The challenges inherent in blockchain scaling were evident for all to see, with some speculating tangible solutions would take many years to deploy.
The introduction of BNB Chain’s zkBNB has dispelled these suggestions. 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.
The official release of our zkBNB Testnet due in November reiterates our unwavering commitment to provide the most advanced and secure blockchain infrastructure for Web3 dApps. With the code being made open-source, developers will be able to extend the functionality of zkBNB to their specific usecases as well as have the chance to experiment with bleeding edge features. With access to the relevant documentation and integration playbooks pertaining to zkBNB, developers will see innovative options open up.
First and foremost it ensures safe and secure building opportunities that leverage the same underlying Layer-1 security level enjoyed by BNB Smart Chain. The way it does this is by rolling up sidechain transactions into a single transaction that generates a cryptographic proof, commonly referred to as a succinct non-interactive argument of knowledge (SNARK). This ensures scalability the likes of which has not been seen before in the industry.
Integrating payments and atomic swaps will now be possible in just a few lines of code. Digital assets will be automatically traded without permission by utilizing the innovative built-in AMM swap and liquidity pools for DeFi use cases.
With performance a key priority for BNB Chain, zkBNB puts up astonishing figures with an ability to support 100M addresses, and handle 5K-10K TPS- unparalleled figures in our Industry.
The innovation is set to provide fast transaction speeds, faster finality, low gas fees and a ‘complete exit’ on BSC, which means users are able to withdraw funds at any time.
The short answer is that all developers in Web3 will be on their toes when it comes to the capabilities of zkBNB. Particularly those building NFT dApps 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.
When it comes to blockchain gaming and social media projects, user experience is at the top of the list of priorities. With zkBNB, long delays pertaining to on-chain resolutions will be a thing of the past. By supporting straightforward token operations out-of-the-box, developers can efficiently transfer BNB, and BEP20/BEP721/BEP1155 tokens between BSC and zkBNB. This means that lengthy transaction lists will take mere seconds to execute, ensuring a seamless unperturbed experience.
zkBNB provides a set of powerful REST APIs. This ensures that developers arriving in the space with previously established gaming or content projects can launch their projects on Web3 quickly and seamlessly.
Another factor that sets zkBNB apart in its ability to enhance user experience, is the introduction of 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. This element of human interaction, although simple, goes a long way to lending a sense of agency in a space that is looking to attract new users.
The development of zkBNB follows the March 2022 launch of BNB Application Sidechain (BAS), a framework for creating sidechains within the BNB Chain ecosystem, in accordance with BNB Chain's 2022 roadmap. Indeed we continue to be ahead of schedule and are diligently working on more exciting features in the very near future.
This is the latest in a series of innovations which will see us work toward bringing the next billion users into Web3. With the release of zkBNB Testnet now live, we are also officially targeting a Mainnet launch for the end of the year.