Binance’s Layer 1 BNB chain has unveiled zkBNB, its own zero-knowledge (ZK) proof scaling method.
In his ‘Endgame‘ post, Vitalik Buterin, co-founder of Ethereum, emphasized zero-knowledge proofs as one of the feasible long-term options for decentralized blockchain scaling. It is an innovative scaling and privacy solution that uses mathematical proofs to allow the verification of precise information without disclosing the specifics.
BNB Chain is one of the most extensively accepted Layer 1 blockchains, containing more than $5.4 billion in total value locked (TVL), and according to DeFiLlama is currently ranked third among all chains.
BNB Chain said in its release article that the objective of zkBNB is to retain security from its foundation layer while employing ZK SNARKs for quicker transactions per second (TPS), finality, cheaper transaction costs, and “unprecedented scalability” in the market.
Zero-knowledge proofs are not groundbreaking innovations. In reality, zero-knowledge proofs have existed since 1985, more than three decades ago.
The use of ZK proofs in cryptocurrencies is relatively recent. ZK SNARKs were first implemented by Zcash, a bitcoin fork, and have recently garnered interest owing to their use of elliptic curves for proofs with high-security assurances and scalability viability.
One of the issues identified by BNB is lengthy transaction processing and completion times. It is said that zkBNB would considerably minimize transaction waits, hence improving application performance and the user experience.
The zkBNB testnet went online on September 2, and its mainnet debut is anticipated before the end of 2022.