ConsenSys Collaborates With Mastercard on New Ethereum Scaling System

The software firm said projects built using “Consensys Rollups” can reach a throughput of up to 10,000 transactions per second (TPS) on a private chain.

AccessTimeIconDec 16, 2021 at 3:35 p.m. UTC
Updated Dec 16, 2021 at 4:49 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

Ethereum software firm ConsenSys has launched “ConsenSys Rollups” with the help of Mastercard’s engineering team to enable expansion on both the Ethereum mainnet and for private use, ConsenSys said Thursday.

“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,” according to a company statement.

ConsenSys also said systems built using Rollups can reach a throughput of up to 10,000 transactions per second (TPS) on a private chain, compared to only 300 TPS on private chains without Rollups and 15 TPS on the Ethereum mainnet.

ConsenSys Rollups also offers “strong privacy protections to both enhance solutions for existing use cases and enable new use cases,” Madeline Murray, global lead of protocol engineering at ConsenSys, said in the statement.

Those use cases could include central bank digital currencies (CBDC), decentralized exchanges (DEX), micropayments and private transfer and taxes, ConsenSys said.

ConsenSys developed the extremely popular crypto wallet MetaMask and manages a handful of developer toolkits, including blockchain application programming interface (API) suite Infura and Truffle, for smart contract development. The company has been expanding after recent fundraising efforts that valued the firm at about $3.2 billion.

Mastercard and ConsenSys announced an initial partnership in April as part of a $65 million fundraising round for ConsenSys that included large bank investors such as JPMorgan and UBS.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

Trending

1
CoinDesk - Unknown
Bitcoin termina un junio fatídico con su caída más grande de los últimos 11 años

Los mercados cripto experimentaron grandes pérdidas, con los inversores cada vez más preocupados por la alta inflación y los aumentos de las tasas de la Fed. Algunos analistas dicen que el precio de bitcoin podría bajar aún más.

CoinDesk - Unknown
2
CoinDesk - Unknown
Hash Headlines: Top Stories of the Week

A roundup of the week’s most valuable crypto stories for Friday, July 1, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
Custodia Bank's CEO Says Bad Actors and Regulators Caused Crypto Crash

Caitlin Long said the use of leverage spelled trouble for the industry.

CoinDesk - Unknown
4
CoinDesk - Unknown
Half of Latin Americans Have Used Cryptocurrencies, Mastercard Survey Shows

Fifty-one percent of consumers in Latin America made at least one transaction with cryptocurrencies.

CoinDesk - Unknown