Blockchain

With the support of MasterCard, ConsenSys launched Rollup on the Ethereum blockchain to enable private transactions

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On Thursday, the famous Ethereum developer ConsenSys (Ethereum) Software, announced the launch of enterprise software ConsSys Rollups. The service is based on zero-knowledge design (ZK) Proof, designed to protect specific transaction elements, such as account balance, sender and receiver wallet addresses, and transaction amount to protect the privacy of each user.

Zero-knowledge proof enables nodes to verify sensitive encrypted information, such as personal data, without revealing the data below. In recent years, this encryption technology has become popular because users worry that their encrypted transactions may be tracked by blockchain forensics companies (such as Chainalysis). The nature of the public ledger blockchain allows anyone to view all transactions since its inception, which makes their underlying tokens in some respects less private than physical cash transactions.

The Rollups feature will be able to support privacy-enabled CBDC, decentralized transactions, micropayments, and taxes. “In addition to strong privacy protection, ConsenSys Rollups also provides greater scalability to enhance solutions for existing use cases and enable new use cases. This innovative solution will help accelerate the construction of the future of finance” , Madeline Murray, global head, said of ConsenSys’ contract engineering. Mastercard’s engineering team helped design the solution to a certain extent.

Raj Dhamodharan, Executive Vice President of Mastercard Digital Assets and Blockchain Products and Partnerships added:

We are in the early stages, but are beginning to see the efficiency of how permissions and private chain product constructs use open source technology. Our cooperation with partners such as ConsenSys will continue to promote the development of this field.

Mastercard has taken Slow but steady The method of using cryptocurrency. In an interview with Cointelegraph editor-in-chief Kristina Cornèr the day before, Liza Oakes, Executive Vice President of Market Development at Mastercard, stated that the company “is studying CBDC, stablecoins and how to support their development.”