Polygon (MATIC) launches Nightfall Mainnet Beta

Polygon Nightfall tier 2 scaling solution launched to reduce transaction costs for private transfers of ERC20, ERC721 and ERC1155 tokens.

Collaboration between Polygon and EY

EY, one of the Big Four accounting firms, has launched a supply chain tracking service called OpsChain Supply Chain Manager on Nightfall – the Ethereum Tier 2 blockchain co-developed with Polygon. Existing users can access it by connecting to the Polygone network.

OpsChain allows organizations to generate exchangeable or non-fungible tokens (NFTs) in Nightfall. Instead of behaving like cryptocurrencies, these tokens represent assets and stock within companies that can be traced back to the Nightfall blockchain. The data and transactions made by OpsChain users will be much cheaper and faster since they do not happen on the main Ethereum blockchain itself, but on a layer above it. Polygon announced several projects last April.

OpsChain is powered by Nightfall’s ZK Evidence, a technology that enables faster and cheaper blockchain transactions while providing privacy. This means that real transaction data is cryptographically hidden.

OpsChain is hosted on Nightfall, a Tier 2 scalable blockchain that EY co-developed with Polygon.

Zoom on roll up

Progressive offering enables off-chain transactions to be aggregated within an Ethereum smart contract, reducing fees and congestion by increasing blockchain throughput from 15 transactions per second (tps) to over 1,000 tps.

The two approaches to roll ups they roll ups optimists and roll ups ZK. They differ in how they guarantee validity. in case if roll ups Optimists, the validity is guaranteed assuming concurrency and absence of fraud, while in the case of roll ups ZK, validity is guaranteed by zero-knowledge proofs, which is the system Nightfall will use.

ZK-Roll-ups is a scaling Tier 2 solution where all funds are held under a smart contract on the Ethereum mainchain. Meanwhile, it performs off-chain and storage operations where the validity of the side-chain is ensured by non-knowledge proofs. Zero-knowledge proof is a method by which one party (the proofer) can prove to another party (the validator) that it knows the value X, without imparting any information other than the fact that it knows the value X.

ribbed

System adapts to sensitive data

According to EY, Nightfall-based OpsChain aims to serve as a tool to help companies track and manage their supply chains on the Nightfall blockchain.

Managing complex operations across company boundaries is a huge step forward. EY OpsChain Supply Chain Manager significantly expands the range of use cases customers can considersaid James Canterbury, Director and Head of Blockchain at EY.

While experts have long promoted the use of blockchain for supply chain tracking, the lack of privacy for blockchain-based transactions has hampered its adoption.

However, Polygon understands that public blockchains are not suitable for commercial use since all transactions are visible to outside parties. Basically, companies will not want to disclose their transaction data to the public. It has nothing to do with concealing suspicious business. This is simply the direct competition between organizations with each other, and revealing important financial strategies can lead to problems. Polygon has already addressed one of the big problems with blockchain by striving to create a more environmentally friendly blockchain.

Additionally, there are use cases in industries such as finance, healthcare, and education. Polygon is important because it has a proven track record as a powerful blockchain for smart contract applications for onboard users, while a solution like Nightfall is essential because it can enable companies to transform the way they do business.

Thus, Polygon and EY usher in a new era of blockchain, while maintaining its usefulness and increasing its speed, we offer an additional layer of data protection. Every web 3.0 tool affects and will impact businesses, individuals and governments, you just need to find the right tool for the right organization.

Get a summary of the news in the cryptocurrency world by subscribing to our new daily and weekly newsletter so you don’t miss any of the Cointribune essentials!

user picture

Alexis Patten

Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), cryptocurrency trader for 4 years.

Leave a Comment