In a recent announcement, crypto software developer ConsenSys disclosed that it collaborated with payment processor Mastercard. This event took place in order to provide a new solution based on rollups to provide greater scalability and security for the ecosystem.
The new solution presented
One of the firms most immersed in Ethereum software development consolidated a breakthrough in terms of ecosystem optimization. Faced with the rollup initiative, a system has been presented that would contribute to the scalability of the blockchain.
In this sense, ConsenSys collaborated with the payment processor Mastercard to provide a solution to the network load. Based on the ZK-Rollups, the company shows the public its ConsenSys Rollup product, which is intended to help optimize data processing.
To do this, the firm was in cooperation with engineers from Mastercard, a company that has become more involved in cryptocurrencies in the last season.
With scalability in mind, this project seeks to create a more scalable and “private” environment, considering the security aspect. This product can be used both on Ethereum as well as on ConsenSys’ internal network, Quorum.
In this way, the solution presented will rely on the advantages of authentication tests with little shared data. This structure would allow transactions to be more secure and network traffic to be lightened.
According to the data provided by the company, up to 10,000 transaction operations can be carried out every second in private chains. In connection with this, the firm’s global director of protocol engineering, Madeline Murray, spoke about its potential.
He clarified that this system will give way to a “much greater” scalability, taking into account the importance of privacy. “This innovative solution will help accelerate the construction of the future of finance,” he added.
While ConsenSys collaborated with Mastercard to launch the rollup, Ethereum is struggling to maintain its performance. This, due to the existing overload in the blockchain.
After all, the network reached its limit, a fact which generates high expenses in terms of gas rates.
With the development of the solution presented, the company seeks to offer the crypto community products that facilitate the growth of the market. Among other details, ConsenSys wants to use the system for various use cases, such as micro transactions, scalability for decentralized exchanges, among others.