Polygon launches Nightfall to provide enterprise solutions via ZKP tech

Antoni Martin, Head of Enterprise at Polygon, gave a keynote speech speech Introduced at the 2022EY Global Blockchain Summit Polygon nightfallThe company’s new zero-knowledge proof (ZKP) solution that provides privacy to companies that want to use the Ethereum blockchain.

According to Martin’s speech, Polygon Nightfall produces results eight times faster than the Ethereum base layer, transfers the non-private ERC20 six times cheaper, and is fully public.

Nightfall is one of Polygon’s four scalability solutions.The other three Polygon Hermes, Polygon MidenWhen Polygon zero It has various strengths. Polygon Nightfall is differentiated as one privacy-enhanced solution.

A combination of zero knowledge and optimistic rollup

Polygon Nightfall is a combination of privacy-preserving ZKP and optimistic rollups. Use optimistic rollups to reduce transaction fees and use ZKP to provide privacy.

The privacy protection rollup only discloses the date and time of the transaction and keeps the rest private. The optimistic rollup, on the other hand, assumes that all transactions are valid, but allows the validator to oppose it even if it determines that one transaction is inaccurate.

In his presentation, Martin said Nightfall could be used to run businesses such as supply chain management, private NFT market trading and blockchain mixers.

EY and polygon

Ernst & Young (EY) has started work Nightfall in 2019 will allow customers to use Ethereum personally. However, the project was canceled in September 2021 because it had to fight Ethereum’s high gas prices. EY has partnered with Polygon to reduce the cost of private transactions.

EY’s two blockchain services, EYOps Chain and EY Blockchain Analyzer, are already available Connected To Polygon Nightfall.

Sandeep Nailwal, co-founder of Polygon, commented on the partnership and commented. Said:

“EY’s commitment to the public Ethereum ecosystem and open standards was a major impetus for evolving a shared approach. Organizations and EY organizations that have made such scale efforts on ecosystems and open systems No other organization has brought the depth of technology we have in this area. “

According to the announcement, Duo will continue to innovate enterprise solutions that prioritize privacy to grow the ecosystem.

Is ZKP the next big thing?

A report from the Mina Foundation revealed that ZKPs have recently played an important role in the field of cryptocurrencies.

Studies show that increased privacy and scalability are two main factors that make ZKP attractive. Almost all participants (90.1%) said they found cryptocurrencies using the implemented ZKP solution more attractive. In addition, 52.1% say they are more likely to use dApps with implemented ZKPs.