In the past, Matic Network (Polygon) was an unstructured, difficult-to-use platform to help developers scale Ethereum and build infrastructures. This toolkit is built on Polygon SDK, a modular, flexible framework that facilitates the development of multiple types of applications.
With Polygon, Ethereum becomes a fully-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc. with the advantages of Ethereum’s security, vibrant ecosystem and openness.
As of today, Polygon is trading for $1.32 USD with a 24-hour volume of $891,558,762 USD. Polygon has gained 7.45% in the last 24 hours.
EY, formerly known as Ernst & Young Global Limited,is a multinational professional services network with headquarters in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers, it is considered one of the Big Four accounting firms. It primarily provides assurance (which includes financial audit), tax, consulting and advisory services to its clients.Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting
As announced on Monday, Ernst & Young’s flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer, will integrate with Polygon, allowing transactions to be committed to Ethereum via the sidechain.
By utilizing Polygon, EY’s enterprise clients will gain increased transaction throughput and predictable fees.
As well as offering permissioned, private optimistic rollup chains, the company announced a collaboration with Polygon. Compared to the Ethereum mainnet, rollups provide greater security and efficiency. Paul Brody, global blockchain leader at EY, commented:
“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet.”
To mitigate the scalability constraints of Ethereum’s mainnet, Ernst & Young will connect its blockchain solutions to it.
Sandeep Nailwal, co-founder of Polygon, praised EY for its commitment to the Ethereum ecosystem and open standards.
In March 2020, EY helped launch an open-source protocol based on the layer-two zero-knowledge proof protocol Nightfall.
Recently, there has been an upsurge in interest in scaling solutions for Ethereum, due in part to the excessively high fees for mainnet transactions. In other words, the total value locked inside matic has risen from a little more than $1 billion at the start of April to about $8.5 billion when .