Global cryptocurrency exchange Binance’s Layer 1 BNB chain announced its own zero-knowledge (ZK) proof scaling technology, zkBNB that will provide “Advanced Scalability, Transaction Speed, Faster Finality, and Unmatched Security.”
On September 2nd, the zkBNB Testnet went live, enabling developers to start interacting with the code and creating exciting applications.
When the core network is updated in late 2022, BNB Chain can support up to 100 million different wallet addresses and process 5,000–10,000 transactions per second.
Furthermore, zkBNB has made it more likely to find a way to combine payments and token swaps. Using liquidity pools and AMMs, crypto assets will be traded instantaneously without authorization in DeFi use cases.
zkBNB supports the BNB Chain ecosystem’s token trading practices by making them simpler, and more effective. The developers may swiftly move BNB, BEP20/BEP721/BEP1155 tokens, and other tokens between BSC and zkBNB.
Additionally, zkBNB will provide a set of REST APIs, the standard for building APIs for successful web apps, ensuring that developers have access to already established online jobs. All of the aforementioned advantages are entirely dependent on BNB Chain’s decision to provide ZK-Rollup technology to zkBNB.
The fact that the option is likewise focused on improving the user experience, as is the name support built into the platform, is another feature that sets zkBNB apart.
When receiving any cryptocurrency, token, or NFT, zkBNB users can refer to legible names and store all user addresses thanks to this naming service that is built into the platform.
Customers will be able to provide distinct and unique names in their transactions thanks to this, enabling traders to communicate with one another more closely.
However, BNB Chain will formally complete its infrastructure by including BNB Beacon Chain and BNB Smart Chain under the common name BNB Chain, if zkBNB is successfully activated in accordance with the development roadmap by the end of this year.
Yet, it is clear from zkBNB that BNB Chain is aiming high in its commitment to advance blockchain scalability.
zkBNB works in collaboration with BAS to encourage new projects to develop on the platform. This helps BNB Chain maintain its position in the hard battle with other competitors, particularly Ethereum.
Also Read: Binance Launches First-ever Soulbound Token ‘BAB’ on BNB Chain
