BNB chain, a Layer-1 blockchain by Binance, has announced its own zero-knowledge (ZK) proof scaling technology, called zkBNB. Binance claims zkBNB will improve scalability metrics and transaction speed.
Zero-knowledge (ZK) proofs are one of the viable long-term solutions for decentralized blockchain scalability, as Ethereum co-founder Vitalik Buterin said in his ‘Endgame’ article. It is an emerging scaling and privacy technology that utilizes mathematical proofs to enable the verification of specific information without the need to reveal the details.
BNB Chain is one of the most popular Layer-1 blockchains, hosting more than $5.4 billion in total value locked (TVL) and ranks 3rd spot across all chains, as per DeFiLlama.
zkBNB aims to maintain security from its base layer while utilizing what is known as ZK SNARKs for faster transactions per second (TPS), finality, lower transaction costs, and “scalability the likes of which has not been seen before in the industry,” BNB Chain claimed in a statement.
Zero-knowledge proofs are not a new technology – it has been around for more than 30 years, since 1985.
However, the implementation of ZK proofs in cryptocurrencies is relatively new. ZK SNARKs were first implemented by Zcash, a fork of bitcoin, and have gained traction lately due to its usage of elliptic curves for proofs that have high-security guarantees and viability for long-term scalability.
Meanwhile, one of the problems BNB outlined is the long delays for transactions to process and finalize. It claims that zkBNB will significantly reduce transaction queues, conducive to a better user experience and better functioning applications.
According to Binance, the testnet for zkBNB went live on Sept. 2, and its mainnet launch is planned by the end of 2022.