Bitcoin News and Finance
Consensys Launches Rollups Scaling Solution With Mastercard’s Support Skip to main content

Consensys Launches Rollups Scaling Solution With Mastercard’s Support

Consensys

Consensys, an Ethereum software company, announced yesterday the launch of a new scaling solution for Ethereum, called “Consensys Rollups.” The company enlisted Mastercard programmers to design the solution, which aims to allow the network to reach a throughput of 10,000 TPS (transactions per second), according to a PR statement. The solution can be implemented on top of private, permissioned protocols like Quorum, or on public chains like Ethereum.

Consensys to Address Scaling With Mastercard’s Assistance

Consensys, an Ethereum software company, launched Consensys Rollups yesterday, a ZK-proof-based scaling solution for Ethereum-based networks. The company revealed that this initiative had been undertaken with the help of Mastercard’s engineering team, which helped to design the solution.

According to Consensys, the Consensys Rollups solution will be deployable on enterprise-focused protocol platforms such as Quorum, or directly on Ethereum. Quorum is a Consensys-acquired, JPMorgan-developed protocol layer that allows companies to deploy their apps in a secure environment resembling Ethereum. According to Consensys:

[The goal is] to provide enterprise-grade scalability to leading financial organizations and others, addressing the key challenge of scalable applications on the Quorum tech-stack.

The implementation of such a scaling solution would ostensibly allow these networks to process up to 10,000 TPS, much more than the number of transactions that happen on Ethereum Layer 1 (L1) now. This development follows the announcement of a partnership between Mastercard and Consensys made in April, with the goal of combining their expertise to develop Quorum-based solutions.

The State of Ethereum L2 Scaling

The Ethereum L2 (Layer 2) scaling panorama has experienced substantial growth this year. According to L2 beat, an L2 Ethereum layer value aggregator, there are now more than $5 billion dollars locked in some of these initiatives, up from the $50 million that these same solutions registered at the start of the year.

This newly developed solution launched yesterday could come to compete with other solutions like Arbitrum, which already has more than $2.2 billion dollars in its platform, with more than 50% of this value in Ether. The scaling solution uses the same underlying technology as Consensys Rollups, called ZK-proofs.

But this is not the only technology used to scale Ethereum. Optimism, another scaling network, uses a different technology called Optimistic Rollups, which technically differ from the aforementioned solutions. Vitalik Buterin, the co-founder of Ethereum, has stated that while ETH2 has a solution for scalability, the Ethereum ecosystem is likely to be all-in on rollups before ETH2 arrives.

What do you think about the Consensys Rollups Technology? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory