Before entering into the topic of the new news, we first know about Ernst & Young.

Ernst & Young (in English: Ernst & Young) and abbreviated by the letters E & Y is one of the largest professional companies in the world and is one of the Big Four in its field.

According to Forbes magazine, it is the seventh largest company in the United States of America, according to an old statistic dating back to 2007.

Ernst & Young is a global organization made up of a group of member companies.

The company’s global headquarters is in London, Britain, and the headquarters of its branch in the United States of America is located in New York.

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issued Accounting giant Ernst & Young just released open source code that dramatically improves privacy and transaction efficiency for Ethereum.

The news comes just days before the Ethereum network is going to upgrade, reduce costs and increase security.

Technically, Ethereum is constantly strengthening, but that has not been reflected in the price of the coin.

There are some huge companies working with the platform and EY is among them.

The accounting firm is using the public Ethereum blockchain to reinvent and integrate businesses together, and it aims to bring ETH to enterprises.

In April of this year, EY released a small development in Ethereum technology called Nightfall, which is designed to conduct private Ethereum transactions.

According to a recent announcement, Nightfall has been upgraded to improve the transaction pool, allowing for up to 20 simultaneous transactions with zero knowledge.

Zero-knowledge “zk” is an encryption method by which one party can prove to the other party that they know the value of something, without revealing any information about what they know.

Which means, effectively, to allow verification of transactions without exposing transaction data.

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According to Ernst & Young’s announcement about the latest update:

The new tool includes shuffling, optimizing transactions and minimizing updates to the Merkel tree, developed by the Ernst & Young blockchain research team.

We promised to make $1 per transaction by the end of 2019, and we did it by a wide margin.

Ryan Shane Adams, founder of Mythos Capital, acknowledged the development by EY stating that it was cost-effective and a 400-fold improvement over the previous implementation.

EY just released open source code for Ethereum that enables 20 zero-knowledge transactions on mainnet for $0.24

private transactions

400 times improvement

EY is one of the big four

Some of the world’s largest companies are already working for ETH

We just started

🚀

– Ryan Sean Adams – rsa.eth (@RyanSAdams) December 5, 2019

Paul Brody, the global director of EY, has big plans for the future of the blockchain based on Ethereum.

Earlier this year he stated:

We believe that by 2030, more than half of new commercial contracts will be executed on the basis of blockchain.

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The focus is on private smart contracts and this is where Nightfall comes in.

The company aims to create institutional transactions where customers can be safe knowing that their data is in encrypted form.

Brody added:

The final game enables all the functionality of the Ethereum blockchain for enterprise users, with complete privacy.

New monetary system:

When asked about recent developments, Ryan answered:

A new monetary system is being invented.

It works in parallel with the traditional money system, but it is universal and does not need a third party and programmer like the Internet.

So great investment opportunities are found in cryptocurrencies: Ethereum and Bitcoin.

As a reminder, the Ethereum network is about to undergo the Istanbul upgrade in less than two days, and this will be the first step before the massive upgrade to ETH 2.0 begins.

This advance was not reflected in the price of Ethereum, as ETH remains bearish below $150 at the moment.

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