Consulting firm Ernst & Young (EY) will use Polygon’s protocol and framework to deploy its own EY blockchain solutions on Ethereum.
According to a press release on Monday, Ernst & Young (EY) will use Polygon’s solutions to scale the commit chain to increase transaction volume and provide enterprise customers with “predictable costs” and settlements. Paul Brody, EY Global Blockchain Leader, said:
“Working with Polygon gives the EY teams a powerful set of tools to scale transactions for customers and provides a faster roadmap for integration with the public Ethereum mainnet. We found that our shared priorities regarding open systems and networks and the Ethereum ecosystem would make it much easier to work together in this area. “
EY has connected Polygon’s public, permission-free commit chain to the EY blockchain services EY OpsChain and EY Blockchain Analyzer. EY customers can integrate their business processes into polygon networks with a simple configuration change on blockchain.ey.com. The main polygon system network and the main polygon test and development network are now both directly accessible from blockchain.ey.com. Sandeep Nailwal, co-founder of Polygon, said:
“EY’s commitment to the Ethereum public ecosystem and open standards has been a major driver for developing common approaches. No other company has been so committed to the ecosystem and open systems and has as much technological experience as EY in this area. “
The two companies are also working together to create approved, private industrial chains that leverage new models of transaction verification to improve efficiency and reduce costs. These chains will offer companies the security of a closed system that is closely based on the Ethereum mainnet. This would allow them to make a future transition to public networks faster and less risky.
The demand for Ethereum scaling solutions has risen sharply in recent months given the persistently high fees for transactions on the mainnet. For example, the total value locked in the Polygon Network (TVL) has increased from about $ 1 billion in early April to $ 8.5 billion today.
Together with Microsoft and ConsenSys, EY introduced the business-oriented smart contract and tokenization protocol Baseline Protocol last March. The protocol uses the Ethereum mainnet as middleware and at the same time guarantees robust data protection for network participants. It enables companies to carry out transactions in distributed networks without passing on sensitive data to network partners.
Polygon, formerly known as Matic Network, is an interoperability and scaling framework for building Ethereum-compatible blockchains.
At the heart of Polygon’s vision is Ethereum, a platform that hosts a number of decentralized applications that can be used to join virtual worlds, play games, buy art, and participate in a range of financial services. However, the many activities on the blockchain have made Ethereum almost unusable as the cost of transmission increases and data traffic becomes congested.
Polygon tries to remedy some of the main weaknesses of Ethereum, such as throughput, the poor user experience (high speed and delayed transactions) and the lack of community governance, with a novel sidechain solution.
Not a simple scaling solution like its predecessor Matic Network, which uses a technology called Plasma to process out-of-chain transactions before they are completed on the Ethereum main chain, Polygon is an entire platform designed for launching interoperable blockchains .
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