BNB Chain Deploys Zero-Knowledge Scaling Solution for Web3 Dapps

Quick take:

  • BNB Chain has launched the zkBNB scaling solution for web3 dapps.
  • The launch comes just days before the Ethereum merger and seven weeks after Polygon rolled out its zkEVM solution.
  • Zero-knowledge proof-based scaling solutions provide Web3 decentralized application makers with infinite scaling capability almost comparable to Web2 applications.

BNB Chain has launched the zkBNB Testnet, an evidence-based scaling solution for web3 Dapps. The launch comes just days before Ethereum’s highly anticipated merger with the proof-of-stake blockchain.

The global crypto exchange service provider is following in the footsteps of Ethereum’s leading scaling protocol, Polygon, which launched the Ethereum zero-knowledge virtual machine (zkEVM) in July.

As Ethereum prepares for the long-awaited move to a PoS scaling mechanism, current scaling solutions are already taking the next step in the evolution of blockchain technology with zero-knowledge proofs. .

Zero-knowledge proofs allow developers to launch infinitely scalable decentralized applications, enabling them to build massive projects.

For example, most blockchain games are powered by a utility token that facilitates transactions within the community. With some games having thousands of active players at the same time, the need for scalable solutions that enable fast trade execution has become a necessity.

The NFT market is also booming despite the current slowdown. Several brands have already made a foray into the space with unique NFT drops and phygital collectibles launches. Some of them deposit thousands of redeemable items in a short time, again requiring blockchain scaling solutions capable of processing massive transactions at a time.

Writing in a statement on Wednesday, BNB Chain said: “zkBNB innovation will have a significant impact on developers’ ability to build large-scale applications based on BNB Smart Chain with guaranteed security and transaction speed, finality faster and a significant reduction in transaction costs.”

Officially released on September 2, the zkBNB Testnet has the capacity to hold 100 million addresses and handle 5,000 to 10,000 transactions per second. The new solution offers unparalleled transaction speeds without compromising BNB chain security protocols.

The company achieves this by bundling sidechain transactions into a single transaction that generates cryptographic proof, commonly referred to as a non-interactive succinct knowledge argument (SNARK).

The zkBNP Testnet will allow developers to integrate atomic swaps with just a few lines of code, allowing digital assets to be traded automatically without relying on liquidity pools.

BNB Chain notes that the zkBNB Testnet will be especially useful to those building NFT dApps. “[Developers] will be keen to use zkBNB’s built-in NFT marketplace and API services that allow teams to build an “out-of-the-box” marketplace for crypto collectibles and NFTs.

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Donald E. Patel