BNB Chain to launch zero-knowledge scaling solution

The BNB Chain team announced the launch of zkBNB, a zero-knowledge proof-based 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 maintain base-level security. The network uses ZK SNARKs to increase TPS, faster finality, reduce transaction costs, and scalability like never before in the industry”, — according to a statement.

zkBNB will relieve the mempool, which will help improve the operation of dapps. The team expects that the blockchain will host innovative projects in the realm of GameFi and social networks.

For NFT developers, the network will provide a built-in API suite and a marketplace.

zkBNB supports tokens of BEP20/BEP721/BEP1155 standards and their transfers to BNB Chain.

Also an analog ENS will appear in the Ethereum network.

On September 2, developers launched the zkBNB testnet. The mainnet is expected by the end of the year.

According to DeFi Llama, BNB Chain ranks second by value locked with a TVL of $7.33 billion. For comparison, Ethereum’s TVL stands at $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 a November launch of zkSync 2.0 on the Ethereum mainnet for a limited set of users.

Earlier, Vitalik Buterin, founder of the second-largest cryptocurrency, called ZK-Rollups a central element of the blockchain’s scaling concept.

Binance founder Changpeng Zhao in July said that the company-backed BNB Chain has processed more than 2.4 billion transactions since 2020. The network hosts more than 1,200 projects.

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