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Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Rakin343 on July 03, 2021, 11:56:38 PM

Title: EY releases code for zero-knowledge Layer 2 protocol built on Ethereum
Post by: Rakin343 on July 03, 2021, 11:56:38 PM

Big Four" consultancy EY said Friday that it is open-sourcing the prototype code for Nightfall 3, a Layer 2 protocol focused on Ethereum scaling that, like the firm's past releases, utilizes zero-knowledge proofs.
At their heart, rollups are intended to move the processing or execution of Ethereum-based transactions from the primary network, or Layer 1, to a secondary layer, the idea being that such an approach can improve transaction throughput. Rollups exist as smart contracts on Ethereum.
One particular form of rollups being pursued by developers in the Ethereum space are so-called optimistic rollups, which, as EY notes, are named as such "because the system assumes the transactions to be valid unless proven otherwise and eliminates the process of having all participants verify all transactions." This scaling approach has drawn VC interest, being viewed as a means to scale the Ethereum network while work on the next iteration of Ethereum continues.Source (https://cryptonews.net/943223/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)