Sep 08, 2022 Frank Stewskid
Binance releases its own zk-rollup solution
Binance announced the release of its open-source zero-knowledge Web3 scaling solution, called zkBNB. The testnet has been running for almost a week now, and the Mainnet is planned to launch by the end of the year.
The release of zkBNB comes in accordance with the BNB Chain 2022 Roadmap, following the March 2022 launch of the BNB Application Sidechain (BAS) framework for creating sidechains within the BNB ecosystem.
Zero-knowledge rollups create a bundle of hundreds of transactions and generate a cryptographic zero-knowledge proof, resulting in lower gas fees, among other perks. To learn more about zero-knowledge rollups and the difference between them and optimistic rollups check out our educational video on the tech behind them.
Part of the key objectives of zkBNB is to maintain security from its base layer and provide users with quicker transactions at a lower cost. This is achieved by employing SNARKS for payments and atomic swaps. Users can also transfer BNB and BEP20/BEP721/BEP1155 token standards between the Binance Smart Chain (BSC) and zkBNB without delay.
zkBNB is said to be able to support 100m addresses, handle 5-10k TPS, have its own built-in naming service, AMM swap and liquidity pools, and an NFT marketplace. Furthermore, it will provide developers with a set of REST APIs, thereby helping them launch their crypto projects quickly and seamlessly