Head of Enterprise at Polygon Antoni Martin unveiled Nightfall, a new scalability solution with improved privacy.
At the 2022 EY Global Blockchain Summit, Polygon’s Head of Enterprise, Antoni Martin, delivered the keynote address and announced Polygon Nightfall, the company’s new zero-knowledge proof (ZKP) solution that provides anonymity for businesses that want to use the Ethereum blockchain.
Martin claims that Polygon Nightfall is totally public, transfers non-private ERC20s for six times less money, and generates results eight times faster than Ethereum basic layers.
One of Polygon’s four scaling solutions is Nightfall. Polygon Hermez, Polygon Miden, and Polygon Zero are the other three; each has unique strengths. One option, Polygon Nightfall, stands out as having improved privacy.
ZKPs that protect privacy are combined with upbeat rollups in The Polygon Nightfall. It makes use of ZKPs to enable anonymity and optimistic rollups to lower transaction costs.
The privacy-preserving rollups only make the transaction’s time and date public while keeping all other information private. On the other hand, optimistic rollups make the assumption that all transactions are valid while still allowing validators to reject a particular transaction if they believe it to be erroneous.
Martin claimed during his presentation that Nightfall could be applied to corporate processes including supply chain management, private NFT market trades, and blockchain mixers.
Sandeep Nailwal, a co-founder of Polygon, gave the following insight on the collaboration:
“The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches. No other organization has made the same scale of commitment to the ecosystem and to open systems, or brings the depth of technology that the EY organization has in this space.”
The team will keep innovating on business-friendly solutions that prioritize privacy in order to expand its ecosystem.
According to a report from the Mina Foundation, ZKPs have recently had a big impact on the crypto industry. The two main benefits of ZKPs are increased privacy and scalability. 90.1 percent of responders stated they preferred cryptocurrencies that had a ZKP solution in place. A dApp with integrated ZKPs would also be more likely to be used, according to 52.1 percent of respondents.