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EY Updates Ethereum Scaler Nightfall, ZK Rollup Solution for Cross-Chain Transactions

Professional services giant Ernst & Young (EY) has announced a major update to its Ethereum scaler, Nightfall. The upgraded solution, which utilizes zero-knowledge rollups (ZK rollups), aims to enable faster and more secure cross-chain transactions.

Nightfall, which was first launched in 2020, is designed to help Ethereum-based decentralized applications (dApps) scale more efficiently. The original solution relied on optimistic rollups, which required a trusted setup and a significant amount of computational power. The updated Nightfall, on the other hand, employs ZK rollups, a more advanced technology that eliminates the need for a trusted setup.

According to EY, the new Nightfall solution can process transactions up to 100 times faster than traditional Ethereum transactions. The update also enables the creation of more complex and secure smart contracts, which can be used to facilitate a wide range of decentralized financial (DeFi) applications.

The ZK rollup technology used in Nightfall is particularly noteworthy, as it allows for the creation of a decentralized, trustless environment for cross-chain transactions. This means that users can send and receive assets across different blockchain networks without the need for intermediaries or trusted third parties.

In a statement, EY's Global Innovation and Emerging Solutions Leader, Paul Brody, emphasized the significance of the Nightfall update. "Nightfall is a game-changer for the Ethereum ecosystem, enabling faster, more secure, and more efficient transactions. With ZK rollups, we're taking a major step forward in the development of decentralized finance and the creation of new, innovative applications."

The updated Nightfall solution is now available for testing and deployment, with EY planning to integrate the technology into its existing suite of blockchain solutions. The move is expected to have a significant impact on the Ethereum ecosystem, as it opens up new possibilities for DeFi applications, cross-chain transactions, and the creation of more complex smart contracts.