Binance’s main BNB chain has announced the release of its zero-knowledge-proof scaling technology, zkBNB.
As a precautionary measure to ensure scalability, zkBNB was released on the BNB Chain testnet on September 2nd, far ahead of its official launch in November.
According to BNB Chain, zkBNB will improve both the user experience and scalability metrics like transactions per second.
Vitalik Buterin, Ethereum’s creator, emphasized zero-knowledge proofs as a long-term solution for the scalability of the distributed ledger’s block creation process in his article “Endgame.” This emerging scale-and-privacy technology uses mathematical proofs to enable the verification of specific information without disclosing its details.
The BNB chain is a popular level one block chain since it stores more than $5.40 billion in blocked value (TVL) as of the time this article was written, ranking it third overall among all chains according to DeFiLlama.
BNB zk Chain
BNB Chain stated in their published article that the goal of zkBNB is to maintain the security of its base layer, while at the same time using what are known as ZK SNARKs to achieve faster transactions per second (TPS), finality, lower transaction costs, and “unprecedented scalability” in the industry.
Designed to handle a high volume of transactions in a short amount of time, zkBNB can process 5,000 to 10,000 transactions per second and handle transactions involving 100 million addresses, as reported by BNB Chain.
Useful Resource for Web3 Developers
zkBNB was made to cater to the many requirements of the Web3 development ecosystem. Developers of NFT dApps, for instance, may make use of zkBNB’s built-in NFT market and API services. According to BNB Chain, this “will allow teams to build an ‘out-of-the-box’ market for collectible crypto and NFTs.”
Additionally, zkBNB may be used to enhance blockchain-based gaming and social networking initiatives. The scaling solution will reduce the significant delays associated with chain resolutions. By allowing for simple token operations, BNB Chain and zkBNB make it easy for developers to exchange BNB and BEP20, BEP721, and BEP1155 tokens.
Finally, with enhanced API REST, zkBNB may be deployed by blockchain game developers and other content project creators for faster, more trouble-free product rollouts.
Improved experience
BNB has noted that one of the issues is the length of time it takes to process and close transactions. It is claimed that zkBNB will significantly lower transaction fees, which will improve application performance and the user’s overall experience.
Cover image: BNB scaling – Universal Public Domain.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
