Polygon Network, which offers scaling solutions for Ethereum, has collaborated with London-based Big-4 firm Ernst & Young to build and implement scaling and enterprise solutions for Ethereum, according to Polygon’s official announcement on Tuesday.
The two companies will jointly develop an Ethereum scaling solution for enterprises and develop Polygon Nightfall, a public, privacy-focused Rollup, as per the blog post.
EY has always been interested in blockchain and cryptocurrency-related technologies. In July of this year, the company announced that it had released a new code for the layer 2 protocol of zero-knowledge proof.
This protocol makes it possible to trade at a low cost, which is one-eighth that of conventional transactions while maintaining security and privacy. The project was later named Nightfall 3.
In 2019, EY first announced Nightfall to increase privacy in Ethereum transactions. However, the increased adoption of the Ethereum network hindered the process due to network congestion and high transaction costs.
This led EY to explore scalability solutions and develop Nightfall 3. During the process, the company collaborated with Polygon and a proposal was developed to change the alias of Nightfall 3 to “Polygon Nightfall”.
However, the development is still underway and the company will share more details in the future.
Before Polygon’s announcement, EY revealed that it is using “the Polygon protocol and framework to deploy EY blockchain solutions on the public Ethereum blockchain ecosystem.”
Ethereum has become the most popular protocol for smart contracts-based applications, however, the network has recently shown signs of congestion leading to high transaction costs and slow processing speed.
Layer 2 scaling solutions like Polygon help release some of the congestion from the main blockchain and improve performance, user experience (UX), and security of the network.
At the time, Paul Brody, EY Global Blockchain Leader, had remarked:
“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. We discovered our shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.”