Last Thursday saw ConsenSys, a vital developer of the software of Ethereum, announcing the launch of Rollups- an enterprise software. The service which is designed on the basis of ZK proofs has been thought to protect most of the specific elements of the transaction, such as account balances, recipient and sender wallet addresses, and transaction amounts that would ensure every user’s privacy.
ZK proofs certify the validity of sensitive encrypted information, such as personal data, through nodes without revealing the data present underneath. Such techniques of cryptography have been gaining some massive popularity in the last couple of years, with most users fearing their transactions of crypto are at risk of being tracked by forensic firms of blockchain such as Chainalysis.
ConsenSyS Helping MasterCard Ascend
The ConsenSyS Rollups feature would definitely be able to bring about support for some privacy-enabled CBDCs, decentralized exchanges, taxes, and micropayments. The Rollups help in enabling vastly more scalability in addition to strong protections of privacy which would both enhance solutions for existing use-cases, as well as enable new use-cases. This innovative design would also help in accelerating the building where finance would be housed.
Raj Damodharan, the VP of digital assets and blockchain products and partnerships at Mastercard, recently added that though they are still working in the early stages of the sector, they have been able to see certain efficiencies in how private chain products are constructed using open-source technologies. Their work with partners similar to ConsenSys will definitely continue to advance such a space.
It is of no doubt to anyone that Mastercard has taken a really slow but steady approach to the adoption of cryptocurrency. In an interview with Cointelegraph, Liza Oakes stated that the company was looking at ConsenSys Rollup features, CBDCs, and other ways to support their developments.