Consensys a leading Ethereum Software company recently launched ConsenSys Rollups in collaboration with payment giant Mastercard. The software solution will help provide scalability and privacy to Ethereum Virtual Machine (EVM) compatible blockchains.
“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, ” said Madeline Murray – Global Lead of Protocol Engineering at ConsenSys. “This innovative solution will help accelerate the building of the future of finance”.
By increasing scalability and confidentiality for asset transfers, ConsenSys Rollups enables the implementation of new, innovative use-cases.
First, Central Bank Digital Currencies (CBDCs); CBDCs issuance on top of a ConsenSys Rollups powered Quorum network can provide scalability and privacy capabilities for digital currency transfers among central banks, commercial banks, and retail users.
Secondly, Decentralized Exchanges (DEXs); DEXs built with Rollups will bring scalability to Decentralized Finance (DeFi) and NFTs, and more use cases on Ethereum that need faster settlement but the security guarantees of Ethereum.
Thirdly, Micropayments; Micro payment applications that see users pay, for example, on a per-stream or per-view basis will require high throughput to properly function as large numbers of users interact with platforms and decentralized applications (dapps). Rollups on mainnet will allow Ethereum to scale to meet the demand of new Web3 economic paradigms without network congestion, high fees, or finality challenges.
Finally, Private transfer and taxes; ConsenSys Rollups open a new pattern for confidentiality on the Ethereum Mainnet, or on Enterprise Ethereum (Quorum) powered networks. With partially anonymous rollups, users can transfer or swap tokens and transact with partial anonymity. Use-cases that require auditability and transparency but also maintain user confidentiality will be enabled with rollup solutions. This could remove the next barrier to entry for more DeFi or cryptocurrency users on new services.
