Bitcoin
$37,988.56+2.60%
Ethereum
$2,055.57+2.01%
Binance Coin
$228.79+1.24%
XRP
$0.61134010+1.95%
Solana
$58.20+6.46%
Cardano
$0.38566804+3.19%
Dogecoin
$0.08031343+3.31%
Tron
$0.10334300+0.77%
Toncoin
$2.47+0.78%
Chainlink
$14.60+3.87%
Avalanche
$20.58+1.95%
Polygon
$0.75339685+1.75%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Finance

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.

By Michael Bellusci
AccessTimeIconDec 16, 2021 at 3:35 p.m. UTC
Updated May 11, 2023 at 4:11 p.m. UTC
ConsenSys founder Joseph Lubin is also a co-founder of Ethereum.

ConsenSys founder Joseph Lubin is also a co-founder of Ethereum.

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Read more: Mastercard Outlines 3-Pronged Strategy to Support the Growing Crypto Community

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Author placeholder image
Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Follow @mikeybellusci on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.