Consensys, an Ethereum software company, yesterday announced the introduction of a new scaling solution for Ethereum called “Consensys Rollups”. The company hired Mastercard programmers to develop the solution, which, according to a PR statement, should enable the network to achieve a throughput of 10,000 TPS (transactions per second). The solution can be implemented on private, approved protocols such as Quorum or on public chains such as Ethereum.
Consensys fixes scaling with support from Mastercard
Consensys, an Ethereum software company, started Consensys Rollups yesterday, a ZK-proof-based scaling solution for Ethereum-based networks. The company announced that this initiative was carried out with the help of Mastercard’s engineering team, who helped develop the solution.
According to Consensys, the rollups solution from Consensys will be used on company-oriented protocol platforms such as quorum, or directly to Ethereum. Quorum is a protocol layer acquired by Consensys and developed by JPMorgan that enables companies to deploy their apps in a secure environment similar to Ethereum. According to Consensys:
[The goal is] to offer leading financial institutions and others scalability at enterprise level and to master the central challenge of scalable applications on the quorum tech stack.
Implementing such a scaling solution would supposedly allow these networks to process up to 10,000 TPS, much more than the number of transactions now taking place on Ethereum Layer 1 (L1). This development follows that Notice a partnership concluded in April between Mastercard and Consensys with the aim of pooling their expertise in order to develop quorum-based solutions.
The state of Ethereum L2 scaling
The scaling panorama of Ethereum L2 (Layer 2) has seen significant growth this year. According to L2 beat, an L2 Ethereum Layer value aggregator, now has more than $ 5 billion tied up on some of these initiatives, up from the $ 50 million that registered these same solutions earlier this year.
This newly developed solution, which was launched yesterday, could be used with other solutions such as Arbitrum, which already has more than $ 2.2 billion on its platform, more than 50% of that in ether. The scaling solution uses the same underlying technology as Consensys Rollups, so-called ZK-Proofs.
However, this isn’t the only technology Ethereum is being used to scale. optimism, another scaling network, uses a different technology called Optimistic Rollups, which is technically different from the solutions above. Vitalik Buterin, the co-founder of Ethereum, has specified 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 of Consensys’ rollups technology? Let us know in the comments section below.
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Source: Crypto News Austria