems and networks. Furthermore, he said the Ethereum ecosystem would make collaboration in this area much more accessible. Sandeep Nailwal, Polygon’s co-founder, reaffirmed EY’s devotion to the public Ethereum ecosystem. Also, he noted that open standards help in evolving shared approaches.

Reducing the Network Load

For a while now, Ethereum has been struggling with congestion and high transaction fees on its network. The London hard fork tried to fix this but has so far shown mixed results in reducing costs.

Furthermore, investors have commended Scaling solutions since they can lighten the network load from influential names, like bitcoin. These solutions can achieve this due to their ability to process transactions on a sidechain. Arbitrum, an optimistic rollup solution, has seen significant growth recently. It rose from $24.5 million total value locked at the start of September to around $2.2 billion yesterday.

Ethereum live price
Eth
Ethereum
$1.700,75
price
0.66354%
price change
BUY NOW

The demand for Ethereum scaling solutions has spiked recently amid the rising fees associated with transacting on the mainnet. The total value locked on the Polygon network has surged from about $1 billion to $8.6 billion since April. Polygon, today, has spread all significant crypto-associated spheres like DeFi, dApps, NFTs, and DAOs.

Stay up to date with our latest articles

More posts

Centralized Stablecoins Could Impact Future Ethereum Hard Forks – Vitalik Buterin

During a recent Korea-based tech conference, BUIDL Asia, Vitalik Buterin shared his views on the future of stablecoins.  In his statement, the Ethereum co-founder asserted that centralized assets such as USDC and USDT could play key roles in certain prospective hard forks.  How Centralized USDT Could Tie into Hard Forks The event took place on Wednesday, August 3rd, and saw Buterin in attendance to speak about Ethereum’s approaching update, the Merge. Illia Polosukhin, co-founder of Near Protocol was also present…

Vitalik Calls Michael Saylor a “Total Clown” Over Opinion on Ethereum

Vitalik Buterin – co-founder of Ethereum – labeled MicroStrategy CEO Michael Saylor a “total clown” over Twitter on Saturday. The developer’s comment was in response to a clip of Saylor discussing Ethereum, securities laws, and the latter’s supposedly “biblical” basis. Saylor and Bitcoin Maximalists Chatting with the Not Investment Advice podcast in mid-July, Saylor spoke at length about Ethereum’s relationship with securities law. In one segment, he suggested that securities laws are rooted in biblical commandments, such as “thou shall…

Over 50% of Staked Ethereum Held by 4 “Centralized” Entities: Glassnode

Glassnode – a blockchain data provider – and CoinMarketCap have released their July 2022 report covering on-chain data during the bear market. On the topic of staked ETH, the report noted that a majority of the supply has concentrated in the hands of four staking providers.  Highly Concentrated Staking Per the report’s data, the amount of ETH staked on Ethereum’s beacon chain through Lido alone has already swelled to 4.137 million. That’s 31.8% of all staked ETH in existence.  Another…

Every “Ethereum Killer” Will Fail, Says Blockdaemon’s Freddy Zwanzger

In a recent community meeting, Blockdaemon's Ethereum leader expressed confidence in Ethereum's potential to maintain its top spot among Layer-1 protocols. Freddy Zwanzger, the Blockdaemon officer, asserted that all 'Ethereum Killers' would fail. Ethereum Killers is a colloquial term for green chip protocols like Solana, Cardano, and Polkadot. They didn't succeed in the past, and I don't expect them to,” he added. The Ethereum ecosystem leader of Blockdaemon stated that he does not foresee Ethereum dropping from its top position…

Polygon Launches ZK Rollup Testnet to Scale Ethereum

Polygon – a top platform for Ethereum scaling and infrastructure – has announced the launch of Polygon zkEVM. The program will allow Ethereum to scale to global use such that transactions can be settled instantly and nearly for free. . The Holy Grail of Scaling In an interview with CoinDesk, Polygon co-founder Mihailo Bjelic described zkEVM as the “holy grail” and “missing component” concerning Ethereum’s mass adoption. It combines three critical features: Ethereum compatibility, security, and scalability. The first feature…

Ethereum Merge will Decrease Demand for GPUs, New Research Suggests

Morgan Stanley says changing to Proof of Stake might not solve Ethereum's scaling problems.   An equity strategist for Morgan Stanley claims Ethereum beacon-mainnet merge will cause demand for graphics processors to plummet in the coming months. The Ethereum platform has been undergoing a parade of testnets preparing for its merge with Beacon Chain. This merge is a move to facilitate the blockchain's transition from operating a Proof of Work model, to Proof of Stake.  The PoW consensus model understandably…

Binance to Temporarily Halt Ethereum Deposits and Withdrawals

Binance – the world’s largest cryptocurrency exchange – will perform maintenance on its Ethereum wallet in about five days. Users will be unable to use their self-hosted wallets to interact with their Binance accounts during that time. According to a company announcement on Wednesday, the maintenance will take place on June 27th at 06:00 UTC for approximately 2 hours. The exchange will temporarily disable Ethereum network deposits and withdrawals at  beginning, five minutes before this maintenance starts. That includes not…

Ethereum Prepares Merge on Sepolia Testnet

The Sepolia testnet is live in readiness for a trial merge that will supply Ethereum developers with vital technical insights. Sepolia's upcoming integration with Ethereum's Beacon chain will deploy Proof of Stake in achieving consensus instead of Proof of Work. The purpose of this testnet is to supply a picture of what could happen when Ethereum 2.0's Merge finally goes live. Why Ethereum is Moving from PoW to PoS The energy-intensive Proof of Work (PoW) model Ethereum blockchain uses has…

Hacker Returns $15M of Stolen Optimism Funds, Sends 1M OP to Ethereum Founder

In a Twitter post, layer-2 blockchain protocol Optimism shared that the hacker who exploited a transfer error has refunded most of the stolen OP tokens as promised. This comes two days after the attack and less than a day since the attacker awarded 1 million coins to Ethereum co-founder Vitalik Buterin. Hacker Withholds 2 Million OP Tokens The hacker returned only 17M tokens, worth roughly $15 million; this falls 3M short of the stolen 20 million. According to information on…

Optimism Airdrop Goes Live, Gets Overwhelmed

Ethereum Layer-2 system, Optimism announced on May 31st that its governance token airdrop was going live. A few hours after the airdrop launch, the network suffered from low performance as traffic surged.  The governance token, OP, is the beginning of a shift to a bicameral governance system of funding for the network, called the Optimism Collective. In April, Coinbase carried an OP token page, which roused speculations that a token airdrop was in the offing. A week later, Optimism confirmed…