invezz.com
According to its recent announcement, EY has just partnered with Polygon (MATIC/USD) in order to improve its blockchain-based services. The company has several major products, including its EY OpsChain, as well as EY Blockchain Analyzer. Both of these will be integrated with Polygon as a result of the partnership, which will allow their transactions to be committed to Ethereum through the use of sidechains.
EY stressed that its clients will get to experience a number of benefits thanks to the new deal, including significantly better transaction throughput, better settlement times, and more predictable fees. Not only that, but the partnership with Polygon will also offer permission, private, optimistic rollup chains.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
As some may already know, rollup chains are L2 scaling solutions that provide better security and greater efficiency when compared to transactions conducted on Ethereum’s mainnet. This will significantly increase the project’s efficiency and usefulness to the clients. EY’s Global Blockchain Leader, Paul Brody, stated that working with Polygon will also allow EY teams to use a powerful new set of tools meant to scale transactions.
Not only that, but it will improve the project’s efforts to integrate on the public Ethereum mainnet.
The partnership was also a big deal for Polygon, which Polygon’s co-founder, Sandeep Nailwal, immediately recognized. He praised EY’s commitment to Ethereum’s ecosystem, but also its openness to technology standards.
It is expected that more and more companies will seek out scaling solutions for Ethereum, as the high fees continue to remain the problem on the mainnet, despite the recent upgrade that introduced token burning and significantly lowered the fees. At this time, they are still too high, and as adoption continues, they are likely only going to get worse.