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One of the biggest accounting firms opts for the Layer-2 scaling solution due to high fees associated with transacting on the Ethereum mainnet.
September 15, 2021 at 8:00 am UTC · 2 min read
In a recent press release, EY announced integrating its blockchain products with Polygon (MATIC) protocol, an Ethereum-based full-stack scaling solution.
In the announcement, the multinational professional services network, formerly known as Ernst & Young Global Limited, said that the collaboration will help “prioritize enterprise-friendly features into the ecosystem.”
Catering enterprise clients
“As more enterprises adopt blockchain technology, transaction volumes and costs on the main public Ethereum (ETH) blockchain have risen. Adopting Polygon’s commit chain solutions allows the EY organization to offer enterprise users increased transaction volumes with predictable costs and settlement times and the option to move transactions onto the public Ethereum mainnet,” read the announcement, clarifying why EY opted for integrating its blockchain products with Polygon.
EY, one of the world’s largest accounting firms, announces integration with Polygon protocol and framework on Ethereum scaling solutions. https://t.co/99Hy4rafEa
— Wu Blockchain (@WuBlockchain) September 14, 2021
According to the official press release, the main Polygon systems network and the main Polygon test and development network both became directly accessible from blockchain.ey.com.
“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches. No other organization has made the same scale of commitment to the ecosystem and to open systems, or brings the depth of technology that the EY organization has in this space,” said Sandeep Nailwal, co-founder and COO at Polygon.
Private industry chains
According to the announcement, both Polygon and the EY organization are working on common roadmaps, focused on “privacy technologies that enable sophisticated use cases and support regulatory compliance.”
In addition to integrating the main Polygon commit chain into blockchain.ey.com, the announcement also made public that the organization is working with Polygon to create private industry chains.
The intention is to “offer enterprises the comfort and security of a closed system but retain the close alignment with the public Ethereum mainnet.”
Looking forward, these private industry chains would facilitate faster and lower risk transition to public networks.
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Author: Ana Grabundzija