The company said the move would enable a future transition to public networks that are less risky and more efficient.

Big-four consulting firm Ernst & Young (EY) will use Polygon’s protocol and framework to deploy its own EY blockchain solutions onto Ethereum.

According to a press release on Monday, EY will adopt Polygon’s commit chain scaling solutions to allow EY to boost transaction volumes, providing “predictable costs” and settlement for enterprise customers.

EY will also have an option to move transactions onto the public Ethereum mainnet, the company said.

Polygon’s commit chain – another term for a blockchain scaling solution – has been retrofitted by EY to create permissioned, private industry chains that take advantage of new models for handling transaction verification.

“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches,” Polygon’s co-founder Sandeep Nailwal said.

Ethereum has long been plagued by congestions and high fees associated with transactions on its network. The London hard fork last month was an attempt to fix this but has so far shown mixed results in reducing costs.

Scaling solutions have been praised for their ability to lighten the network load from major names, including bitcoin, due to their ability to process transactions on a sidechain. Arbitrum, an optimistic rollup solution, for example, has seen significant growth in the past week rising from $24.5 million total value locked at the start of this month to around $2.2 billion on Monday.

EY said its move increases efficiency and reduces transaction costs by providing an optimistic rollup. The company also said its new “industry chains” would provide enterprises with the security of a closed system while retaining a close relationship with the public Ethereum mainnet.

“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,” said Paul Brody, EY’s global blockchain leader in the announcement. “We discovered our shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.”

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin Price Prediction: How to trade DOGE as crypto markets coil up after recent crash?

Dogecoin price shows signs of consolidation as it produces a potential top formation. While the direction of DOGE is decided, there might be a minor detour before reaching its target.

More Dogecoin News

Solana price action will get boring unless one of these levels is broken

Solana price action will get boring unless one of these levels is broken

Solana price shows a slow takeover of the bears after bulls managed to move the asset higher. Due to Bitcoin’s sudden sell-off, altcoins, including SOL, have taken a major hit.

More Solana News

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Crypto Sleeping Giants: Hedera Hashgraph price could shock the world

Hedera Hashgraph has the potential to rally towards 2000%. Traders should keep the smart contract alternative token on their watchlists and consider a dollar cost average approach for investing.

More Cryptocurrencies News

Is a 75% decline still possible for the Ethereum Classic price?

Is a 75% decline still possible for the Ethereum Classic price?

Ethereum Classic price rallied 100% between July 12 and July 24 before a short consolidation unfolded. After a few shallow days of sideways congestion, the Ethereum Classic price kicked off another 90% rally.

More Ethereum Classic News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP