ConsenSys has partnered with Mastercard to launch ConsenSys Rollups to scale the Ethereum network.
?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 leveraged the expertise of Mastercard’s engineering team to design the ConsenSys Rollups solution.
The new technology is designed to increase the ETH speed of transactions, and the overall efficiency of the network. ConsenSys team explain:
“ConsenSys Rollups is an innovative modular software solution for permissioned blockchain applications focused on providing scalability and privacy capabilities that can be connected to any Ethereum Virtual Machine (EVM)-compatible blockchain.”
The new solution uses zero knowledge-proof technology.
“Zero-knowledge-proof technologies enable one party to demonstrate their knowledge to another without having to share the actual information. Programmability on zero-knowledge rollups is designed to enable additional functionalities in the future. Even higher transaction throughputs are expected to be possible through reliance on trusted parties for data availability.”
The developers emphasized that a system built on ConsenSys Rollups will be able to process up to 10,000 transactions per second.
“Solutions built with ConsenSys Rollups can currently achieve a throughput of up to 10,000 transactions per second (TPS) on a private chain while only 300 TPS can be achieved on private chains and 15 on the Ethereum Mainnet.”
According to the team, such high performance opens up new use cases in areas such as CBDC, decentralized exchanges, micropayments, and confidential transactions.
Recall that in November, ConsenSys closed a financing round of $200 million. Investors valued the company at $3.2 billion.
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