19 September 2021
Ernst & Young, the world’s largest accounting firm, has announced its association with Polygon (Matic), Ethereum Layer-2 scalability protocol, to integrate the protocol into their flagship blockchain products and services.
Ernst & Young will be using Polygon to deploy its blockchain products on the Ethereum mainnet. For this, the accounting firm has linked Polygon protocol to the EY OpsChain and EY Blockchain Analyzer. This will facilitate the users of EY to integrate Polygon into their business with an easy configuration. Besides, Ernst & Young is also working with the Matic team to create industry-level private chains which will be used for making seamless transactions.
Paul Brody, the Global Blockchain Leader at Ernst & Young, affirmed, “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. We discovered our shared priorities around open systems and networks and the Ethereum ecosystem would make collaboration in this area much easier.”
Over the years, the Ethereum Blockchain ecosystem expanded massively with the likes of Defi and now NFT all working on top of it. This is said to bring down the scalability of the mainnet as it has become costlier to use. This was where the layer-2 solutions like Polygon worked as a savior by making it effortless for new protocols and services to use the functionality of Ethereum at a lower cost and faster transaction time.
In addition, Polygon (MATIC) has even emerged as one of the prior choices for enterprises eyeing a scalable Blockchain solution as the protocol that has collaborated with several companies having millions of users. Previously, numerous L2 protocols have experienced a huge surge in demand, as the EIP-1559 upgrade didn’t fully resolve the rising gas fee problem.
Furthermore, the total value locked in Ethereum L2 protocols has breached $3 billion after touching the $1 billion marks last week. Moreover, Vitalik Buterin, the co-founder of Ethereum was seen advocating for moving NFTs to L2 to ease up the pressure on the mainnet.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.