British auditing company EY has released a new iteration of its zero-knowledge proof blockchain that intends to cut transaction costs by 90%.
On Dec. 19 an announcement by the firm stated that EY released its third-generation ZKP blockchain to the public domain on the Ethereum blockchain.
The new ZKP blockchain aims to make private transactions on public blockchains more scalable by decreasing transaction costs by combining multiple private transfers in a single transaction. The new iteration reportedly can batch up to 20 private transfers in a single transaction thereby reducing the transaction cost to $0.05.
Paul Brody, EY global blockchain leader noted that the new technology is potentially the “most important EY blockchain milestone” in its global effort to scale public blockchains.
“With this iteration, we cut the cost per transaction by more than 90% again, making private transactions more accessible for mainstream business application.”
The news comes just a day after Brody revealed that EY is planning to soon launch its smart contract and token testing service in beta. In a Reddit post on Dec. 18.
“As we previously announced, we are developing a smart contract and token testing service and planning to launch it in production shortly. A public beta of the initial version is now available for users to try out.”