ConsenSys has partnered with Mastercard to work on an EVM blockchain scaling solution recommended by Vitalik Buterin himself as we can see more in today’s latest Ethereum news.
ConesnSys is a well-known Ethereum software company that launched the rollups in collaboration with payment giant Mastercard. The software solution offers scalability and data protection for Ethereum Virtual Machine-compatible blockchains. The company announced its new line of software, which is said to provide enterprise-class scalability for applications based on the quorum tech stack. Quorum is the fully managed open source protocol layer of ConsenSys for the structure on the ETH and the rollups can be used either in the Ethereum mainnet or in the ConsenSys quorum network. ConsenSys has partnered with Mastercard to improve their scaling solutions.
Some of the technology uses zero-knowledge evidence to improve transaction privacy. ZK proofs enable a sender to prove the transaction without having to carry it out in the network. Unlike regular transactions, they can hide details such as the account recipient and sender, as well as amounts. In addition, they allow transactions to be scaled, and since the transactions are not executed in the blockchain network, up to 10,000 transactions per second can be achieved via the Consensys rollups. This is much better than the 300 TPS possible in the private chains or the 15 TPS in the Ethereum mainnet. Madeline Murray, Global Lead of Protocol Engineering at Consensys noted:
“ConsenSys Rollups enables significantly higher scalability in addition to strong data protection in order to improve solutions for existing use cases as well as to enable new use cases. This innovative solution will help accelerate the building of the future of finance. “
Vitalik Buterin, as co-founder of Ethereum, saw that Ethereum in its current state had a lack of scalability and the bulk volume of processing defi and NFT transactions led to an increase in transaction fees. He suggested rollups as one of the solutions for scaling ETH 100x in March. According to Consensys, rollups could also help institutions and governments implement other technologies. This includes central bank digital currencies, decentralized exchanges, and micropayment applications. The CBDCs will see a strong benefit, and the ZK evidence will help alleviate the privacy concerns that have increased the currencies issued by the central bank.
Vitalik Buterin
Rollups are a similar scaling solution for ETH as the Bitcoin Lightning Network, which uses delayed billing to allow infinite transactions through the network. With 7 TPS, the base layer of Bitcoin has even less throughput than ETH.
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