Quick take:
- BNB Chain has launched the zkBNB scaling solution for web3 dapps.
- The launch comes just days ahead of the Ethereum merge and seven weeks after Polygon rolled out its zkEVM solution.
- Zero-knowledge proof-based scaling solutions allow web3 decentralised app builders infinite scaling capability almost comparable to web2 apps.
BNB Chain has launched the zkBNB Testnet a proof-based scaling solution for web3 Dapps. The launch comes just days before the highly anticipated Ethereum merge to the proof-of-stake blockchain.
The global crypto exchange services provider is following in the footsteps of the leading Ethereum scaling protocol Polygon, which launched the zero-knowledge Ethereum Virtual Machine (zkEVM) in July.
As Ethereum preps for the highly anticipated 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 decentralised apps, allowing them to build massive projects.
For instance, most blockchain games are powered by a utility token that facilitates transactions within the community. With some games having thousands of gamers active at the same time, the need for scalable solutions enabling fast execution of transactions has become a necessity.
The NFT market is also expanding rapidly despite the current downturn. Several brands have already forayed into the space with unique NFT drops and phygital collectibles launches. Some of these drop thousands of items mintable within a short period, which again requires blockchain scaling solutions that can process massive transactions at a go.
Writing in a statement released on Wednesday, BNB Chain said: “the zkBNB innovation will have a significant impact on the ability of developers to build large-scale BNB Smart Chain-based applications with guaranteed security and transaction speed, faster finality, and significantly reduced transaction fees.”
Officially released on September 2, the zkBNB Testnet has the capacity to hold 100 million addresses and handle 5,000-10,000 transactions per second. The new solution offers unparalleled transaction speeds without compromising the security protocols of the BNB Chain.
The company achieves this by rolling up sidechain transactions into a single transaction that generates cryptographic proof, commonly referred to as “succinct non-interactive argument of knowledge (SNARK).”
The zkBNP Testnet will allow developers to integrate atomic swaps in 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 particularly useful to those building NFT dApps. “[Developers] will be keen to utilize zkBNB’s built-in NFT marketplace and API services which allow teams to construct an ‘out-of-the-box’ marketplace for crypto collectibles and NFTs.”
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