Cryptocurrencies have now become mainstream. The world’s largest companies are competing to take place in this ecosystem. We all have at least 1 MasterCard compatible card in our wallet. MasterCard, which has a significant number of customers around the world, now provides more open support for cryptocurrencies. The news that came in the evening today made everyone smile.
Ethereum Scaling Solution
ConsenSys and MasterCard have started working together on the new Ethereum Scaling system. The software firm said the project, built using “Consensys Rollups,” can reach 10,000 transactions per second (TPS) on a private chain. ConsenSys said on Thursday that Ethereum software firm ConsenSys has launched “ConsenSys Rollups” for both the Ethereum mainnet and private use with the help of Mastercard’s engineering team.
So what are ConsenSys Rollups? They give this explanation:
“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”.
The fact that MasterCard, which has a total market value of 344 billion dollars, provides technical support to such a project also confirms the benefit generated by the ecosystem.
Advantages of Consensys Rollups
These projects, which are called rollups, aim to speed up slow operations on the main network. It creates a parallel space outside the network and enables faster approval, allowing batch processing of data into blocks. Naturally, the processing power per second increases thousands of times. Although Vitalik Buterin thinks that such solutions are not viable in the long run, this seems to be the best idea to counter Ethereum’s scalability problem.
Private chains without rollups can only achieve 300 TPS (processing power per second). 15 TPS is considered normal on the Ethereum mainnet. Madeline Murray, global leader of ConsenSys protocol engineering, said in a statement that ConsenSys Rollups also offers “strong privacy protections to both improve solutions for existing use cases and enable new use cases.”
ConsenSys said these use cases could include central bank digital currencies (CBDC), decentralized exchanges (DEX), micropayments, and private transfers and taxes. In other words, MasterCard is making a serious technological investment in the next 10 years.
ConsenSys developed the hugely popular crypto wallet MetaMask and manages multiple developer toolkits, including blockchain application programming interface (API) suite Infura and Truffle for smart contract development.
Mastercard and ConsenSys announced their first partnership in April as part of a $65 million fundraising round for ConsenSys that includes major bank investors like JPMorgan and UBS.