Ernest & Young Expert Praises Ethereum, Downplays Private Blockchain Rivalry
A Web3 lead at one of the world’s leading auditing firms, Paul Brody, has commended the Ethereum network by stating that private platforms could not progress if more blockchains are created on public protocols. The Ernest & Young (EY) official made these remarks during the recent Real-World Summit in New York.
Endorsing Public Networks
According to Brody, a future where major financial institutions dabble in private chains, such as R3 Corda, will be vital in driving the acceptance of public blockchain networks. The summit is hosted by leading crypto exchanges like Coinbase and stablecoin issuers (Tether (USDT) and Circle (USDC)).
Brody and other invited participants participated in high-level discussions on tokenization, crypto investments, and credits by experts. As an exclusive gathering of 250 distinguished individuals, the summit was also graced by 40 experts who revealed their knowledge of decentralized finance (DeFi).
Among them were Robert Leshner, known for his groundbreaking work with Compound, and Jesse Pollak, the brain behind Base, an innovative layer-2 protocol designed to improve the Ethereum ecosystem. Meanwhile, Brody’s remark about the dominance of public blockchains over private protocols has sparked heated discussions during the summit.
Since their core principles are decentralization and transparency, public blockchain networks such as Bitcoin and Ethereum differ widely from their private counterparts.
The blockchain lead further noted that the attractiveness of these public ecosystems lies in the limitless opportunities they provide, allowing anyone with a crypto wallet and an internet connection to participate in the Web3 revolution. Based on Brody’s views, decentralization is the foundation of public networks, fundamentally altering people’s understanding of trust and control in digital transactions.
Unlike centralized systems, where a single entity has authority, public blockchains operate on a distributed ledger maintained by a network of nodes. With decentralization, no single party can wield undue influence or manipulate it for personal gain, fostering user trust and reliability, he added.
According to Brody, they serve as interfaces to facilitate users’ interaction with the blockchain ecosystem when processing transactions. The ability to operate freely within a transparent and secure network pushed Ethereum to new heights.
On September 20, Ethereum saw its market capitalization surpass $195 billion amid digital payment giants like Visa and PayPal using the network’s governance token.
Tech Firms Adopt Ethereum
Recently, Visa unveiled a novel project to revolutionize Ethereum transactions by allowing users to pay for gas with their Visa cards, eliminating the need to purchase ETH separately. This move is expected to usher in a new era for Ethereum adoption, making the crypto asset more accessible and user-friendly than ever before.
Also, recall that in partnership with Paxos, PayPal recently launched PYUSD, a stablecoin, on the Ethereum blockchain. The recent moves represent a significant step forward in the mainstream acceptance of digital tokens.
More importantly, these moves highlight Ethereum’s growing influence as a versatile and dependable platform for financial transactions. Meanwhile, Ernest & Young marked a significant milestone in blockchain technology in the first quarter of the year following the launch of the latest enhancement to its cutting-edge solution, the EY Blockchain Analyzer: reconciler.
This game-changing advancement saw the addition of full-fledged support for the popular memecoin Dogecoin (DOGE), joining the ranks of previously integrated blockchains such as Ethereum and Bitcoin. With this expansion, EY has significantly increased the collection of digital assets available to its customer base.
Furthermore, this advanced tool enables auditors to seamlessly reconcile client records with the immutable transparency of the public ledger. This innovative addition has ushered in a new era of financial auditing accuracy and efficiency.
Dogecoin’s inclusion as the only meme token represents a forward-thinking approach that recognizes the evolving digital currency landscape and its profound impact on the global financial ecosystem. Meanwhile, observers believe that with EY embracing blockchain technology, other financial auditing platforms will venture into the Web3 ecosystem.
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