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
price change

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

FTX Hacker Converts 50k Stolen ETH to BTC

Per a report from blockchain analysis firm Chainalysis, the attacker behind the Nov 11 FTX exploit, is converting the stolen ETH to Bitcoin. There were muted fears the seemingly inexperienced perpetrator could dump all its ETH holdings. On Sunday, the attacker dumped 50k ETH on-chain, with ETH's price dipping by almost 7%.  https://twitter.com/chainalysis/status/1594349583416840199?s=20&t=pgvQHeVytI20eKQ1ls9bxw Hacker Moves 50,000 ETH to New Address Over the past week, the perpetrator had been steadily swapping the cryptocurrencies they had carted off for Ether tokens. This…

Censorship Concerns: 51% of Ethereum Blocks Now OFAC Compliant

According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US  Treasury Department. Indeed, the OFAC administers and enforces US  financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash.  According to…

Coin Center Files Suit Against Treasury Over Tornado Cash Ban

Crypto advocacy group Coin Center has slammed the US Treasury Department’s Office of Foreign Asset Control (OFAC) with a lawsuit. The think tank cites the Treasury’s blacklist of privacy protocol Tornado Cash as the reason for the suit. According to the filing, Coin Center claims the ban was harmful to US-based users and stood in the way of private transactions on the Ethereum network.  Coin Center Shares Privacy Concerns On October 12, Coin Center filed a lawsuit against the Treasury…

Hacker Carts $1M in Another Vanity Address Breach

Amidst a rise in DeFi breaches, yet another address from Ethereum vanity wallet address generator Profanity has fallen victim to an attack. A malicious actor was able to exploit a vulnerability in the tool and make off with almost $1M worth of ETH. This comes roughly a week after DEX aggregator 1Inch spotted and highlighted the weakness in Profanity-generated addresses.  Hacker Steals 732 ETH Blockchain security company Peckshield called attention to the latest attack early on Monday. The firm published…

Celebrating the Merge; First PoS NFT Purchased For 36 ETH

After months of anticipation, September 15, 2022 finally saw the merger of the Ethereum mainnet execution layer and the Beacon Chain’s consensus layer. The Merge finally ushers in the days of Ethereum’s proof-of-stake (PoS) consensus mechanism. This renders defunct the proof-of-work (PoW) consensus for the Ethereum network. In his celebratory and congratulatory tweet, Ethereum’s co-founder, Vitalik Buterin, said the Merge “is a big moment for the Ethereum ecosystem.” And the NFT community did not hesitate to prove this fact. https://twitter.com/VitalikButerin/status/1570306185391378434?s=20&t=Lqq0NpxNi6-KQDE65m5zMA…

Ethereum Classic Hash Rate Explodes After The Merge

With Ethereum’s long-anticipated Merge finally complete, the network’s miners may have already found a new home in Ethereum Classic. The original Ethereum chain saw its hash rate explode following Thursday’s monumental upgrade.  Inheriting Ethereum’s Miners According to data from 2Miners, Ethereum Classic’s hashrate is now up to 305.65 terrahashes per second (TH/s). On late Wednesday, it stood at just 80 TH/s.  For context, 1 terrahash is equal to 1 000 000 000 000 hashes. These are guess answers generated by…

Singapore Residents Most Interested in the Merge: Report

With the Ethereum Merge only days away, crypto analysis company CoinGecko has looked into which countries are most interested in the imminent upgrade. According to CoinGecko reports, Singaporean crypto holders lead several others in terms of interest in Ethereum’s imminent historic milestone. Singapore’s "ETH Merge” Searches Eclipse US, Canada Ethereum’s dev team has confirmed that the network’s shift to the Proof-of-Stake consensus mechanism will occur between September 13 and 15. As the upgrade has been in the works for years,…

Cardano Founder Hoskinson Calls Ethereum Classic “A Dead Project”

Long-running tension between the Ethereum Classic Community and Cardano founder Charles Hoskinson appears to have gathered steam once more. Hoskinson slammed the platform in a tweet as he responded to allegations from a vocal Ethereum Classic advocate with the username “SETHMCCORMACK9.” Hoskinson Fires Back at Accusations of Plans to “Milk ETC” The accusatory post claimed Hoskinson was looking to take advantage of ETC by imposing a 20% miner tax.  No drama, just saying that SHA-3 and also a treasury was…

Ethereum Scaling Network Arbitrum Nitro Upgrade to Go Live on August 31

The Nitro upgrade for Ethereum layer-2 scaling solution Arbitrum is slated to take place on Wednesday, August 31. Arbitrum shared updates regarding the forthcoming upgrade in a Twitter post late last night.  Arbitrum Announces Nitro Launch Date The Ethereum-based scaling solution employs L2 structure, optimistic rollups to process transactions outside the Ethereum mainnet. Arbitrum completes operations in large batches off-chain before delivering them on Ethereum. With Nitro, however, the network should raise its transaction throughput and cut down transaction fees.…

Coinbase is Willing to List a Potential Ethereum POW Fork

Coinbase – America’s largest cryptocurrency exchange – has updated its statement detailing its approach to Ethereum’s upcoming Merge. The firm has now clarified that it's willing to list a possible forked version of ETH at the exchange. The statement, uploaded last week, was revised on Thursday to reflect Coinbase’s commitment to creating a “level playing field” for all assets. Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other…