Consensys, an Ethereum software company, announced yesterday the launch of a new scaling solution for Ethereum, called “Consensys Rollups.” The company enlisted Mastercard programmers to design the solution, which aims to allow the network to reach a throughput of 10,000 TPS (transactions per second), according to a PR statement. It can either be used on top of permissioned private protocols, such as Quorum, but also on public chains, like Ethereum.
Consensys to Address Scaling With Mastercard’s Assistance
Consensys Rollups was launched yesterday by Consensys Software, an Ethereum software firm. It is a ZK proof-based scaling solution that can be used on Ethereum-based networks. The company revealed that this initiative had been undertaken with the help of Mastercard’s engineering team, which helped to design the solution.
Consensys claims that the Consensys Rollups software can be deployed on Enterprise-focused platform platforms like Quorum and directly on Ethereum. JPMorgan’s Consensys-acquired protocol layer Quorum allows enterprises to deploy apps in a safe environment that resembles Ethereum. Consensys claims:
[The goal is]To provide enterprise-grade scaling to financial institutions and other organizations, as well as addressing the challenge of scaling applications using the Quorum tech stack.
Implementing such a scaling strategy would allow the networks to process 10,000 transactions per hour, which is more than the amount of transactions happening on Ethereum Layer 1 (L1) currently. This announcement follows Consensys’ April announcement that Mastercard had partnered with Consensys to provide Quorum-based solutions.
State of Ethereum L2 scaling
This year has seen significant growth in the Ethereum L2 (Layer 2) scaling panorama. L2 beat is an L2 Ethereum layer valuation aggregator. It reports that more than $5Billion dollars are currently locked into these projects, up 50% from the $50M these solutions were registered for at the start.
Yesterday’s new solution was launched to rival solutions like Arbitrum. Arbitrum has more $2.2 billion on its platform and holds more than half that amount in Ether. Consensys Rollups shares the same technology used in scaling, ZKproofs.
However, this technology is not the only one that can scale Ethereum. Optimism uses a different scaling technology, called Optimistic Rolleups. It technically differs from the aforementioned options. Vitalik Buterin is the founder of Ethereum. He stated that ETH2 offers a solution to scaling, but the Ethereum ecosystem will likely be focused on rolling up rollups long before ETH2.
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