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Polygon launches Nightfall to provide enterprise solutions via ZKP tech

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Antoni Martin, Head of the Landfill’s Enterprise Department, made the keynote speech. speech at the EY Global Blockchain Summit 2022 and presented Polygon Twilightthe company’s new zero-knowledge proof (ZKP) solution that provides privacy for companies that want to use the Ethereum blockchain.

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According to Martin’s talk, Polygon Nightfall delivers eight times faster results than Ethereum base layers, transfers non-private ERC20 six times cheaper, and is fully public.

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Nightfall is one of four Polygon scalable solutions. The other three Polygon Germez, Polygon Midenas well as Zero polygon have different strengths. Polygon Nightfall stands out as the only privacy-enhanced solution.

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Combining zero knowledge with optimistic summaries

Polygon Nightfall combines privacy-preserving ZKPs with optimistic rollups. It uses optimistic summaries to lower transaction fees and uses ZKP for privacy.

Confidentiality-preserving rollups reveal only the time and date of the transaction, while keeping the rest of the data private. Optimistic rollups, on the other hand, assume that all transactions are valid, but still allow validators to object to a single transaction if they consider it to be inaccurate.

During his presentation, Martin said that Nightfall can be used in business operations such as supply chain management, NFT private marketplace transactions, and blockchain mixers.

EY and Polygon

Ernst & Young (EY) started working at Nightfall in 2019 to allow their clients to use Ethereum privately. However, the project was halted when the company had to contend with high Ethereum gas fees in September 2021. To reduce the cost of private transactions, EY partnered with Polygon.

Two EY blockchain services, EY OpsChain and EY Blockchain Analyzer, are already related to the Dark Polygon.

Polygon co-founder Sandeep Neilwal commented on this partnership and said:

“EY’s commitment to the public Ethereum ecosystem and open standards has been an important factor in the development of common approaches. No other organization has shown the scale of commitment to the ecosystem and open systems and brought the depth of technology that EY has in this space.”

According to the announcement, the duo will continue to innovate with enterprise-friendly solutions that prioritize privacy to grow their ecosystem.

Are ZKPs the next big thing?

The Mina Foundation report showed that ZKPs have recently played a significant role in the cryptosphere.

According to the survey, improved privacy and scalability are the two main things that make ZKP attractive. Almost all participants (90.1%) stated that they find cryptocurrencies with the implemented ZKP solution more attractive. In addition, 52.1% also stated that they are more likely to use dApps with embedded ZKPs.

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