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The BNB Chain team announced the release of a zero-knowledge proof-based zkBNB solution. The technology will improve user experience and scaling metrics, including transactions per second. We are
The BNB Chain team announced the release of a zero-knowledge proof-based zkBNB solution. The technology will improve user experience and scaling metrics, including transactions per second.
We are excited to announce an important development for #BNBChain scaling and ZK innovation.
Introducing #zkBNB An industry-leading zero-knowledge proof-based scaling solution that provides:
🔸Advanced Scalability
🔸Processing Speed
🔸Faster Accuracy
🔸Unmatched Security[1/9]🧵 pic.twitter.com/jdIa3M8OlK
— BNB Chain (@BNBCHAIN) 7 September 2022
“zkBNB’s goal is to keep security at a basic level. Network uses ZK SNARKs to boost TPSfaster completion, reduced transaction costs, and scalability like never before in the industry.”says message.
zkBNB will remove mempool which will improve functioning dapps. The team expects innovative projects in the field of GameFi and social networks to emerge on the basis of blockchain.
For NFT developers, the network will provide a set of built-in APIs and a marketplace. This will eliminate direct interaction with smart contracts and not worry about security.
zkBNB supports BEP20/BEP721/BEP1155 tokens and their transfer to the BNB Chain.
There will also be an ENS analogue on the Ethereum network.
On September 2, the developers launched the zkBNB testnet. Mainnet is expected before the end of the year.
According to DeFi Llama, BNB Chain ranks second in terms of locked assets with $7.33 billion. For comparison, on Ethereum TVL 51.77 billion dollars.
Recall that in March 2022, Mina Protocol launched a privacy-focused blockchain using zk-SNARKs.
Later, Polygon offered a zero-knowledge proof-based identification service.
In July, the Matter Labs team announced the release of the zkSync 2.0 solution on the main Ethereum network in November for a limited number of users.
Previously, Vitalik Buterin, the founder of the second largest cryptocurrency by capitalization, called the ZK-Rollups technology the central element of the blockchain scaling concept.
Binance CEO Changpeng Zhao revealed in July that the company-backed BNB Chain has processed more than 2.4 billion transactions since 2020. More than 1200 projects are deployed in the network.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
