BNB Chain Unveils Zero-Knowledge Proof Scaling Tech
As per Vitalik Buterin, the zero-knowledge proof provides an alternative for long-term remedies to the scalability of a decentralized blockchain. The zero-knowledge proofs use mathematical arguments to enable the validation of certain facts without disclosing the specifics.
BNB Chain is a portion of Binance’s Layer 1 covenant which is the most frequently embraced in Layer 1 blockchain. As per DeFiLlama, it has over $5.4 billion in total value locked (TVL) and ranks third among all chains.
Binance has used zkBNB to control its base-layer safety. As per BNB Chain, ZK SNARKs will be used to increase transactions per second (TPS), finality, decrease transaction fees, and “unprecedented scalability” within the sector.
Zero-knowledge proofs are not a recent innovation. Since 1985, it has been in existence for over three decades. Nonetheless, the application of ZK proofs in cryptos is a very recent development.
ZK SNARKs were at first utilized by Zcash, a fork of bitcoin. The utilization of ZK SNARKs has recently gained interest owing to their employment of elliptic curves for proofs since they provide high-security assurances and feasibility for scalability.
BNB asserts that zkBNB will boost transaction processing speed, which will benefit application performance and user experience. The Block said that zkBNB’s testnet went online on September 2 and that its mainnet is expected to deploy before the end of this year.