Polygon Nightfall Webinar Highlights

Polygon Nightfall is a one-of-a-kind, privacy-focused Rollup that combines Optimistic Rollups with Zero-Knowledge (ZK) cryptography commonly used in ZK-Rollups. It creates a scalable and private hybrid of the two popular technologies. 

The Polygon Nightfall Webinar, which took place earlier this month, delved into topics including what Polygon offers, its collaboration with EY, and why Nightfall is the perfect solution for enterprises. At the online event, Polygon’s co-founder Sandeep Nailwal, EY Global Blockchain Leader Paul Brody, and Head of Global Blockchain R&D, Duncan Westland, discussed details about Nightfall. Polygon VP of Strategy Ravikant Agrawal moderated the discussion. We have put together key highlights from the event below. 

Clockwise from top left: Sandeep Nailwal of Polygon, Duncan Westland of EY, Paul Brody of EY, and Ravikant Agrawal of Polygon.

Scaling Solutions Across the Spectrum

The first section focused on Polygon’s scaling solutions and how Polygon Nightfall fit in the context of the entire suite of solutions. Nightfall 3 enables conducting payments and transactions at a low cost. 

  1. Polygon offers a spectrum of scaling solutions. Polygon could often be conflated with only one kind of solution, but Polygon offers a range of solutions with various benefits to each method, depending on the needs of the users. On one end of the spectrum, Polygon SDK is a sovereign chain that is compatible with Ethereum. On the other end, Polygon Hermez is a decentralized zkRollup that inherits its security from Ethereum Layer 1.
  1. Private transactions can be done while preserving the benefits of public blockchains for enterprises. With centralized blockchains, operators can observe transactions that are placed on the blockchain. EY set out to find solutions to harness the benefits of decentralization while enabling private transfers and payments. Privacy for enterprise users, Zero-Knowledge Proofs provide the passport for scaling and privacy. 
  1. Nightfall 3 is the most cost-efficient way of conducting transactions for enterprises. The solution has an optimism layer that enables other actors to check for errors and submit fraud proofs. Utilizing ZK proof for privacy and optimism for scalability, Nightfall 3 allows payment and transactions performed at a low cost. 

EY’s Duncan explained where Nightfall fits in different types of scaling solutions

Business Values Nightfall Offers

The second section consisted of a deep dive into the specific applications of Polygon Nightfall. The speakers discussed the outlook for enterprise demand and the need for enterprise blockchains to strike a balance between privacy and compliance.

  1. Areas where Nightfall can bring value include product traceability and data synchronization. While it can be beneficial for blockchains to remain transparent, enterprises and institutional investors prefer some level of privacy.  Given the privacy feature Nightfall provides, it can add values in on-chain supply-chain traceability as an operational tool and other business logic such as data synchronization. Sandeep pointed out that over the next 12 to 18 months, a wave of demand from enterprises will be coming to the space.
  1. Ways to be legally compliant while meeting privacy needs. EY and Polygon seek to help companies maintain privacy from their competitors while making their solutions lawfully compliant. It can be done by a combination of KYC, whitelisting, and audit using blockchain reconciler tools. Specifically, when someone performs a ZKP transaction, they perform proof that they are on the whitelist. This way, businesses can maintain privacy and KYC at the same time.
  1. Nightfall will come with all the benefits of the Ethereum blockchain.  Nightfall can support token-based transfers. It is entirely ERC-20 and ERC-721 compatible. Nightfall can also enable swaps in conjunction with KYC capabilities.

EY’s Paul concluded the discussions that EY and Polygon will continue to improve Nightfall by focusing on scalability with privacy going forward.

Check out the Q&A here. And learn more about Polygon Nightfall here.

Be a part of our social ecosystem!

Website | Twitter | Ecosystem TwitterDeveloper Twitter | Enterprise Twitter | Studios Twitter | Telegram | Reddit | DiscordInstagram | Facebook | LinkedIn

More from the Polygon Blog
Green Blockchain Summit 2.0: Agenda at a Glance 

Ethereum’s shift to Proof of Stake consensus, known as the Merge, has dramatically cut Polygon’s carbon dioxide emissions, opening the path to going beyond being carbon negative and toward empowering others to do the same. The conversation has shifted from blockchain sustainability to blockchain as a sustainability solution.  Join us for the second chapter of […]

Read More
Robinhood Selects Polygon to Launch Web3 Wallet Beta

Today, we are thrilled to announce that Robinhood has chosen Polygon as the first blockchain network to support its newly launched Web3 wallet. The Robinhood Wallet beta is now live for 10,000 iOS customers out of 1+ million who signed up for the waitlist in May. Together, Polygon and Robinhood are opening access to decentralized […]

Read More
What Is a zkEVM?

Zero-knowledge (ZK) tech is one of the most prominent and promising paths to scaling Ethereum. One popular use of ZK proofs to scale Ethereum is what’s known as a zkEVM (zero-knowledge Ethereum Virtual Machine). So what is a zkEVM, and how does it help us make Ethereum cheaper and more efficient to use? Understanding the […]

Read More
Polygon-Powered Icetea Labs Accelerator Launches With 6 Startups

Polygon has teamed up with Alpha Venture DAO and Icetea Labs to launch the inaugural Icetea Labs Accelerator Program for blockchain startups.  Working in a tight three-way partnership, Polygon is co-creating an accelerator to funnel resources, mentorship, education, and business acumen to promising Web3 companies from around the world. The startups selected for the accelerator […]

Read More
Apply to Polygon Bootcamp Africa and Kickstart Your Web3 Developer Journey

Applications are open for Polygon Bootcamp Africa, launched in partnership with Xend Finance! The eight-week intensive educational course and hackathon combo will put developers in Africa on the Web3 map.  This is Polygon’s biggest step in providing resources to developers, builders, and creators in Africa, and it comes during an important time.  An internet and […]

Read More
Starbucks Taps Polygon for Its 'Starbucks® Odyssey' Web3 Experience 

Today, we are thrilled to announce that Starbucks Coffee Company is working with Polygon to provide the blockchain technology to build its recently announced Web3 experience, Starbucks Odyssey. As a result of the partnership, this new Web3-powered experience will allow Starbucks Rewards loyalty program members and Starbucks partners (employees) in the United States to earn […]

Read More
Polygon Sponsors Moralis x Google 2022 ‘Defining DeFi’ Hackathon

Polygon has teamed up with Moralis and Google Cloud as an official Gold-Tier-Sponsor for the Moralis x Google 2022 Defining DeFi Hackathon!  From Oct. 3 to Nov. 11, hundreds of developers around the world will build the DeFi applications of their dreams, competing for prizes, bounties, and rewards from a pool of $155,000, with $50,000 […]

Read More
Polygon and OCEEF Bring Deep Sea Exploration to Web3

Entertainment can help people become more aware of and responsive to the problems we face. That's why Polygon has joined forces with the Ocean Conservation Exploration and Education Foundation (OCEEF) to advance ocean literacy by finding new and engaging ways to give people exposure to deep sea missions. The shared goal of this effort is […]

Read More
PolygonInsights - WEEK39

Hola readers! We announced Polygon Bootcamp Africa, an eight-week intensive educational course and hackathon combo, in partnership with Xend Finance, Polygon-based carbon compensation project Coorest has become the first Web3 initiative to have an officially verified carbon standard, and Quadrata, a passport network bringing the identity and compliance layer to public blockchains, is integrating its […]

Read More