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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.
Updated May 11, 2023, 4:11 p.m. Published Dec 16, 2021, 3:35 p.m.
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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.
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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
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