What is zkBNB? BNB chain’s Layer 2 scaling solution 2022
BNB is clearly showing its ambition to rise as it has recently continuously launched features and products. One of them is zkBNB, a solution that uses ZK-rollup technology to expand the network. This article will clarify what zkBNB is and what role this solution plays in the BNB Chain network.
zkBNB is a scaling technology that uses a zero-knowledge proof solution, which can be considered as an extended Layer 2 of the BNB Chain. BNB Chain also believes that with zkBNB technology, users will get a smoother experience and higher transaction speed (TPS).
zkBNB is a testament to BNB Chain’s efforts to expand and improve the network, this technology is also expected to become one of the most optimal and secure blockchain infrastructures for Web3 Apps.
The testnet version of zkBNB was launched in early September, the mainnet version is scheduled to launch in November this year. With the open-source code, developers can further extend the functionality of zkBNB and optimize the technology to suit the dapp they are developing.
For those who don’t know, zero-knowledge proof (ZK proof) is a Layer 2 scaling solution that has been used for Ethereum. ZK-proof is also the long-term solution for scaling decentralized blockchains. Vitalik Buterin, the founder of Ethereum once shared in the blog “End game” this will be the best scaling technology in the long term.
Simply put, ZK-Rollups work in a way that aggregates a large number of transactions into a Rollup block and generates a concise zero-knowledge proof for that block. These zero-knowledge proofs are a way of proving something to be true without having to disclose information.
These proofs are then verified on Layer 1 (BNB Chain) without re-transactions, which results in users being able to experience cheaper transaction fees and higher transaction speeds.
With the ability to process multiple transactions in a short period, according to BNB Chain, zkBNB is calculated to be able to process transactions from 100 million different wallet addresses and execute 5,000 to 10,000 transactions per second. In addition, users can also arbitrarily withdraw money at any time without delay.
Some prominent projects that have used ZK Proof include zkSync, StarkNet, Mina Protocol, Loopring, Aztec Network…
One of the most important uses of zkBNB is to create an opportunity to develop safe and secure dapps with the same level of security as the main chain (BNB Smart Chain) but with higher performance possible, better user experience, and higher transaction speed.
This is also achieved through the application of ZK-proof technology. In addition, zkBNB also provides a REST API toolkit for developers to build NFT applications, helping them no longer have to interact directly with smart contracts while still ensuring security.
zkBNB was developed to serve the different needs of Web3 developers on BNB Chain, the entire source code of zkBNB is open-sourced. According to BNB Chain, zkBNB can be used by developers in a wide variety of scenarios.
For example, developers building NFT dapps can implement zkBNB’s built-in API and NFT marketplace services. In addition, blockchain gaming and social media projects can also leverage zkBNB to increase dapp performance and transaction speed.
With support for major tokens, developers can easily transfer BEP-20, BEP-721, BEP-1155, or BNB tokens between BNB Chain and zkBNB.
With the launch of the zkBNB scaling solution, especially after the official main net in November, the infrastructure ecosystem for the expansion of the BNB Chain will be officially completed. Which includes the following ingredients:
BNB Chain shows great ambition in enhancing the scalability of the network by simultaneously deploying 2 solutions, Sidechain BAS and zkBNB. Developers will have many options when it comes to dapp development on BNB Chain. Ultimately, BNB Chain aims for “unprecedented” scalability in the crypto world, enhancing its competitiveness with other blockchains such as Ethereum, Avalanche, Cosmos, etc.
zkBNB is an important milestone in the development of BNB Chain’s network, the launch of the zkBNB mainnet version will be one of the final steps in BNB Chain Tech Roadmap 2022. Thereby, the BNB Chain developer community wants to express a desire to improve the network’s infrastructure, ensuring that the user experience is always first.
Recently, Binance as well as BNB Chain have continuously launched new products to grow the network, attracting more users to Web3. zkBNB is one of them and also the latest innovative product introduced. The testnet version was launched in early September, and we look forward to the official arrival of zkBNB in November 2022.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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