According to Trustnodes report on December 5, Paul Brody, global head of blockchain for Ernst & Young, the four major accounting firms in the United States, announced an update to an open source code library that uses Zk-SNARKs in the Ethereum public chain supply chain.
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We promise that the price of each transaction will be less than $ 1 by the end of 2019, and we have locked this target with a big advantage. The new update implements the first version of batch transaction processing, allowing up to 20 transactions at a time with zero knowledge. The gas cost of these 20 transactions will be reduced to about $ 0.24. In addition, the EY blockchain research group has also proposed a new tool called Timber to reduce Merkel tree updates.
Its github wrote, "Any asset that needs to be tracked will become a non-fungible token commitment, and any payment made by the asset will form a fungible token commitment. The process is that these tokens promise to use the business logic executed in the smart contract to achieve the transfer. However, in order to maintain the privacy of business operations, such as the type of assets transferred and the number of payments between the two parties, we use 7 different ZKP protocols. "This makes it all very interesting, because a very new set of tools used in production, they seem to have combined and evolved.
On the surface, Ernst & Young seems to use a plasma-like out-of-chain expansion scheme. "Side-chain blocks are connected to the main chain in an encrypted manner. Therefore, side-chain operators cannot interfere with the content of the main block at will." Combined with Aztec, which uses a shield contract to protect privacy. Therefore, EY uses starks to compress transactions or process batch transactions, turning 20 transactions into one. In addition, starks can record ownership changes in smart contracts, which can be used to hide transactions after they are sent to the smart contract.
Next, I will explain why we still can't figure out the true status of EY's tokenized asset smart contract.
What we expect is, for example, to sell a bottle of strawberry champagne to one person, but snarks can hide this information, but we have not seen such progress. In addition, it is interesting that although it is a public chain, many are actually for private use.
It can be said that Ernst & Young is one of the few brands in the world that use public chains. If it is because the asset is in a smart contract, if there are any loopholes that can be hacked, then Ernst & Young's new update may be worthwhile. Due to the open source of its blockchain, such bugs will be discovered over time and then become very secure. However, if it is a private blockchain, correcting such errors may not be easy. This is one of the main advantages of the public chain, and another advantage of the public chain is fairness.
There have been rumors for a long time that companies are reluctant to use private blockchains because they are worried that their information may be locked in, or that this may give their competitors (possibly private blockchain managers) Bring advantages. For example, Goldman Sachs certainly won't use JPMorgan's Quorum platform. Similarly, some companies may not want to use IBM's super ledger. Ernst & Young only provides solutions to the above problems, which is no different from using WordPress or other methods.