ConsenSys Collaborates with Mastercard to Bring Scalability to Ethereum for Private Use
AnTyDecember 17, 2021ConsenSys, the Ethereum software company, has announced the launch of ConsenSys Rollups to help the firm address the challenge of scalable applications on Quorum and provide enterprise-grade scalability to leading financial organizations.
It is in collaboration with Mastercard that ConsenSys has designed its rollups solution.
This new solution is in response to the need for scalability and privacy-enhancing solutions as Ethereum usage reaches new highs amidst the explosion of DeFi, NFTs, gaming, Web 3.0, and the metaverse.
There are currently over 177 Etherum addresses in existence, with tens of thousands being added each day.
Mastercard and ConsenSys are working together to bring scalability to the Ethereum mainnet for private use.
ConsenSys Rollups is for permissioned blockchain applications that will provide scalability and privacy capabilities to any Ethereum Virtual Machine (EVM)-compatible blockchain. The solution is compatible with all tokens that follow the ERC20 standard. Besides Ethereum Mainnet, it can be used on private ConsenSys Quorum networks as well.
This new solution leverages zero-knowledge (ZK) proofs, a technology that enables one party to demonstrate their knowledge to another without sharing the actual information.
ConsenSys says through rollups; it can achieve a throughput of up to 10,000 transactions per second (TPS) compared to just 15 on Ethereum.
ZK rollups will also allow for additional functionalities in the future, with even higher transaction throughputs expected to be possible through reliance on trusted parties for data availability, it said in a statement.
“ConsenSys Rollups enables vastly more scalability in addition to strong privacy protections to both enhance solutions for existing use-cases and enable new use-cases. This innovative solution will help accelerate the building of the future of finance,” said Madeline Murray, Global Lead of Protocol Engineering at ConsenSys.
With its new solution, ConsenSys aims to enable the implementation of new use-cases, including decentralized exchanges (DEXs), micropayments, private transfer and taxes, and central bank digital currencies (CBDCs).
The company says ConsenSys Rollups can remove the next barrier to entry for DeFi and crypto users on new services.
“We believe there is real potential in blockchain technology helping to solve real-world problems,” said Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard.
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.