In a recent announcement, crypto software developer ConsenSys revealed that it is working with MasterCard, a payment processor. The event was held to improve the scalability and security of the ecosystem by providing new rollup-based solutions.
Presented new solution
One of the most immersive companies in Ethereum’s software development has integrated breakthroughs in ecosystem optimization. Faced with the roll-up initiative, a system was presented that contributes to blockchain scalability.
In this sense, ConsenSys worked with payment processor Mastercard to provide a solution to network loads. Based on ZK-Rollups, the company publishes ConsenSys Rollup products aimed at helping optimize data processing.
To do this, the company worked with MasterCard engineers who became more involved in cryptocurrencies last season.
This project seeks to create a more scalable and “private” environment with scalability in mind and security aspects in mind. This product can be used with both Ethereum and Quorum, ConsenSys’ internal network.
Thus, the solution presented relies on the benefits of certification testing with little shared data. This structure makes transactions more secure and reduces network traffic.
According to the data provided by the company, private chains can perform up to 10,000 transaction operations per second. In this regard, Madeline Murray, Global Director of Protocol Engineering at the company, talked about the possibilities.
He has shown that this system will be replaced by “much better” scalability, given the importance of privacy. “This innovative solution helps accelerate the construction of the future of finance,” he added.
ConsenSys has begun a rollup in collaboration with Mastercard, but Ethereum is struggling to maintain its performance. This is due to an existing overload on the blockchain.
After all, the network has reached its limits. This is the fact that gas prices are high.
With the development of the presented solution, the company seeks to provide crypto community products that drive market growth. In particular, ConsenSys wants to use the system for a variety of use cases, including microtransactions and the scalability of distributed exchanges.