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Ernst and Young Blockchain Analyzer supports private Ethereum, Quorum and Hyperledger blockchains

Priya

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Ernst and Young Blockchain Analyzer supports private Ethereum, Quorum and Hyperledger blockchains
Source: Unsplash

Ernst and Young [EY], one of the big four accounting firms alongside Deloitte, KPMG, and PricewaterhouseCoopers, announced the launch of the second generation blockchain analytics tools, EY Blockchain Analyzer. Along with this, the firm also announced the launch of the second generation EY Ops chain and EY Smart Contract Analyzer.

Importantly, the second generation provides support to Ethereum, the leading smart contract platform, Quorum and Hyperledger private blockchain’s.

The announcement read,

“The latest version of EY Blockchain Analyzer being showcased at the EY Global Blockchain Summit supports analysis of zero-knowledge proof (ZKP) private transactions on the public Ethereum blockchain, as well as the Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin public blockchains.”

According to the post, this blockchain analytics tool has been constantly undergoing upgrades over the past two years. Due to this, the platform supports several new virtual currencies and also introduces new functionalities concerning private and public blockchain.

Notably, the first generation of the analytics tools could only be used by the audit teams in the organization. Now, the tool can be accessed by non-audit clients as a business application. This application can be accessed by the clients at any given point of time and for the EY teams and clients under the Advisory, Tax and Transaction Advisory, it enables financial reporting, tax calculation, transaction monitoring.

Source: EY

Source: EY

The blog post stated,



“In addition to transaction analysis, the new version of EY Blockchain Analyzer will support tax calculation for crypto-assets […] the newest version of this technology can automatically calculate capital gains and losses on transactions in compliance with US tax law.”

It further stated,

“[it] is expected to be available for use by EY client-serving teams in 2019 across a selection of more than 100 EY Assurance clients that hold or trade cryptocurrencies or operate in the blockchain ecosystem.”

Source: Reddit

Source: Reddit

ChamberofSarcasm, a Redditor said,

“Good for ETH, bad for Waltonchain and VeChain, I think. They were focused on tracking inventory in companies, and this might do just that.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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