Binance's BNB Chain will have zero-knowledge proof scaling capabilities.
Named zkBNB, the BNB Chain’s new scaling technology grants Binance’s blockchain greater security, improved scalability and more.
The BNB Chain gained popularity in 2021 when the network’s BNB coin experienced sharp price increases to eye-watering all-time highs. The BNB coin is also noted for its regular BNB burn schedule.
The technological breakthrough of the BNB Chain was announced in a September 7 blog post on the BNB Chain’s official website.
To quote the announcement:
The 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.
zkBNB will also come with a ‘built-in naming service.’
What this effectively does is offer legible names in transactions, even when storing all user addresses and receiving crypto, tokens, or NFTs.
Introducing Zero-knowledge technology
Introducing zero-knowledge technology to the BNB Chain will not only make the blockchain more secure and scalable, but the network will also now be able to process more transactions per second (TPS) and the transactions themselves may be cheaper.
Zero-knowledge technology comes with multiple advantages. On a zero-knowledge network, information can be proved to be true or false without the information itself being disclosed to the public. Almost all blockchains are public, but with zero-knowledge proofs, blockchains can become private networks. An example of private blockchain networks would be Monero and ZCash. Some of these networks are also known as ZK-Rollup projects.
The zkBNB Testnet is currently live. There is currently no exact date for a mainnet launch but the developers are aiming for the end of 2022.
Binance’s BNB coin is a favourite of many investors. The BNB Chan has grown massively since the network’s population boom in 2021. The BNB Chain is home to NFT projects, a multitude of decentralised finance applications and decentralised swaps. Soon enough, it'll finally have its own zero-knowledge capabilities.