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Consulting Firm EY to Work With Polygon on Ethereum Scaling
The company said the move will enable a future transition to public networks that are less risky and more efficient.
Updated May 11, 2023, 5:54 p.m. Published Sep 14, 2021, 12:58 a.m.
Big Four consulting firm Ernst & Young (EY) will use Polygon’s protocol and framework to deploy its own EY blockchain products on the Ethereum blockchain.
EY will adopt Polygon’s scaling products to allow it to boost transaction volumes and to provide “predictable costs” and settlement for business customers, according to a press release on Monday,
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EY will also have an option to move transactions onto the public Ethereum network, the company said.
Polygon’s “commit chain” – another term for a blockchain scaling product – has been retrofitted by EY to create permissioned, private industry chains that take advantage of new models used to verify transactions.
“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches,” Polygon co-founder Sandeep Nailwal said.
The Ethereum blockchain 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 that but has shown mixed results in reducing costs so far.
Scaling products have been praised for their ability to lighten the network load from major blockchains, including Bitcoin, because of their ability to process transactions on a sidechain. Arbitrum, for example, has seen significant growth in the past week rising from $24.5 million in “total value locked” at the start of this month to about $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 customers 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 road map 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.”
Read more: Valid Points: OpenSea, Arbitrum and Layer 1 Wars
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