Crypto

ConsenSys Debuts Rollups for Privacy-Enabled Transactions On ETH Blockchain

ConsenSys Debuts Rollups for Privacy-Enabled Transactions On ETH Blockchain

With Mastercard’s support, ConsenSys debuts Rollups for privacy-enabled transactions on the Ethereum blockchain.

As public ledgers are under criticism over their capacity to be traced by blockchain data analytics corporations, the move would bring in a new era of user privacy.

ConsenSys, a well-known Ethereum (ETH) software provider, announced the introduction of enterprise software ConsSys Rollups on Thursday. The service, which is based upon zero-knowledge (ZK) proofs, is meant to ensure each user’s privacy by protecting specific transaction information like account balances, sender and recipient wallet addresses, and transaction amounts.

Nodes can validate sensitive encrypted information, like personal data, using zero-knowledge proofs without revealing the data below. Users are concerned that their cryptocurrency transactions may be traced by blockchain forensic services like Chainalysis, therefore such cryptographic techniques have exploded in popularity in recent years.

Since their creation, the nature of public ledger blockchains has made all transactions visible to anybody, making their underlying tokens less private than traditional cash transactions in several aspects.

Privacy-enabled CBDCs, decentralized exchanges, micropayments, and taxes would all be supported via the Rollups feature. “ConsenSys Rollups provides far more scalability, as well as robust privacy protections, to both improve and allow solutions for existing and new use-cases. This ground-breaking technology will aid in the construction of the financial future”, stated Madeline Murray, ConsenSys’ worldwide lead of protocol engineering. The solution was designed in part with the assistance of Mastercard’s engineering team.

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According to Raj Dhamodharan, Mastercard’s Executive Vice President of Digital Assets and Blockchain Products and Partnerships:

“We’re in the early stages, but are starting to see efficiencies in how permissions and private chain product constructs use open-source technologies. Our work with partners like ConsenSys will continue to advance this space.”

In terms of bitcoin acceptance, Mastercard has chosen a cautious but consistent approach. Mastercard’s executive VP of market development Liza Oakes stated the business is “looking at CBDCs, stablecoins, and how to promote their developments” in an interview with Cointelegraph Editor-in-Chief Kristina Cornèr the day before.

Very excited to announce the launch of @ConsenSys Rollups in partnership with @Mastercard to provide enterprise-grade scalability + address the key challenge of scalable applications on the @ConsenSysQuorum tech stack.

— ConsenSys (@ConsenSys) December 16, 2021

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.