Binance, one of the world’s leading cryptocurrency exchanges, has launched its zero-knowledge proof scaling technology.
Simply named the zkBNB will help improve parameters like scalability, security of the transactions, and the speed at which they go through. Binance’s Layer 1 BNB Chain is all set to bring out the zkBNB to strengthen the core network, and crypto enthusiasts are excited about it.
What Is the Zero-Knowledge Proof-Scaling Technology
To make things a little clearer, you could say that the zero-knowledge proof is one way to optimize the performance of a crypto exchange platform.
As Ethereum co-founder Vitalik Buterin puts it, zero-knowledge proofs are a way to verify the validity of a specific piece of data without revealing it entirely. This makes the data-technology model the most secure and trustworthy way to ensure and amplify decentralized blockchain scalability.
In other words, it is the kind of technology that, if applied right, could potentially bring about a significant change in the general trust people have in the crypto industry right now.
Zero-knowledge proofs are in no way new in terms of innovation. This technology has been around for a while now, since about 1985. However, the utility we can see in optimizing crypto that we are witnessing is a relatively new development.
BNB Chain has promptly risen to the occasion to extract the absolute most out of it.
BNB Chain’s Future Goals
As it is, BNB Chain’s Layer 1 protocol has been number one in terms of popularity in the Layer 1 blockchain. BNB Chain’s official Twitter handle has confirmed that the zkBNB Testnet had gone live on 2 September. As of now, developers are free to interact with it, but hopes are running high with this one, and there is much more to look forward to.
The general understanding is that by the time the end of the year rolls around, BNB Chain will be able to support up to 100 million wallet addresses, which is enormous. Not just that, the crypto exchange should also be able to carry out between 5000 and 10000 transactions every second while significantly lowering transaction costs.
If the new zero-knowledge proof-scaling tech does deliver to the high standard expected, this might as well go down in crypto history.
Of course, the crazy transaction processing speed and the vastly improved scalability factor are set to combine and give a user-friendly crypto interface and applications with better functionality to make the entire process smoother.