Ethereum

Ethereum 2.0 Innovations Being Followed By Another Blockchains Too.

Like the blockchain industry prepares for the release of Ethereum 2.0, two innovations to the world’s second-largest blockchain were revealed this week, adding additional scalability and application scenarios to the network.

Consensys, Ethereum’s major software developer, is collaborating with payments behemoth Mastercard to build Consensys Rollups, which will increase the scalability of the Ethereum blockchain for both mainnet and personal usage.

In the meantime, Consensys is creating Gravity Bridge, a connection between Ethereum and the Cosmos ecosystem that would link Ethereum to certain other blockchains. The bridge will also provide additional staking opportunities, enabling higher liquidity as even more assets flow via an extensive array of linked chains.

Like the blockchain industry prepares for the release of Ethereum 2.0, two innovations to the world’s second-largest blockchain were revealed this week, adding additional scalability and application scenarios to the network.

Consensys, Ethereum’s major software developer, is collaborating with payments behemoth Mastercard to build Consensys Rollups, which will increase the scalability of the Ethereum blockchain for both mainnet and personal usage.

In the meantime, Consensys is creating Gravity Bridge, a connection between Ethereum and the Cosmos ecosystem that would link Ethereum to certain other blockchains. The bridge will also provide additional staking opportunities, enabling higher liquidity as even more assets flow via an extensive array of linked chains.

Notwithstanding this sustained expansion, the price of ETH, the native token of the Ethereum blockchain, has gone down on through with the remainder of the cryptocurrency market after reaching a new all-time high in mid-November, even if it is presently trading approximately 20% lower at $3,921.

Rollups are a layer-2 solution that enhances Ethereum’s scalability by combining or “rolling-up” and executing multiple transactions off-chain before bringing the outcomes over to Ethereum for confirmation, minimizing network congestion. ConsenSys Rollups can now generate a bandwidth of up to 10,000 transactions per second (TPS) on a private chain, whereas private chains can only generate 300 TPS and the Ethereum mainnet can just accomplish 15.

Examples of such application cases are central bank digital currencies (CBDCs), decentralized exchanges, micropayments, and private transfers and taxes, as per ConsenSys.

ConsenSys is the creator of the famous non-custodial wallet MetaMask, which has witnessed a surge in popularity this year as the wallet utilized to link to Ronin, a sidechain of the massively renowned play-to-earn game Axie Infinity.

The startup, which has been formed by an Ethereum co-founder and also acts as Ethereum’s top software developer, concluded a US$200 investment round last month to grow into Web 3.0. ConsenSys is also active in CBDC initiatives throughout the globe and was lately named one of three winners of the Monetary Authority of Singapore’s Global CBDC Challenge, which sought ideas to enhance CBDCs for financial inclusion.

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