Consensys: The Blockchain Beast.

Consensys is no doubt a giant in the blockchain technology space.

Consensys is the co-founder of Ethereum, the second-largest cryptocurrency, and the manager of Quorum.

Joseph Lubin founded Consensys in 2014 to develop decentralized apps.

Since the launch of Consensys, it has continued to collaborate and partner with big brands and organizations.

Over the years, Consensys has partnered with Visa, Microsoft, Allfunds, and a host of other industry players.

Consensys is one of the leading blockchain app development platforms today.

Having co-founded the likes of Ethereum and acquired Quorum, Consensys has continued to enjoy unprecedented achievements in recent times.

Since its launch, it has racked up partnerships with several big brands that cut across several sectors.

This article shall give a clearer picture of how far Consensys has come and its exploits in the tech industry.

Firstly, let's familiarize ourselves with the functions of Consensys.

What Is Consensys?

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Consensys is a blockchain software developer founded in 2014 by Joseph Lubin. Ethereum and Consensys share the same co-founder.

Lubin founded Consensys to develop decentralized apps that will be deployed over the Ethereum blockchain. Consensys is a blockchain software growing platform that enables web3 apps.

With Consensys, you can launch blockchain-powered financial infrastructure and have unlimited access to the decentralized web.

Consensys is a co-founder of Ethereum. Most of its developed apps are to ease your transactions using the Ethereum blockchain.

Since the launch of Consensys, the blockchain developer has continued to acquire various tech assets, including Quorum.

Consensys has also built blockchain apps such as MetaMask and Infura. MetaMask is an Ethereum wallet application developed to enable you to store and transfer your cryptocurrencies.

Infura, another blockchain app developed by Consensys, is a blockchain node infrastructure service that enables you to get data and transaction details on your Ethereum blockchain.

As a developer, you can use the Consensys platform to build web3 applications, launch modern financial infrastructure, and access decentralized web services.

Consensys has invested in other projects unrelated to blockchain or software development. They include Meridio for real estate management and Gnosis, a prediction marketplace.

In 2021, Consensys increased its market valuation to $3.2 billion by raising $200 million from Animoca Brands, Coinbase Ventures, HSBC, and others.

Let's move to the application of Consensys in blockchain.

Application Of Consensys In Blockchain

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Due to the numerous benefits of Consensys as a blockchain platform, its use cases continue to expand over time.

Therefore, these are some of the applications of Consensys in the blockchain:

Creation of decentralized apps

Consensys grants access and allows interaction with other decentralized apps on the blockchain.

Consensys offers blockchain solutions that will enable your entry and participation in DeFi.

MetaMask

Many internet users see MetaMask as an easy gateway to the decentralized web. Instead of using commercial banks with centralized mechanisms and regulations, many people now find solace in MetaMask as a safe and trustworthy alternative.

The application of consensys is mainly for the transfer of digital assets. The launch of “MetaMask Swaps” by Consensys is a new feature that will enable holders to compare and swap their tokens directly within the MetaMask.

The Swap and exchange feature is currently available for users of the MetaMask extension on the Firefox web browser. It is expected to be available for other browsers in the coming days.

Ethereum

The application of consensys in Ethereum enables transparency during transactions, immutability, and automation of processes.

Moreover, Consensys and Ethereum have the same co-founder. Hence, we can infer that the use cases of Consensys will overlap on Ethereum compared to other DeFi platforms.

Consensys reduces the barrier to trading across blockchain platforms, enables peer-to-peer transactions, and ensures compliance with blockchain governance protocols.

Having explained the activities, functions, and use cases of Consenys in the blockchain industry, we shall highlight some partnerships /collaborations between Consensys and other big brands.

Consensys Collaborations and Partnerships

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Over the years, Consensys has continued to collaborate with big businesses and startups that cut across various sectors. Some of these partnerships include;

Consensys And Visa


Visa, a global and foremost payment brand, has partnered with Consensys. The partnership is expected to develop technology for digital currency payment systems.

The partnership between the payment system giant and blockchain technology developer will enable the development of technologies for Central Bank Digital Currencies.

The collaboration is expected to kick start its launch by 2022. The launch will see the building of an “on-ramp” and “sandbox” that will enable Central banks to mint CBDCs using Consensys Quorum protocol.

The partnership between Visa and Consensys is a win-win situation for both tech giants. We expect the collaboration to create a double-tier distribution network.

The distribution network will enable Central banks to use Quorum to set the coin's monetary attribute while using Visa's payment platform to distribute the currency to financial institutions.

The collaboration explores ways to merge the new form of transaction (digital currency) with existing legal tender ( fiat).

Consensys And JPMorgan


In a bid to expand its frontier and move a step higher, Consensys went into partnership with JP Morgan.

The partnership saw the purchase of Quorum, a blockchain platform from JP Morgan. The association also allowed JP Morgan to invest in Consensys.

However, details of the latter investment were not disclosed.

When Consensys and JP Morgan announced the partnership, experts believed that the cooperation was necessary to enable Quorum to thrive in the hands of software and service-oriented organizations.

Until the acquisition by Consensys, JP Morgan was using the app to run its interbank information network. The Interbank network was open-source and involved over 300 banks.

Consensys And Allfunds


Allfunds is a leading wealth tech giant connecting financial institutions that purchase shares with fund distributors.

In February 2021, Allfunds and Consensys announced a collaboration to enable Consensys to power the Allfunds platform.

The partnership will help to streamline the global fund distribution industry and enable instant, secure and reliable communication across the board.

Consensys is expected to commercialize its Quorum privacy feature for Allfunds. The feature is a new commercial offering that allows enterprises to leverage the Allfunds Blockchain platform.

We expect the partnership to expand to the entire fund industry and prepare them for a non-paper-driven sector. The partnership will see the launch of patented technology by Allfunds to be supported and maintained by Consensys.

Conclusion

Consensys is one of the highest-ranked blockchain developers, no doubt; it is called the blockchain beast. Having co-founded Ethereum, it has continued to be a force to reckon with in blockchain development.

Irrespective of the sector, companies, and businesses are exploring various ways to break into the metaverse as it is regarded as the future of technology.

Collaboration and partnership with blockchain giants like Consensys are, therefore, essential. Financial service giants like Visa and JP Morgan are not out for recognition or to increase patronage; they already have enough patrons.

They are partnering with the likes of Consensys to improve their service delivery, move with the latest trend and become a force to reckon with among the tech giants.

In the coming years, the blockchain development industry will witness new updates and collaborations across several sectors.



Author: Valentine. A, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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