EY joins Polygon in seeking to reduce transaction costs. Image: Polygon.
A EY, one of the most engaged global blockchain consultancies, is using Polygon’s protocol and framework for its solutions on the Ethereum network. And they will develop new corporate solutions that both promise will reduce transaction costs and times compared to the network created by Vitalik Buterin.
Polygon is a protocol and a framework with a focus on developing Ethereum compatible networks, which for some time has suffered from problems generated by its high usage, for example, transaction time. In this way, it creates a multi-chain ecosystem around the network.
EY will offer its products, such as the EY OpsChain and EY Blockchain Analyzer, at Polygon. Part of this collaboration with EY is the joint work on Polygon Nightfall that EY launched in 2019 for private transactions on Ethereum.
The solutions they will develop for use by corporations, based on Polygon, will allow them to predict costs and settlement times, they say. It will be possible to transfer transactions to Ethereum’s mainnet faster and at a lower cost, the companies complete in a statement.
According to EY and Polygon, the objective is to create “permitted industry chains, leveraging models to deal with transaction verification. This will increase efficiency and reduce transaction costs known as optimistic rollups.” The projects will focus on zero knowledge proof (ZPK) technology. Therefore, in proof that a party knows something is true, without revealing a given.
To use Polygon, EY customers need to make a configuration change in company website. It also contains Polygon’s network testing and development.