Binance’s Layer 1 BNB Chain announced the launch of zkBNB, its zero-knowledge proof scaling technology. BNB Chain claims that zkBNB will improve user experience and increase scalability metrics like transactions per second.
Binance’s Layer1 BNB chain announced its zero-knowledge (ZK), proof scaling technology. It is called zkBNB.
Zero-knowledge proofs can be a viable long-term solution for decentralized blockchain scaling, as Vitalik Buterin, co-founder of Ethereum, highlighted in his “Endgame” article.
BNB Layer 1 Chain holds $5.4 Billion in value
This is an emerging scaling technology and privacy technology that uses mathematical proofs to verify specific information without revealing the details.
BNB Chain is one the most popular Layer 1 blockchains. It holds more than $5.4 Billion in total value locked (TVL). As of this writing, it sits at number 3 among all chains, according DeFiLlama.
zkBNB will allow for faster transaction speeds
BNB Chain stated in its article that zkBNB’s goal is to keep security intact from its base layer. However, it uses ZK SNARKs, which allow for faster transactions per sec (TPS), finality and greater scalability.
Zero-knowledge proofs do not represent a new technology. Zero-knowledge proofs are not a new technology. They have been around since 1985.
ZK proofs are relatively new in cryptocurrency. ZK SNARKs, a fork off bitcoin, were implemented for the first time by Zcash.They have been gaining popularity lately because of its use of elliptic curves for proofs that offer high-security guarantees as well as viability for long term scalability.
BNB highlighted the long delays in processing and finalizing transactions as a problem. It claims that zkBNB will dramatically reduce transaction queues. This is conducive for better-functioning applications and a better user interface.
The testnet of zkBNB was launched on September 2, and its mainnet launch target is before 2022.