Ernst & Young has made its token and smart contract review service available for public testing in an open beta
The accounting firm Ernst & Young (EY) has provided smart contracts and token services available in the open beta.
The beta version for the public was released on Wednesday. It allows users to place code for analysis, while security risks are identified by checking the effectiveness and functionality of a smart contract. The coding’s quality is also assessed.
ERC-20 smart contract
Currently, the service can only review ERC-20 smart contracts because these contracts are penned using the famous Solidity programming language. EY did not specify if it plans to expand the service to some other blockchain protocols. In a Reddit post by a user nicknamed “pbrody”, most likely EY’s global blockchain leader, Paul Brody, it has been said that EY plans to launch its trial service soon.
EY smart contract analyzer – in April
Auditing firm Big Four Ernst & Young (EY) announced that it had launched a private beta test of the new Smart Contract Analyzer tool for the public Ethereum blockchain. The news was published in an EY press release on April 16.
The tool is described as a test and security service that allows companies and individual investors to evaluate smart contracts and related tokens for known security risks.
Developed by EY Blockchain Security Lab in Israel, this tool works for tokens and contracts before launch or after they are published online on a public blockchain.
EY indicates that by reviewing their token code, investors will be able to track changes in the software and ensure tokens and smart contracts meet accepted industry standards. The token can also be stress-tested in a variety of transactional scenarios, using data collected from the ethereum blockchain.
The review service will be part of the Blockchain Analyzer
The evaluation service introduced by EY will be part of the firm’s larger Blockchain Analyzer, which will analyze and synthesize data from transactions for financial reporting and auditing on Blockchain. Blockchain Analyzer’s second iteration was also revealed in April, not to mention it has increased the number of supported protocols, including its own blockchain protocols. Furthermore, it enabled an analysis of privacy-enhancing, zero-knowledge proof-based transactions.
An EY project to run private transactions on the ethereum blockchain, called ‘Nightfall,” has also been integrated into Analyzer.
In October this year, EY mentioned that they created a blockchain tool to help the government analyze and track transactions, a tool that is supposed to improve accountability and increase transparency when managing public funds.
What is Ernst & Young?
Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY, is a multinational professional services company based in London, England, United Kingdom. EY is one of the largest professional service companies in the world. Together with Deloitte, KPMG and PricewaterhouseCoopers, it is considered as one of the Big Four accounting firms. It primarily provides guarantees (including financial audits), taxes, advice and advisory services to its customers. Like many of the larger accounting firms in recent years, EY has expanded into adjacent markets with accounting, including strategy, operations, personnel, technology and financial services consulting.
EY came about is the result of several mergers of ancestral companies over the past century and a half. The oldest of these derived partnerships was founded in 1849, in the UK, under the name Harding & Pullein. That same year, the company was joined by an accountant named Frederick Whinney, a decade later, who became a partner. And with his son, who later worked with him, the company was renamed Whinney Smith & Whinney in 1894.
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