The mainstream adoption of cryptocurrencies has been a topic of discussion for the longest time. This push by cryptocurrency organizations for integration seems to have paid dividends as many institutions have started adopting cryptocurrencies or at least blockchain technology.
The latest company to tap into the world of digital assets is Ernst and Young [EY], which announced that it would soon release its new zero-knowledge proof technology on the Vitalik Buterin co-founded Ethereum blockchain.
The project, titled Nightfall protocol, uses the inbuilt zero-knowledge proofs to allow organizations to transact privately on the same network without giving up the security and distributed nature of the ETH blockchain. Circle Research, in an official release, commented on the technology:
“ZKPs prevent anyone attempting to analyze their blockchains from making any sense out of what they’re looking at. ZKPs enable all of the benefits of public blockchains like Bitcoin without the downsides of leaving behind digital clues that can be analyzed by third parties. The result is the ability to transact with complete privacy, inscrutable to the outside world.”
Another feature of EY’s public blockchain approach is its integration of privacy through permissions. The feature makes sure that participants on the blockchain who are selected ahead of time would be preferred over the ones who join the blockchain later. Some users, however, have criticized the permissioned network, which was also mentioned in the Circle report. It stated:
“A key criticism against permissioned networks is that they are not censorship resistant – a single entity or group of entities has control over the network. In addition, there are multiple companies and consortiums building their own permissioned blockchains, which creates silos.”
Ernst and Young’s venture into the crypto-verse was also put on show recently when the company unveiled its new blockchain analytics tool, the EY Blockchain Analyzer. The announcement from the company said:
“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains.”
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