- Audit giant EY has published a scaling solution on Ethereum’s public domain.
- The solution a zk-Optimistic Rollup is the firm’s third iteration.
- Also, the solution could lead to a 90% reduction in gas fees.
Global audit firm Ernst & Young published the third version of its zero-knowledge proof Ethereum scaling solution. The third iteration, Nightfall 3, is the firm’s latest attempt to promote affordable, safe, and secure blockchain transactions.
The audit giant shared the news via an official press release. According to the PR, Nightfall 3 combines zero-knowledge proofs and optimistic rollups to create zk-Optimistic Rollups. The zk-Optimistic Rollups solution aims to improve transaction efficiency on Ethereum. In fact, Nightfall 3 could lower ETH network gas fees by almost 90% compared to public ERC-20 token transfers.
To clarify, the top altcoin has been experiencing some scaling challenges. This limitation has led to congestion, slow transaction speed, and exorbitant gas fees on Ethereum. To overcome these difficulties, Ethereum is currently working on its ETH 2.0 migration. However, the migration rollout is proving longer than expected. In fact, Ethereum co-founder Vitalik Buterin addressed the obstacles to the ETH 2.0 implementation.
In the meantime, developers have been launching Layer 2 solutions like EY’s zk-Optimistic Rollups. These solutions aim to bring relief to the Ethereum ecosystem. Notably, zk-Rollups “roll” batches of transfers into one transaction to enable scalability.
Of note, EY published its first zk-proof. EY global blockchain leader Paul Brody commented on the latest version. Brody noted that the solution offers a good balance between mathematical efficiency and transaction security and privacy on the blockchain.
Also, Nightfall 3 is a collection of private tools that help manage ETH transactions. At the same time, Nightfall 3 removes the need for authentication nodes to validate transactions. This is because the solution rewards nodes that challenge invalid blocks.
Finally, by publishing Nightfall 3 on the public domain EY says the audit firm is doing its part to fuel enterprise adoption of blockchain.