ConsenSys starts rollups for private transactions on the Ethereum blockchain with Mastercard support

On Thursday, ConsenSys, a leading Ethereum (ETH) software developer, announced the launch of ConsenSys Rollups enterprise software. The service, which was developed on the basis of zero knowledge tests (ZK), is intended to protect certain transaction elements such as account balances, sender and recipient wallet addresses and transaction amounts in order to guarantee the privacy of every user.

Zero-knowledge tests enable nodes to validate encrypted confidential information, such as personal data, without revealing the underlying data. These cryptographic techniques have gained tremendous popularity in recent years as users fear that their crypto transactions could be tracked by forensic blockchain companies like Chainalysis.. The nature of the public ledger blockchains has resulted in all transactions being open to everyone from the get-go, making their underlying tokens in some ways less private than physical cash transactions.

The rollups function could support privacy-friendly CBDCs, decentralized exchanges, micropayments and taxes. “ConsenSys rollups enable much greater scalability and strong data protection in order to improve solutions for existing use cases and enable new use cases. This innovative solution will help accelerate the building of the future of finance, ”said Madeline Murray, ConsenSys global protocol engineering leader. Mastercards’ engineering team partially helped develop the solution.

ConsenSys starts rollups for private transactions on the Ethereum blockchain with Mastercard support
ConsenSys starts rollups for private transactions on the Ethereum blockchain with Mastercard support

Raj Dhamodharan, Executive Vice President of Digital Assets and Blockchain Products and Partnerships at Mastercard added:

We’re still in the early stages, but we’re starting to see efficiencies in the way private chain products are created and the use of open source technologies is allowed. Our cooperation with partners such as ConsenSys will continue to advance in this area.

Mastercard has taken a slow but steady approach to adopting cryptocurrencies. In an interview with Cointelegraph’s editor-in-chief, Kristina Cornèr, the day before, Liza Oakes, Mastercard’s Executive Vice President of Market Development, said the company “supports CBDCs, stablecoins and their development”.

We’re excited to announce the launch of ConsenSys Rollups in partnership with Mastercard to deliver enterprise-grade scalability and address the greatest challenge of scalable applications in @ConsenSysQuorum technology.

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