On Thursday, ConsenSys, a prominent Ethereum software developer (ETH) announced the launch of ConsenSys Rollups business software. The service, designed on the basis of zero knowledge (ZK) testing, is intended to protect specific transaction elements, such as account balances, sender and recipient wallet addresses, and transaction amounts to ensure the privacy of each user.
Zero-knowledge tests allow the validation of encrypted confidential information, such as personal data, by nodes without revealing the underlying data. These cryptographic techniques have gained enormous popularity in recent years, as users fear that their crypto transactions are at risk of being tracked by forensic blockchain firms like Chainalysis.. The nature of public ledger blockchains has made all transactions available for anyone to view from their inception, making their underlying tokens less private than physical cash transactions, in certain ways.
The Rollups feature could support privacy-enabled CBDCs, decentralized exchanges, micropayments, and taxes. “ConsenSys Rollups enable much greater scalability, plus strong privacy protections to improve solutions for existing use cases and enable new use cases. This innovative solution will help accelerate the construction of the future of finance, “said Madeline Murray, global protocol engineering leader at ConsenSys. The Mastercards engineering team helped in part to design the solution.
Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard, added:
We’re in the early stages, but we’re starting to see efficiencies in the way private chain product builds and permits use open source technologies. Our work with partners like ConsenSys will continue to advance in this space.
Mastercard has taken a slow but steady approach to crypto adoption. In an interview with Cointelegraph Editor-in-Chief Kristina Cornèr the day before, Mastercard’s Executive Vice President of Market Development Liza Oakes said the company is “looking at CBDCs, stablecoins and how to support their developments.”
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
Very excited to announce the launch of ConsenSys Rollups in partnership with Mastercard to provide enterprise-level scalability and address the key challenge of scalable applications in @ConsenSysQuorum technology.
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ConsenSys Launches Rollups for Private Transactions on the Ethereum Blockchain with Mastercard Support