Binance’s BNB Chain has unveiled zkBNB, a scaling solution enabling more transactions, faster, and at a lower cost. This technology will use the zero-knowledge proof system to wrap many transactions into one.
BNB Chain presents its scalability solution zkBNB
For the sake of the scaling up necessary to build a network that meets its objectives, the BNB Chain blockchain unveiled the layer 2 zkBNB. Layer 2s are currently the most popular technologies for improving network performance, and among these second layer solutions there is a very specific category called ZK Rollup.
This will be the case for zkBNB in testnet since September 2, and whose first tests announce a capacity of 5 to 10,000 transactions per secondthrough 100 million addresses.
Like other Zero Knowledge technologies, BNB Chain’s zkBNB will use SNARK proofan acronym for “Brief Non-Interactive Argument of Knowledge“. This can be translated as “succinct knowledge argument without interaction”.
Simply put, this layer 2 will be able to wrap many transactions into oneto send them on the main chain, thanks to an encryption process attesting to their validity.
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Applications of this technology
For the BNB Chain, the purpose is simple with zkBNB: to be able to manage more transactions, faster and at low cost. This is therefore a crucial step, for Binance to succeed in its bet of delivering a massively adopted blockchain.
The zkBNB solution would be, for example, a very suitable environment for the GameFi sector. Indeed, video games involving the use of non-fungible tokens (NFT) require a multitude of transactions, which must be as inexpensive as possible.
It is also specified that the network supports the various token standards of the BNB Chain ecosystem such as BEP20, BEP721 and BEP1155. On the other hand, an API system should allow Web3 developers to easily create applications.
According to Defi Llama, the BNB Chain is at the 3rd place for blockchains in decentralized finance (Challenge). It records a total locked value of $5.29 billion, for 458 applications (dApps) on its network. The arrival of zkBNB could thus enable it to consolidate its position, or even provide it with the basis for better adoption.
👉 Also in the news – End clap for USDC on Binance – Soon the hegemony of BUSD?
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Source: BNB Chain Blog
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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