ConsenSys Teams With Mastercard to Debut Tool Aimed at Scalability on Ethereum Blockchain

Ethereum blockchain software company ConsenSys, in conjunction with Mastercard, has debuted a tool used to make blockchain technology scalable on the Ethereum Mainnet or for private use, according to a Thursday (Dec. 16) press release.

ConsenSys Rollups is a modular software solution for permissioned blockchain applications aimed at providing scalability and privacy capabilities that can be connected to any Ethereum Virtual Machine (EVM)-compatible blockchain, according to the announcement.

The software leverages zero-knowledge proof technologies to safeguard various transaction elements, including account balances, sender, recipient, and amount to thwart the public sharing of personal information across the network, according to the release. According to the company, zero-knowledge proof technologies enable a party to illustrate their knowledge to another without sharing actual information and is used to authorize transactions without having to execute them on the blockchain network.

“ConsenSys Rollups enables vastly more scalability in addition to strong privacy protections to both enhance solutions for existing use-cases and enable new use-cases,” Madeline Murray, ConsenSys global lead of protocol engineering, said in the anouncement. “This innovative solution will help accelerate the building of the future of finance.”

ConsenSys Rollups enables the implementation of new, innovative uses including issuance of a Central Bank Digital Currency (CBDC); Decentralized Exchanges (DEX); micropayments; and private transfer and taxes, according to the company.

Headquartered in New York, ConsenSys, which was established in 2014, creates and invests in projects built on the Ethereum blockchain, a direct rival to bitcoin. Ether is the digital asset most closely aligned with Ethereum and is what founder Joseph Lubin used as the main source of funding to start the company, PYMNTS reports.

This spring ConsenSys had generated $65 million from investors as part of a “formation round.”

In October, PYMNTS reported that ConsenSys was on the verge of closing a funding round that could push the company’s value to $3 billion.

Related: ConsenSys Crypto Investors Include JPMorgan, Mastercard, With $3B Valuation