NightFall, Polygon’s new scaling solution with more privacy designed exclusively for businesses, has been made available.
Polygon Targets Businesses
At the EY Global Blockchain Summit 2022, which was put on by Big 4 auditing behemoth Ernst & Young (EY), Polygon’s Head of Enterprise, Antoni Martin, gave the keynote address introducing Polygon Nightfall, the project’s new solution intended to provide privacy to businesses that want to use the Ethereum blockchain.
According to Antoni Martin, Polygon Nightfall would deliver outcomes eight times quicker than Ethereum foundation layers, transmit ERC-20 tokens six times less expensively, and be completely transparent. One of Polygon’s four strategic scaling solutions is Polygon Nightfall. The others are Polygon Hermez (based on ZK-Rollups technology), Polygon Miden (based on ZK-STARK and ZK-Rollups technology), and Polygon Zero (based on ZK-Rollups and ZK-STARK and based on StarkWare).
In Polygon Nightfall, ZK-Rollups and Optimistic Rollups are mixed. ZK-Rollups will be used to provide anonymity, disclosing just the time and date of the transaction while keeping the rest private, while optimistic rollups will be used to reduce transaction costs. Martin asserts that Nightfall may also be used in business processes including supply chain management, NFT exchanges, and blockchain coordination.
Assistance from EY
EY started creating Zero-Knowledge Proof (ZKP) technology in 2019 so that its clients may use Ethereum covertly. However, when the company was obliged to deal with ETH’s high gas charge barrier in September 2021, the project was put on hold.
EY and Polygon worked together to lower transaction costs. EY OpsChain and EY Blockchain Analyzer, two of EY’s top blockchain services, have connected with Polygon Nightfall. According to the statement, the team will keep working on commercially viable privacy-first solutions to grow their ecosystem.
“Collaborating with Polygon gives EY teams with a robust set of tools for scaling transactions for clients, as well as a speedier path to inclusion on the public Ethereum mainnet.” Furthermore, we recognized common goals around open systems and networks, and the Ethereum ecosystem would make collaboration in this area much simpler,” stated Paul Brody, EY Global Blockchain Leader, in a blog post.
Polygon’s strategic goal has made ZKP technology the focal point of development, with the foundation committing $1 billion to related initiatives. Polygon also surprisingly unveiled zkEVM, a layer-2 solution for Ethereum based on ZK-Rollups, recently.
According to Polygon’s network activity report, the platform achieved excellent results in the second quarter of 2022. The average transaction cost was reduced by 49 percent to $0.018. Aside from that, Polygon experienced a 12% rise in unique address creation, reaching 5.34 million. Total Polygon transactions climbed by 4% to 284 million, with total revenue of $5.56 million.
