ConsenSys releasing Ethereum scaling solution with Mastercard
ConsenSys partnered with the engineering team of the MasterCard payment network firm to launch Ethereum scaling solution.
After bitcoin, this is Ethereum, which is in use more than any other crypto project. Ethereum is even still better than Bitcoin, in terms of blockchain technology adoption. But the high price of Ethereum token and high traffic & load on the Ethereum blockchain network caused high gas fees, so small crypto users usually avoid using the Ethereum blockchain network.
To solve these issues, the Ethereum project team decided to shift the Ethereum blockchain from Proof-of-work Consensus to Proof-of-stake Consensus, to bring huge efficiency to the Ethereum network. However many people criticized this decision of the Ethereum project but still, Ethereum co-founder Vitalik said that it is necessary to sustain the future of Ethereum. But Vitalik Butterin also admitted that it will take around a couple of years to shift Ethereum from one Consensus to another, and in that time frame we need to remain dependent on the Layer2 scaling solution.
With the initiative to bring Layer2 scaling solution with high-level security, leading Ethereum software company ConsenSys established a partnership with the blockchain engineer team of giant payment network firm MasterCard.
Both of these two parties will integrate layer2 scaling solutions with “scalability and privacy capabilities’ ‘.
According to the blog post, the Developers of the ConsenSys will design the Software, and the MasterCard engineering team will do the actual work in development form. This initiative is called ConsenSys Rollups.
ConsenSys Rolloups will have the scalability of 10,000 TPS on a private chain, while 15 TPS on Ethereum mainnet.
The Global Lead of Protocol Engineering at ConsenSys, Madeline Murray, stated about it and said that increasing the privacy potential of blockchain is the main initiative. Further added:
“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.”
Right now, the Polygon network is a popular crypto project, which is dedicated to working for the Layer2 scaling solution of Ethereum.
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