- This zero-knowledge proof (ZKP) technology for the ethereum blockchain was originally called Nightfall
- The new components of the ZKP blockchain technology will include tools for batching multiple proofs together
EY has released third-generation zero-knowledge proof (ZKP) blockchain technology to the public domain on the ethereum public blockchain. This ZKP technology for the ethereum blockchain was originally called Nightfall. As per the company, this will help to make private transactions on public blockchains more scalable. It will do so by reducing transaction costs by putting multiple private transfers together in a single transaction
Paul Brody, EY global blockchain leader, said, “This technology is perhaps the most important EY blockchain milestone in making public blockchains scalable for the enterprise. In the prior iteration released in April 2019, public blockchains were already getting competitive with private networks. With this iteration, we cut the cost per transaction by more than 90 per cent again, making private transactions more accessible for mainstream business application.”
Up to 20 transactions to be done at once
The new components of the ZKP blockchain technology will include tools for batching multiple proofs together. It will also include a solution for reducing the size of an on-chain Merkle tree. This will allow for up to 20 transactions to be done at once. By doing this, the costs will be reduced to around US$0.05 per transaction as per EY.
Can be deployed on private blockchains too
The technology can also be deployed on private blockchains built on the Ethereum platform. On private blockchains, it will provide a second layer of security and privacy and support more complex privacy models across multiple organizations said the company. EY said that the new ZKP batching function will also be the first of the many new batching-related functions that EY will announce in the coming months
Brody further added, “I believe we will look back upon the industrialisation of ZKPs as a key milestone in the wide enterprise migration from private to public blockchains. Organisations are increasingly seeing the potential for public blockchains, with 75 per cent of enterprises likely to use these networks in the future. The third-generation EY ZKP technology brings us even closer to private and secure transactions on the public blockchain.”
