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Ernst & Young Joins Polygon as Ethereum Scaling Solution

By Daily EditorBitcoin

The major consulting firm announced the integration of Polygon.

Ernst & Young, EY, one of the four largest consulting multinationals in the world, announced today that it has integrated Polygon, based in India, a scaling solution of Ethereum Layer 2, to allow its corporate clients to process blockchain-based transactions on the Ethereum mainnet.

EY has connected the chain of public engagement of Polygon with the services of Blockchain of the company, including EY OpsChain and EY Blockchain Analyzer.

In this way, EY customers can connect their operations with the network of systems of Polygon, allowing companies to move transactions from the portal Blockchain from EY to the public backbone of Ethereum.

Likewise, the integration with the chain of commitment solutions of Polygon enables EY to offer its clients faster and higher transaction volumes with predictable settlement rates and times, according to EY’s press release.

Network congestion

Increasing transaction volumes and costs on the main blockchain of Ethereum they have been a growing concern. In fact, the Canadian businessman and investor in “Shark Tank”, Kevin O’Leary, told CNBC yesterday that, as a user, you consider that Ethereum it is “too slow“. Ethereum it currently handles around 30 transactions per second, although its upcoming Eth2 update, which is expected to be fully rolled out next year, you can scale this to around 100,000 transactions per second.

Also, network congestion Ethereum increases transaction costs that averaged USD $ 39.74 on Sunday, September 12, despite the fact that the fork was implemented last month London, which promised to make transaction fees more predictable. To address these issues, scaling solutions for Ethereum Layer 2 What Polygon and other cumulative packages have come to the fore.

The solution Polygon

The two companies are also collaborating to create licensed private industry chains that take advantage of new transaction verification models to drive efficiencies and lower costs. These chains will provide companies with the security of a closed system that is closely aligned with the main network of Ethereum. This would allow them to make a future transition to public networks in a faster and less risky way.

“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap for integration into Ethereum’s main public network.”said Paul Brody, global leader of Blockchain from Hey. “We discovered our shared priorities around open systems and networks, and the Ethereum ecosystem would greatly facilitate collaboration in this area.”

Likewise, Sandeep Nailwal, co-founder of Polygon, said: “EY’s commitment to the public Ethereum ecosystem and open standards was a huge driver in the evolution of shared approaches. No other organization has made the same scale of commitment to the ecosystem and open systems, or brings the depth of technology that the EY organization has in this space. “

Blockchain by EY

It is worth remembering that Ernst & Young reported in September last year that it was launching a solution Blockchain based on Ethereum.

At the time, he reported that the product was designed to support enterprise networks, allowing buyers and sellers to operate as networks, while automatically tracking volumes and expenses, and using agreed terms and prices. It also aimed to move business processes outside of any ERP system to a Blockchain-based shared smart contract, according to the consultancy.

Also, in June 2020, Hey launched an app for the payment of taxes for crypto holdings.

Sources: Forkast, CNBC, Cointelegraph

Translation and version of DailyBitcoin

Picture of Unsplash

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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