EY unveiled the prototype of their EY Ops Chain Public Edition (PE) which uses zero-knowledge proofs (ZKP). This will enable custom tokens on the public Ethereum blockchain but maintain private transaction records. EY is in the process of patenting its technology and plans to release a production version in 2019.
A year ago ZKP in the form of zk-SNARKS was introduced on public Ethereum. In most cases, it’s used to keep data private. For example, a smart contract can prove whether someone is over the age of 18 without access to the user’s actual age. Additionally, the use of ZKP for scaling blockchains is an
active area of research. This includes using ZKP to enable off-chain computation and yesterday the Enterprise Ethereum Alliance issued a
specification on the topic.
But ZKP can be used for private transactions as it is for ZCash, which was founded by the
zk-SNARKS inventors. EY’s solution is an expanded version of this concept. However, ZCash was based on Bitcoin which has a more limited payment-focused functionality compared to Ethereum.
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