EY Has come up with a new technology stack to empower blockchains. The third-generation zero-knowledge proof offers many different enhancements.
In a press release, EY confirmed this technology is now made available to the public.
EY Offers Scalable Private Transactions
This new implementation of zero-knowledge proof technology can be of great use to Ethereum users and developers.
Its benefits and improvements cannot be underestimated.
First of all, it reduces the overall cost per transaction significantly.
Secondly, it allows for private transactions to be batched in one single transfer.
Public blockchains have always struggled with scalability since day one.
When private transactions are introduced, those problems are compounded even further.
This new zero-knowledge proof implementation helps address those concerns.
Another interesting feature of this iteration is how it reduces the size of an on-chain Merkle tree.
In the end, 20 transactions can be batched into one transfer when implemented successfully.
It is not the first time that EY experiments with this technology.
Their first proof-of-concept unveiled over a year ago showed a lot of initial promise.
Since then, a 400-fold improvement compared to that PoC has been achieved.
This technology, while active on Ethereum, can also be used on private blockchains.
That is, as long as those chains are built on the Ethereum platform.