ConSenSys, a well-known Ethereum (ETH) software company, introduces enterprise software ConsSys Rollups on Thursday. The service, based on zero-knowledge (ZK) proofs, aims to safeguard certain transaction components; such as account balances, sender and recipient wallet addresses, and transaction amounts, to preserve each user’s privacy.
With The Help Of Mastercard, ConSenSys Introduces Rollups On The Ethereum Blockchain
Zero-knowledge proofs allow nodes to validate sensitive encrypted information, such as personal data, without disclosing the data below.
Such cryptographic approaches have grown in prominence recently since consumers are concerned that their crypto transactions would be traced by blockchain forensic services such as Chainalysis, therefore their creation, public ledger blockchains have made all transactions available for anyone to examine; making their underlying tokens less private than actual currency transactions in several aspects.
The Rollups feature would be able to handle privacy-enabled CBDCs, decentralized exchanges, micropayments, and taxes.
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.
This innovative solution will help accelerate the building of the future of finance”; The approach was designed in part by the engineering team at Mastercard.
Raj Dhamodharan, Mastercard’s executive vice president of digital assets, blockchain products, and partnerships, added:
“We’re in the early stages, but are starting to see efficiencies in how permissions and private chain product constructs use open-source technologies. Our work with partners like ConsenSys will continue to advance this space.”
Mastercard Adopts A Consistent Approach To Crypto Adoption
Mastercard’s approach to Bitcoin adoption has been gradual but consistent. Yesterday; Mastercard’s senior vice president of market development Liza Oakes said that the corporation is “looking at CBDCs, stablecoins, and how to promote their evolution.”
ConSenSys is the world’s largest provider of software and services that enable developers; organizations, and individuals to construct next-generation apps, implement modern financial infrastructure; and access the decentralized web.
Its product suite; which includes Infura, Quorum, Codefi, MetaMask, Truffle, Diligence; and its NFT platform, supports millions of users and allows billions of blockchain-based queries for its clients; along with billions of dollars in digital assets. On this solid, open-source foundation, we’re building the digital economy of the future.