The BNB Chain team announced the launch of a zero-knowledge proof-based zkBNB solution. The technology will improve user experience and scaling metrics, including transactions per second.
We’re excited to announce a significant breakthrough for #BNBChain scaling and ZK innovation.
Introducing #zkBNB an industry leading zero-knowledge proof based scaling solution providing:
🔸Advanced Scalability
🔸Transaction Speed
🔸Faster Finality
🔸Unmatched Security[1/9]🧵 pic.twitter.com/jdIa3M8OlK
— BNB Chain (@BNBCHAIN) September 7, 2022
“The goal of zkBNB is to keep security at a basic level. The network uses ZK SNARKs to increase TPS, faster completion, lower transaction costs, and scalability like never before in the industry.
zkBNB will unload the mempool, which will improve the functioning dapps. The team expects that innovative projects in the field of GameFi and social networks will appear on the basis of the blockchain.
For NFT developers, the network will provide a set of built-in APIs and a marketplace. This will eliminate direct interaction with smart contracts and not worry about security.
zkBNB supports BEP20/BEP721/BEP1155 tokens and their transfers to BNB Chain.
There will also be an analogue of ENS in the Ethereum network.
On September 2, the developers launched the zkBNB testnet. Mainnet is expected before the end of the year.
According to DeFi LlamaBNB Chain ranks second in terms of the volume of blocked assets with a figure of $7.33 billion. For comparison, in Ethereum TVL is $51.77 billion.
In March 2022, Mina Protocol launched a privacy-focused blockchain using zk-SNARKs.
Later, Polygon introduced a zero-knowledge proof-based identity service.
In July, the Matter Labs team announced the launch of the zkSync 2.0 solution on the main Ethereum network in November for a limited number of users.
Earlier, Vitalik Buterin, the founder of the second largest cryptocurrency by capitalization, called ZK-Rollups technology the central element of the blockchain scaling concept.
Binance CEO Changpeng Zhao revealed in July that the company-backed BNB Chain has processed over 2.4 billion transactions since 2020. More than 1200 projects are deployed in the network.
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Source: Cryptocurrency
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