British auditing giant EY has released a new iteration of its zero-knowledge proof (ZKP) blockchain, intending to cut transaction costs by 90%.
A ZKP is a digital protocol that enables data to be distributed between the two participants without using a password or any associated information in the transaction.
According to an announcement on Dec. 19, EY released its third-generation ZKP blockchain technology to the public domain on the Ethereum blockchain.
The new ZKP blockchain aims to make private transactions on public blockchains more scalable by decreasing transaction costs by combining multiple private transfers in a single transaction.
Specifically, the new iteration reportedly can batch up to 20 private transfers in a single transaction, reducing the transaction cost to $0.05. Available on GitHub, the new product is reportedly a 400-fold improvement over the initial EY blockchain prototype unveiled in October 2018, the announcement notes.
Paul Brody, EY global blockchain leader, noted that the new technology is potentially the “most important EY blockchain milestone” in its global effort to scale public blockchains. Brody noted:
“With this iteration, we cut the cost per transaction by more than 90% again, making private transactions more accessible for mainstream business application.”
EY launches token and smart contract testing service in public beta
The news comes just a day after Brody revealed that EY is planning to soon launch its smart contract and token testing service in beta. In a Reddit post on Dec. 18, Brody said that the beta product is available for review:
“As we previously announced, we are developing a smart contract and token testing service and planning to launch it in production shortly. A public beta of the initial version is now available for users to try out.”
As the EY smart contract and token testing product is available for the public, the firm is waiting for feedback and suggestions for further features, Brody said. In a tweet on Dec. 19, Brody revealed that the new service has received positive reactions despite it being “still early days for this product.”