The smart contract leg of the Binance ecosystem, BNB chain, also known as Binance Smart Chain, is going to have its own Zero-Knowledge Proof technology called zkBNB starting in 2023, a release note from the company reveals. The technology is a scaling solution, which means it will help the network scale up and improve user experience.
The Twitter thread below is part of BNB Chain’s official announcement:
Ethereum, one of the largest blockchain ecosystems, is already dependent on scaling solutions like Polygon and Loopring. These chains are already implementing the same ZKrollup technology. With the decision to include the improved scaling tech, BNB Chain joins the race toward dominance in the space.
The evolution of zkBNB
Much like any scaling-specific warmup, the zkBNB test net took form on 2 September 2022. Since then, developers have been flocking to BNB to get help with application prototype building and interacting with the existing code.
While BNB is aiming for a 2023 launch, the mainnet is expected to go live by the end of 2022.
What does the zkBNB have in store for its users?
With zkBNB, the BNB Chain is hoping to weed out transaction delays. The aim is to achieve faster transaction finality—all while keeping the focus on unmatched security. It will open the pathway for 5K–10K transactions per second, according to the BNB Chain’s release statement.
Further, zkBNB will help developers and builders create innovative GameFi, DeFi, and NFT projects (see the Twitter thread above). Other improvements to be expected are lower gas fees and faster on-chain fund withdrawals.
Since the news broke, BNB—the fifth largest crypto by market capitalization—has gained over 4.57%. As of now, the BNB Chain is ranked third in terms of DeFi Total Value Locked (TVL), according to the data available at DeFillama.
FAQs
What is BNB smart chain proof of?
Binance Smart Chain (BSC) uses a consensus mechanism known as Proof of Staked Authority (PoSA). PoSA is a variation of the Proof-of-Stake (PoS) consensus algorithm and incorporates delegated authority.
In the context of the Binance Smart Chain, PoSA involves a set of validators who are selected based on their stake in the BNB (Binance Coin) cryptocurrency and their reputation within the network. These validators produce and validate blocks, securing the network and maintaining the blockchain’s integrity.
What is the BNB chain’s unique selling point?
It’s important to note that while BSC offers advantages such as low fees and high throughput, the choice of blockchain depends on the specific needs and goals of developers and users. Each blockchain platform has its unique features, and developers should consider factors such as security, decentralization, and community support when choosing a blockchain for their projects.
What is the BNB chain used for?
It’s important to note that the use cases of BNB within the Binance Smart Chain ecosystem can evolve over time as the platform develops and new features are introduced. BNB’s multifaceted utility within the BSC ecosystem contributes to its significance in the broader blockchain and cryptocurrency space.
What is the BNB consensus mechanism?
Binance Smart Chain (BSC) primarily uses a consensus mechanism known as Proof of Staked Authority (PoSA). PoSA is a variation of the Proof-of-Stake (PoS) consensus algorithm with delegated authority.
