The ConsenSys Rollups will help Mastercard scalability solutions on the Ethereum mainnet. It helps to significantly boost the transaction throughput while maintaining privacy via the zk-Proofs technology.
The Ethereum blockchain software company ConsenSys has recently partnered with Mastercard to debut a new tool dubbed “ConsenSys Rollups”. This new software tool will allow Mastercard’s engineering team in enabling expansion on both the Ethereum mainnet and as well as for private use.
The goal is to improve the scalability of the Ethereum blockchain network. Consensys Rollups is basically a modular software for connecting permissioned blockchain applications to any Ethereum Virtual Machine (EVM)-compatible blockchain. Its goal is to strengthen privacy capabilities while offering scalability solutions.
ConsenSys Rollups leverage the zk-Proof technology to secure private information and other specific transaction elements. This software module is also compatible with all tokens following the ERC20 model.
ConsenSys also noted that the systems built using Rollups can reach a throughput of up to 10,000 transactions per second (TPS) on private chains. Without Rollups, these private chains achieve a transaction throughput of just 300 TPS. Also, the Ethereum mainnet has an even lower capacity of just 15 TPS. Madeline Murray, Global Lead of Protocol Engineering at ConsenSys said:
“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”.
ConsenSys Rollups Enabling New Ethereum Blockchain Use Cases
Through the scalability and confidentiality for asset transfers, Consensys Rollups bring forward the implementation of new and innovative use-cases. Some of the interesting use-cases for ConsenSys Rollups could be Central Bank Digital Currencies (CBDCs), Micropayments, and Decentralized Exchanges (DEXs).
ConsenSys is the company behind the extremely popular cryptocurrency wallet MetaMask. It also manages some very important developer toolkits such as the blockchain application programming interface (API) Truffle and Infra. These APIs are quite popular for smart contract developments. Besides, the company has been expanding aggressively post the recent fundraising efforts that valued it at $3.2 billion. Speaking of this development, Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard said:
“We believe there is real potential in blockchain technology helping to solve real-world problems. Consumer protections including privacy and highly scalable infrastructure are key requirements for any blockchain solutions we build. Our collaboration with ConsenSys is a key step in meeting that need and advancing this space.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
