ConsenSys Rollups, a well-known developer of Ethereum (ETH), software, was launched by ConsenSys on Thursday. This service is based on zero-knowledge proofs and protects specific transaction elements such as account balances and sender and recipient addresses. It also secures each user’s privacy.
Zero-knowledge proofs allow the validation of sensitive encrypted data by nodes, without having to reveal the data beneath. These cryptographic methods have become very popular in recent years as people fear that their crypto transactions could be tracked by Blockchain forensic firms like Chainalysis. Public ledger blockchains have made all transactions visible to everyone since their inception. This makes their underlying tokens less private and secure than cash transactions in certain situations.
Rollups would allow for privacy-enabled CBDCs and decentralized exchanges. Rollups by ConsenSys allows for far greater scalability and strong privacy protections. This allows you to enhance existing use-cases as well as create new ones. Madeline Murray, ConsenSys’ global head of protocol engineering, stated that this innovative solution will accelerate the construction of the future financial system. The solution was partially designed by Mastercards’ Engineering team.
Raj Dhamodharan (executive vice president, digital assets, blockchain products, and partnerships, Mastercard) added:
Although we are still in the very early stages of this project, we can already see benefits in the way permissions and private-chain product constructs make use of open-source technology. This space will be further advanced by ConsenSys and our partnership.
Mastercard is taking a slow, but steady approach to cryptocurrency adoption. Interview with Kristina Corner, Cointelegraph editor in chief, Mastercard executive vice president for market development Liza Oakes stated that the company is looking at stablecoins, CBDCs and how to support them.
Very excited to announce the launch of @ConsenSys Rollups in partnership with @Mastercard to provide enterprise-grade scalability + address the key challenge of scalable applications on the @ConsenSysQuorum tech-stackhttps://t.co/NE6kuDBYW4
— ConsenSys (@ConsenSys), December 16, 2021