Introduction
Binance Chain launched the zkBNB test net, its zero-knowledge proof scaling technology. This is part of the team’s commitment to providing Web3 dApps with advanced and secure blockchain infrastructure.
A significant issue with blockchain scalability, as pointed out by BNB, is the long delay in processing and finalizing transactions. However, in its blog post, the team claims that the deployment of zkBNB will address this issue by significantly reducing transaction queues to give room for better user experience and better functioning blockchain applications.
With the introduction of zkBNB, the BNB chain aims to influence developers to build large-scale BNB applications with guaranteed security, improved transaction speeds, reduced transaction fees, and faster finality.
The zkBNB testnet went live on September 2, 2022, encouraging web3 developers to start interacting with the code and creating new and exciting applications. This comes after the March 2022 launch of the BNB Application Sidechain (BAS), a framework that allows the creation of new sidechains within the BNB ecosystem.
How zkBNB Works
According to the team, zkBNB leverages the same security Binance Smart Chain enjoys. And its primary function is to maintain base layer security using an algorithm known as ZK SNARKS (succinct non-interactive argument of knowledge) which ensures scalability and faster transactions per second.
The code is open source and will allow web3 developers to experiment with its features and extend its functionalities to other use cases. And since there is unrestricted access to zkBNB’s documentation, the ecosystem will witness more innovative options pop up.
The BNB chain team believes that web3 developers will find the capabilities of zkBNB impressive. Especially those developers building dApps. The built-in marketplace and powerful API services act as a marketplace for NFTs and digital collectibles.
Another feature of zkBNB is that it supports the existing token trading system on the Binance chain. So, for example, developers can now quickly transfer BNB, BEP20/BEP721/BEP1155 tokens between Binance Smart Chain and zkBNB. It also eliminates lengthy transactions and ensures a more seamless experience.
Also, payment integration and atomic swap will be easier with a few lines of code. zkBNB users, through the utilization of the protocol’s built-in liquidity pool and AMM swap, will also be able to trade digital assets automatically without permission.
Zero Knowledge Explained
Although Zero-knowledge technology has been around since 1985, its implementation in blockchain technology is relatively new. Zero-knowledge as an emerging technology employs mathematical proofs to verify specific information without sharing certain details.
ZK SNARKS were first used in crypto by Zcash, a bitcoin fork. However, since then, the protocol has seen global adaptation. For instance, Polygon launched Polygon zkEVM earlier in July 2022. Furthermore, according Ethereum co-founder Vitalik Buterin, in his blog post “The Endgame,” he highlighted Zero-Knowledge Proofs as the long-term solution to decentralized blockchain scalability.
Conclusion
With over $5.3 billion in total value locked, Binance Chain ranks 3rd amongst other networks, proving it is one of the go-to chains in the blockchain ecosystem.
BNB chain noted that its targets the end of 2022 for the launch of zkBNB on the Mainnet. When this happens, the chain will execute over 5,000 to 10,000 transactions per second and support over 100million different wallets.
The infrastructure for the BNB chain will reach a formal conclusion when the BNB Beacon Chain and BNB Smart Contract are included under one name, “BNB Chain.” However, this will only occur if the zkBNB Mainnet is activated successfully in conformity with the BNB Chain’s Roadmap.
