The past few days have been quite difficult for the crypto space due to the continuing poor performance by some of the leading tokens; however, major cryptocurrency Ethereum received some boost today. In a new development, consultancy giant Ernst & Young announced a new source code that could make the ETH blockchain far more efficient and secure.
How Important is This?
The development comes at an interesting time since ETH is all set to upgrade its network in order to control costs significantly and promote efficiency. This is a development that could have a far-reaching effect on the project and eventually on the crypto token.
It needs to be mentioned, though, that despite the significant technical improvements that have been made to the network, Ethereum has not seen positive price movements so far. That is something that should be at the back of the mind of most ETH traders and supporters. However, at the same time, it cannot be denied that the ETH network has slowly but surely made great strides in the real world.
Some of the biggest names in the world, including Ernst & Young use the network for a variety of purposes. The ultimate aim is to make life easier for the biggest companies, and E&Y is also looking at the way to introduce the usage of ETH for big businesses.
Earlier on this year, E&Y had released a minor update in Ethereum technology that was supposed to enable ETH transactions in privacy. The firm made a small update to the technology that is known as Nightfall. However, according to the latest development, the consultancy firm has upgraded the scope of the tweak and now allows as many as 20 transactions at one go with zero knowledge.
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The announcement stated, “This includes both batching and a new tool for reducing Merkle tree updates called (appropriately) Timber developed by the EY Blockchain research team.”
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Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.