Ernest & Young (EY) attempts to promote secure and private transactions across public blockchains at lower cost led to the release of Nightfall 3.

The company announced this in its July 1 release, noting that Nightfall 3 combines agnostic knowledge with zk-Optimistic Collective Updates to improve transaction efficiency on Ethereum.

In fact, zk-Rollups is one of the two-tiered scaling solutions designed to achieve scalability for networks like Ethereum using an aggregated process entered into a transaction.

EY’s first contribution to ZK-proof was made in April 2019, as previously reported to Cointelegraph at the time. In this new iteration, the EY team stated that Nightfall 3 is a suite of private transaction management tools for Ethereum.

Nightfall 3 allegedly states that ZK reviews transactions on Optimistic Rollups and removes the need for all authentication nodes to validate transactions.

Nodes that challenge invalid blocks will receive rewards, ensuring that only valid transactions are added to the blockchain. According to the EY team, Nightfall 3 represents a significant improvement in transaction efficiency and a reduction in gas fees.

Detailing the improvements in the zk-Rollups solution, EY Global Blockchain Director Paul Brody notes that the protocol offers the best balance between mathematical efficiency and security for private transactions on the Ethereum network.

According to the announcement, the zk-Optimistic Rollups for Nightfall 3 could offer a gas tax cut of approximately 90% on ERC-20 public token transfers.

In a statement publicly released by Nightfall 3, Brody said EY has helped accelerate technology adoption at the company.

On this topic: Ernst & Young, a major accounting firm, releases updates to two blockchain-related products

With Ethereum 2.0 still in development, two-group solutions such as ZK proofs and Optimistic Rollups are still touted as short-term solutions to increase the throughput of the Ethereum network.

ZK-proof is not EY’s only blockchain research project. In fact, the company previously published a blockchain analysis tool. The auditing giant released a beta version of its smart contract analyzer in April 2019.

Source: CoinTelegraph