ConsenSys, a leading Ethereum software firm, has announced the launch of ConsenSys Rollups, a corporate scalability solution for prominent financial institutions and others, tackling the main difficulty of scaling applications on the Quorum tech stack. The project was designed as a collaboration between ConsenSys and Mastercard’s engineering team.
The creativity of projects on Ethereum is exploding in areas such as decentralized finance (DeFi), non-fungible tokens (NFT), gaming, Web 3.0, and the metaverse. Ethereum’s usage is at an all-time high at over 177 million Ethereum addresses in operation, and several thousand are added each day. However, while high network usage signals strong adoption, it also points to a need for scalability and privacy-enhancing solutions.
This is the main reason for the partnership between Mastercard in co-developing key building blocks to make blockchain technology scalable on the Ethereum Mainnet or for private use.
Details of the project
ConsenSys Rollups is scalability and privacy-focused customizable software solution for permissioned blockchain applications that can be linked to any EVM-compatible blockchain. It’s compatible with both the Ethereum Mainnet and private ConsenSys Quorum networks. ConsenSys Rollups use zero-knowledge (ZK) proofs to shield individual transaction parameters like account balances, sender, recipient, and amount from being shared publicly across the network, greatly improving transaction privacy and secrecy.
With the help of Zero-knowledge proof technologies, users can showcase their technical know-how to other users without sharing any real data. This is done to ascertain transactions without needing them to be carried out on the blockchain network.
On a private chain, solutions designed using ConsenSys Rollups may now achieve a throughput of up to 10,000 transactions per second (TPS), but on the Ethereum Mainnet, only 300 TPS can be achieved.
Programmability on zero-knowledge rollups is intended to allow for future capabilities. Even higher transaction throughputs are envisaged by relying on trusted third parties for data availability.
According to Madeline Murray, Global Lead of Protocol Engineering at ConsenSys, “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.”
ConsenSys is the leading Ethereum software company. The project enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. The firm’s product suite, composed of Infura, Quorum, Codefi, MetaMask, Truffle, Diligence, and its NFT platform, serves millions of users, supports billions of blockchain-based queries for its client base, and has handled billions of dollars in digital assets.
Ethereum is the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity. On this trusted, open-source foundation, ConsenSys is building the digital economy of tomorrow. To understand its products and solutions, visit