Consensys Launches Rollups Scaling Solution With Mastercard"s Support
Consensys, an Ethereum software company, announced yesterday the launch of a new scaling solution for Ethereum, called “Consensys Rollups.” The company enlisted Mastercard programmers to design the solution, which aims to allow the network to reach a throughput of 10,000 TPS (transactions per second), according to a PR statement. The solution can be implemented on top of private, permissioned protocols like Quorum, or on public chains like Ethereum. Consensys to Address Scaling With Mastercard’s Assistance
Consensys, an Ethereum software company, launched Consensys Rollups yesterday, a ZK-proof-based scaling solution for Ethereum-based networks. The company revealed that this initiative had been undertaken with the help of Mastercard’s engineering team, which helped to design the solution.
According to Consensys, the Consensys Rollups solution will be deployable on enterprise-focused protocol platforms such as Quorum, or directly on Ethereum. Quorum is a Consensys-acquired, JPMorgan-developed protocol layer that allows companies to deploy their apps in a secure environment resembling Ethereum. According to Consensys:
[The goal is] to provide enterprise-grade scalability to leading financial organizations and others, addressing the key challenge of scalable applications on the Quorum tech-stack.
The implementation of such a scaling solution would ostensibly allow these networks to process up to 10,000 TPS, much more than the number of transactions that happen on Ethereum Layer 1 (L1) now. This development follows the announcement of a partnership between Mastercard and Consensys made in April, with the goal of combining their expertise to develop Quorum-based solutions. The State of Ethereum L2 Scaling
The Ethereum L2 (Layer 2) scaling panorama has experienced substantial growth this year. According to L2 beat, an L2 Ethereum layer value aggregator, there are now more than $5 billion dollars locked in some of these initiatives, up from the $50 million that these same solutions registered at the start of the year.
This newly developed solution launched yesterday could come to compete with other solutions like Arbitrum, which already has more than $2.2 billion dollars in its platform, with more than 50% of this value in Ether. The scaling solution uses the same underlying technology as Consensys Rollups, called ZK-proofs.
But this is not the only technology used to scale Ethereum. Optimism, another scaling network, uses a different technology called Optimistic Rollups, which technically differ from the aforementioned solutions. Vitalik Buterin, the co-founder of Ethereum, has stated that while ETH2 has a solution for scalability, the Ethereum ecosystem is likely to be all-in on rollups before ETH2 arrives. Tags in this story Arbitrum, ConsensYs, consensys rollups, Ethereum, MasterCard, Optimism, rolluos, rollups, Vitalik
What do you think about the Consensys Rollups Technology? Tell us in the comments section below. Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Crypto Wealth Manager Vaneck Launches Polygon and Avalanche Investment Offerings NEWS | 4 hours ago Argentinian Chamber of Fintech Makes Cryptocurrency Regulation Proposal NEWS | 12 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleKraken Ventures Raises $65 Million to Invest in Web3, Defi, Blockchain Startups and Protocols Next articleArgentinian Chamber of Fintech Makes Cryptocurrency Regulation Proposal Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCrypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs
On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ethereum for instant funds, Nexo is offering instant liquidity to ... read more.New Cryptocurrency Bill Advances to Senate in Brazil Indian Crypto Exchange Says 82% of Users Earn Profits This Year, Trading Volume Soars 1,735% Canaan Secures Order for 30,000 Bitcoin Mining Rigs From Genesis Digital Assets Russia to Decide Between Full Ban and Legalization of Crypto Investments, Trade