EY released Nightfall 3 to solve Ethereum’s gas fee problem

EY released Nightfall 3 to help solve Ethereum gas fees and make blockchain cheaper to use. So read more in our latest Ethereum news.

Nightfall 3 is a new version of the original Nightfall Protocol released in 2019 that combines zero-knowledge evidence with an optimistic compilation. Ethereum’s scalability bottlenecks can lead to high transaction fees in times of high demand. So Ernst & Young or EY released the Nightfall 3 toolkit to cut fees on the blockchain without compromising privacy. The Nightfall 3 protocol is used to privately manage transactions on Ethereum. The latest version of EY is an Optimistic Rollup Protocol from ZK as it combines zero knowledge proof with a transaction verification mechanism called Optimistic Rollup.

Zero-knowledge proofs use cryptographic algorithms to verify that the information sent over the blockchain contains the correct type of information without revealing it. Nightfall 3 aggregation of ZKP transactions in aggregates is optimistic as it is assumed to be true unless proven otherwise, which means validators no longer need to verify transactions, which reduces costs. Rollups solves the scalability bottleneck of Ethereum, which can only process around 15 transactions per second, by processing Ethereum transactions outside of the main blockchain and transaction verification on the sidechain called Layer 2 interacts with the main blockchain to include processed transactions. To ensure that only Layer 2 blocks are integrated into the Ethereum blockchain, users are encouraged to repair bad blocks mediated through smart contracts.

Because different transactions require different levels of computation and can have fluctuating gas fees, Ethereum runs on a gas system, and for simple token transfers that require a smaller amount of gas, exchanges with multiple smart contract executions can cost up to 100,000 gas. EY says the new protocol will cut fees to 8,200 gas per transaction, or nearly one-eighth the cost of a regular public transfer. Paul Brody, EY Global Blockchain Lead, said:

“Based on the experience of EY, ZK-Optimistic Roll-ups are currently one of the most effective ways to reconcile security incentives and mathematical efficiency in order to carry out private transactions in the public Ethereum network. . As in the past, we are making this code available to the public again to accelerate the adoption of this technology in companies. “

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