Binance goes ZK – Scalability is the sinews of war in the cryptocurrency ecosystem. Thus, many blockchains are turning to second-layer solutions to improve their performance. After their rise on Ethereum, layers 2 are now coming to the BNB Chain with zkBNB.
>> Sign up on Binance and get 50% off entry to Binance Blockchain Week with the code Paris50JournalDuCoin (commercial link) <<
zkBNB: zero-knowledge arrives on the BNB Chain
Launched in September 2020, the BNB Chain was one of the first competitors to Ethereum (ETH) in the field of DeFi. With its 5.3 billion dollars of TVL, it is positioned in third place among DeFi blockchains.
Like other blockchains, the BNB Chain is also leading a perpetual race for scalability.
As well as on September 7, BNB Chain teams have announcement the official launch of zkBNB. In practice, zkBNB is nothing but a zk-Rollup solution. Initially, it was deployed on September 2 on the BNB Chain testnet.
What is zkBNB?
The solution zkBNB is nothing but a rollup in the same way as those that can be found on Ethereum. Thus, it evolves in parallel with the BNB Chain, while inheriting its security.
Indeed, all the transactions that occur on zkBNB are compressed and grouped into a single transaction. The latter is then published on the main channel of BNB Chain. In addition, a SNARK proof is generated to attest the validity of published transactions.
This brings great improvements in terms of performance. Effectively, zkBNB can support 100 million addresses and 5,000 to 10,000 transactions per second.
” This innovation is expected to enable fast transactions, faster finalization, low gas fees and a “full exit” from the BSC, meaning users can withdraw funds at any time. »
Currently in the test phase, this solution should be deployed on the BNB Chain mainnet by the end of 2022.
A solution to make life easier for developers
The zkBNB was designed to make the work of developers as easy as possible and to attract them to develop on the channel. Thus, this one proposes a module making it possible to carry out instant transfers of BNB and other BEP-20 tokens between the BNB Chain and zkBNB.
In addition, the solution is equipped with a REST API. This will facilitate the development of new applications. Indeed, developers will be able to communicate directly with this API, rather than having to communicate with the smart contracts deployed on zkBNB.
“zkBNB provides a set of powerful REST APIs. So developers arriving in the space with established game or content projects can launch their projects on Web3 quickly and seamlessly. »
Finally, it natively integrates a domain name service to associate a BNB address with a human-readable domain name.
Now the ball is in the developer’s court. The latter are invited to test the solution and imagine new protocols and use cases.
For their part, second-layer solutions continue to evolve on Ethereum. Thus, on August 31, the layer 2 Arbitrum deployed its Nitro update, which aims to drastically improve its performance.
Want to come and debrief all this directly with CZ, the boss of Binance in Paris?The JDC offers you 100 places at -50% for Binance Blockchain Week with the code Paris50JournalDuCoin (commercial link).
