EY audit giant, committed last month to release the Nightfall privacy tool for Ethereum and the company is now following through on the commitment. In the latest cryptocurrency news today we discuss more on this amazing information.
The ‘’Big Four’’ accounting giant announced to the public on May 31st the release of the repository for the Nightfall system which was announced during the EY Global Blockchain Summit.
The new technology which leverages zero-knowledge proofs (ZKPs) to obscure transaction data on the ETH mainnet, was designed to allow the huge enterprises and institutions to use the public ethereum chain in private instead of using a forked, private and permissioned version of Ethereum to achieve the same results.
The developers of Nightfall explained that the tool is still an experiment but it is released now in order to help the mainstream society accept the blockchain’s potential. The developers’ team outlined:
“Nightfall integrates a set of smart contracts and microservices, and the ZoKrates zk-snark toolkit, to enable standard ERC-20 and ERC-721 tokens to be transacted on the Ethereum blockchain with complete privacy. It is an experimental solution and still being actively developed. We decided to share our research work in the belief that this will speed adoption of public blockchains.”
The EY audit giant thinks that the new tech could help the big organizations dive into blockchain as they will want some superior privacy guarantees and auditability and that is what Nightfall is all about. EY described the tool’s intent last month:
“Companies will still be able to provide full traceability and transaction history to auditors and regulators without revealing transaction content more widely.”
The leader of the global blockchain innovation sector at EY Paul Brody confirmed that Nightfall will be used within two of the proprietary offerings at the accounting firm- the EY blockchain Analyzer and the EY OpsChain. Thanks to the publishing of the Nightfall, everyone can modify the tool’s code as they want.
As reported in the best cryptocurrency news sites, Nightfall is just the start for EY since the company aims to release more tools that will be of great use in the crypto economy. However, the audit giant is not the first company that has released a crypto privacy solution. JPMorgan released its Zether tool which is also a ZKP privacy system.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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