ConsenSys is an Ethereum blockchain software company. And they are partnering with Mastercard to launch the new tool called “ConsenSys Rollups”.
ConsenSys Rollups is a unique software solution for permissioned blockchain applications. It has a focus on scalability and privacy. In fact, it can be linked to any Ethereum Virtual Machine (EVM)-compatible blockchain. Above all, ConsenSys Rollups are compatible with the Ethereum Mainnet as well as private ConsenSys Quorum networks.
🔈Very excited to announce the launch of @ConsenSys Rollups in partnership with @Mastercard to provide enterprise-grade scalability + address the key challenge of scalable applications on the @ConsenSysQuorum tech-stack🚀https://t.co/NE6kuDBYW4
— ConsenSys (@ConsenSys) December 16, 2021
ConsenSys Rollups enable the implementation of new and innovative use cases. These use cases are:
- Central Bank Digital Currency (CBDC)
First, ConsenSys Rollups enable central banks, commercial banks, and retail users to scale and protect their data
- Decentralized Exchange (DEX)
Next, DEX created with Rollups brings scalability to Decentralized Finance (DeFi) and NFTs
Third, With the Rollups on the mainnet, Ethereum can be scale to meet the demands of the new Web3 economic paradigm. For example, fulfill payments without network congestion, high fees, or finality challenges
- Private transfer and taxes
Lastly, The rollup opens up a new privacy model on the Ethereum mainnet or quorum-based network. So partially anonymous rollups allow users to transfer or exchange tokens and make partially anonymous transactions.
ConsenSys pointed out that the system built with Rollups can reach a throughput of 10,000 transactions per second (TPS) on the private chain. Without Rollups, the transaction throughput of these private chains is only 300 TPS. In addition, the capacity of the Ethereum mainnet is lower, only 15 TPS.
Vitalik Buterin, co-founder of Ethereum, thinks that Ethereum is too slow and limited in what it can do at the moment. The volume of new financial transactions and data transfers on the network has caused the transaction fees to soar. He proposed Rollups as one way to scale Ethereum 100x.
It is a company that creates and runs a cryptocurrency wallet called MetaMask. The Ethereum Foundation also manages some very important developer toolkits such as Truffle and Infra. These APIs are popular for smart contract development.
Madeline Murray, Global Head of Protocol Engineering at ConsenSys said: “ConsenSys rollups achieve higher scalability in order to improve solutions for existing use cases. It can also enable new use cases. ConsenSys Rollups will help speed up the construction of the future of finance.”
Raj Dhamodharan is EVP Blockchain / Digital Asset Products & Digital Partnerships at Mastercard. He said that they believe that blockchain technology has real potential to solve real world problems. Ray sees privacy and highly scalable infrastructure as key requirements for any blockchain solutions. He thinks that partnership is a key step in meeting these requirements.
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