ConsenSys partnered with Mastercard to work on an EVM blockchain scaling solution that is 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 payments giant Mastercard. The software solution will provide scalability and privacy to Ethereum Virtual Machine compatible blockchains. The company announced its new software branch that will reportedly provide enterprise-grade scalability to applications built on the Quorum tech stack. Quorum is ConsenSys’s fully-managed open-source protocol layer for building on ETH and the rollups can either be used on the Ethereum mainnet or on the ConsenSys Quorum network. ConsenSys partnered with Mastercard to improve the scaling solutions.
A part of the technology leverages zero-knowledge proofs for enhanced transaction privacy. ZK proofs allow a sending party to prove the transaction without having to execute it on the network. Unlike regular transactions, they are able to hide details such as account balances recipients, and senders as well as amounts. What’s more, they allow transactions to scale and by not actually executing the transactions on 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 on the private chains or the 15 TPS on ethereum’s mainnet. Madeline Murray as the Global Lead of Protocol Engineering at Consensys noted:
“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.”
Vitalik Buterin as the co-founder of Ethereum saw that Ethereum had a lack of scaling viability in the current state and the mass volume of Defi and NFT transactions processing caused its transaction fees to surge. He proposed rollups as one of the solutions for scaling ETH 100x in March. According to Consensys, Rollups could help institutions and governments implement other technologies as well. These include Central Bank Digital Currencies, decentralized exchanges, and micropayment applications. The CBDCs will see a strong benefit and the ZK proofs will help ease the privacy concerns whcih the central bank-issued currencies increased.
Rollups are a similar scaling solution for ETH to the Bitcoin lightning network that uses deferred settlement to allow for infinite transactions to go through the network. Bitcoin’s base layer has even less throughput than ETH at 7 TPS.
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