EY Selected polygon to integrate its blockchain products with it and scale as well as to mitigate the high fees and congestion associated with transacting on the ETH mainnet for its enterprise clients as we can see more in today’s altcoin news.
EY’s flagship blockchain services EY OpsChain and EY Blockchain Analyzer will get integrated with Polygon and it will allow transactions to be committed to ETH via the sidechain. EY selected Polygon to do the job and outlined that its enterprise clients will have more access to increased transaction throughput with the predictable fees and settlement times using this amazing blockchain.
The company also revealed that it is working with Polygon to offer permissioned and private optimistic rollup chains. Rollups are a second-layer scaling solution that provides increased security and efficiency compared to performing the transactions on the Ethereum mainnet. Paul Brody as the EY Global Blockchain leader remarked on the idea that Ernst & Young as one of the Big Four consulting multinationals will connect its blockchain solutions with Polygon in order to mitigate scalability of Ethereum’s mainnet and continued:
“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.”
Polygon co-founder Sandeep Naiwal praised EY for its commitment to the Ethereum ecosystem and open technology standards while EY continued to work on its two-zero knowledge proof protocol Nightfall, helping to launch the open-source Baseline Protocol in 2020. The demand for Ethereum scaling solutions surged in the past few months amid the high fees associated with transacting on the mainnet and the total value locked on the Polygon network surged from $1 billion to $8.4 billion today.
As recently reported, Polygon is the popular scaling solution for Ethereum, and Mina Protocol is a smart contracts platform that announced a new bridge to merge these two technologies. Pitched as the world’s smallest blockchain that Polygon integrated, the Mina protocol is only a few kilobytes compared to Ethereum’s 300-gigabyte blockchain which means that synching the Mina network is easier for teh average user rather than the hefty hardware demands as you can fully run a node from your smartphone.
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