ConsenSys and MasterCard to Scale Ethereum

Ethereum is currently the leader in smart contracts and has been heavily in demand for the past few years. The demand on the blockchain has made transactions rise from a fraction of a penny to sometimes hundreds of dollars.

The need to scale the blockchain to run faster is in competition from other technologies, and it’s heating up. To help the cause, ConsenSys and MasterCard have teamed up to assist in scaling Ethereum.

In case you have been living under an NFT rock, ConsenSys is a Brooklyn-based software company and one of the largest in blockchain and Ethereum development. It was founded by Joseph Lubin, one of the main early contributors to the Ethereum blockchain.

The company has now announced the launch of its latest venture, ConsenSys Rollup. This platform will provide an enterprise-ready solution to financial institutions and others. To help with these goals ConsenSys has partnered with MasterCard and will use its expert engineering team to help design the platform. 

ConsenSys and MasterCard are not building Ethereum directly, but are rather making something that can be used for Ethereum privately. The goal is to build a platform that is completely compatible with the Ethereum network and able to post transactions to the main chain as well as a private chain. The platform would only work with permissioned blockchain applications and would provide not only scaling options, but privacy options as well.

We all hope that this new partnership will help boost the development and release of a faster Ethereum. While this collaboration will not be used to develop Ethereum 2.0, it could ease a lot of the demand on the network which will result in faster and cheaper transactions for everyone. The ConsenSys Rollup targets 10,000 transactions per second which is over 500 times the speed of the current Ethereum blockchain. 

The Rollup solution will be an application used by many. The pipeline of projects that could use this technology would include: central bank digital currencies, decentralized exchanges, and potentially microtransactions. If actioned correctly this platform would also be useful for private payments and to facilitate taxes.

Let us know if you think this new partnership could stop Ethereum from being overtaken by some of the other blockchain solutions!

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Written by Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.

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