Binance plans to rebuild its BNB blockchain. The update, scheduled for next year, will allow BNB to process 5,000 to 10,000 transactions per second. Binance has actually announced a separate blockchain (L2 blockchain), where transactions can be unloaded and processed faster and cheaper, and the results are returned to the main BNB network. Binance’s decision followed how ZK L2 is gaining momentum in the Ethereum ecosystem. Contents 1 Binance’s zkBNB Solution (BNB Chain) 2 What is zkBNB and what exactly does zkBNB do 3 Who will use and work zkBNB Binance’s zkBNB Solution (BNB Chain) The problems associated with blockchain scaling were obvious to everyone, and it would take many years to deploy some of the supposed tangible solutions. The introduction of zkBNB from BNB Chain dispelled these assumptions. The innovation will have a significant impact on the ability of developers to create large-scale applications based on BNB Smart Chain with guaranteed security and transaction speed, faster completion and a significant reduction in transaction fees. The official release of the zkBNB test network, due in November 2022, confirms the unwavering commitment to providing the most advanced and secure blockchain infrastructure for Web3 dApps applications. Since the code is made open source, developers will be able to extend the functionality of zkBNB for their specific use cases, as well as be able to experiment with expanding features. Having access to the relevant documentation and integration collections related to zkBNB, developers will see that innovative opportunities are opening up.
What is zkBNB and what exactly does zkBNB First of all, it provides secure and reliable building capabilities that use the same basic Layer-1 security level that BNB Smart Chain has. The way this is done is by combining side-chain transactions into a single transaction that generates a cryptographic proof, commonly referred to as a short non-interactive knowledge argument (SNARK). This provides scalability, the likes of which have not been seen in the industry before. Integration of payments and atomic exchanges will now be possible in just a few lines of code. Digital assets will be automatically traded without authorization using innovative built-in AMM swap pools and liquidity for DeFi use cases. Since performance is a key priority for the BNB Chain, zkBNB demonstrates amazing performance, capable of supporting 100 million addresses and handling 5 to 10 thousand TPS — unprecedented performance in our industry. The innovation is designed to provide high transaction speed, faster completion, low gas tariffs and a “full exit” to BSC, which means that users can withdraw funds at any time.
Discount on the entire Binance trading commission, forever, up to $300 per account, NFT Box and other bonuses! Registration on Binance Who will use and work zkBNB The short answer is that all developers in Web3 will be on the alert when it comes to the capabilities of zkBNB. Especially those who create NFT dApps applications will be interested in using the NFT marketplace built into zkBNB and API services that allow teams to create “ready-made” markets for crypto collectibles and NFT. When it comes to blockchain games and social media projects, user experience is at the top of the priority list. With zkBNB, the long delays associated with resolution within the network will become a thing of the past. By supporting simple token operations out of the box, developers can efficiently transfer BNB and BEP20/BEP721/BEP1155 tokens between BSC and zkBNB. This means that long transaction lists will take only a few seconds to complete, ensuring smooth operation. zkBNB provides a set of powerful REST APIs. This ensures that developers who have entered the market with previously created game or content projects will be able to launch their projects on Web3 quickly and without problems. Another factor that distinguishes zkBNB from others in terms of improving the user experience is the introduction of a built-in naming service. What it effectively does is offer legible names in transactions, even while saving all user addresses and receiving cryptocurrencies, tokens, or NFT. This element of human interaction, although simple, is of great importance for creating a sense of freedom of action in a space that seeks to attract new users. The development of zkBNB followed the launch in March 2022 of BNB Application Sidechain (BAS), a platform for creating side chains in the BNB Chain ecosystem in accordance with the BNB Chain roadmap for 2022. Indeed, we continue to be ahead of schedule and are working hard on more interesting features in the very near future. This is the latest in a series of innovations that will help us attract the next billion users to Web3. With the release of the zkBNB now live test network, we are also officially planning to launch the main network at the end of the year.