- EY advisory multinational is integrating its blockchain services with Polygon to solve the fee and congestion drawbacks of the Ethereum network.
- The two are also working on additional enterprise-friendly features such as rollup chains.
Ernst & Young (EY), a multinational professional services network, announced on Sept. 13 its integration with Polygon. The latter is a layer 2 scaling solution backed by Binance and Coinbase. EY’s flagship blockchain products such as EY OpsChain and EY Blockchain Analyzer will be integrated with Polygon. This will allow transactions to Ethereum through the sidechain, mitigating high fees and congestion issues of the Ethereum network.
Importantly, Polygon will bring higher transaction volumes with predictable fees and settlement times for EY’s enterprise clients. Users will also have the option to move transactions onto the public Ethereum mainnet. To access these benefits, EY clients need to make a simple configuration change on blockchain.ey.com.
Moreover, the London-headquartered firm is teaming up with Polygon to offer permission, private and optimistic rollup chains. Rollups, are layer-2 scaling solutions that are more efficient and secure compared to transacting on the Ethereum mainnet. These chains will offer businesses the comfort and security of a closed system. Concurrently, they will keep these enterprises in close alignment with Ethereum’s mainnet. Future transitions to public networks will therefore be easier, quicker, and safer.
EY and Polygon integration
As Paul Brody, EY Global Blockchain Leader stated,
Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet.
Sandeep Nailwal, co-founder of Polygon commended EY’s commitment to the public Ethereum ecosystem and other open systems.
Notably, EY is one of the largest global taxation and transaction advisory networks in the world. It has diversified teams in over 150 countries worldwide. Resultantly, the firm is one of the ‘Big Four’ consulting multinationals alongside Deloitte, KPMG, and PricewaterhouseCoopers.
As for blockchain tech, EY is in the process of reiterating its layer-2 zero-knowledge proof (ZKP) protocol Nightfall. The protocol will address scalability issues on the Ethereum blockchain. EY also took part in launching the open-source Baseline Protocol in March 2020, together with Microsoft and ConsenSys. Baseline integrates various technologies including off-chain storage to prevent corporate data, activities, or assets from being compromised.
Presently, EY and Polygon’s roadmaps have prioritized enterprise-friendly services for the ecosystem. The bigger focus is privacy-centric technologies which will enable sophisticated use cases and at the same time support regulatory compliance.
In recent months, more enterprises have adapted blockchain technology leading to increased transaction volumes and costs on Ethereum. Subsequently, the demand for scaling solutions, such as Polygon, has surged. Polygon’s total value locked (TVL) has risen exponentially from about $1 billion to $8.5 billion between April and today.
Meanwhile, Ethereum’s lead developer Vitalik Buterin proposed migrating NFTs from Ethereum to the layer -2 protocol as a solution. The crypto community, however, received the recommendation with mixed feelings.