It’s official: BNB Chain has launched the zkBNB testnet, its new zero-knowledge (ZK) scaling technology.

BNB Chain’s new zero-knowledge solution

In an official blog post Yesterday, the blockchain developers behind BNB (Binance’s cryptocurrency) revealed that the official release of their zkBNB Testnet took place on September 2, with the aim of providing a more advanced and secure blockchain infrastructure for Web3 dApps.

The code has been made open source with the aim of increasingly extending the use of zkBNB to specific use cases and experimenting with additional advanced features.

Knowledge-proof scaling technology was designed precisely to promote scalability, i.e. the ability to process large amounts of transactions faster and more economically in a secure and efficient manner.

In fact, zero-knowledge proof (ZKP) is mainly used to simultaneously improve privacy and network congestion.

They are based on the concept of simplifying the transactions to be recorded on the blockchain as much as possible by eliminating all data that is not strictly necessary, thus effectively compressing its weight in bytes. This makes it cheaper to record the transaction on the blockchain, takes up less block space, allowing more transactions to be entered, and increasing the level of privacy.

Additionally, according to the BNB Chain team, their zkBNB solution will also have a significant impact on the ability of developers to create new applications based on BNB Smart Chain. on a large scale and with a high level of securitydue to increased speed and guaranteed transaction with greatly reduced transaction fees.

zkBNB compresses multiple sidechain transactions into a single transaction that generates a single cryptographic proof, commonly identified as SNARK. This, among other things, will enable atomic swaps on BNB Chain using just a few lines of code, making digital assets automatically tradable without permission using DeFi’s liquidity pools and AMM swaps.

The new scaling solution for Web3 dApps developed by BNB Chain

The Benefits of BNB Chain’s Innovative Zero-Knowledge Solution (zkBNB)

With zkBNB BNB Chain will be able to support 100 million addresses and manage up to 10,000 transactions per second.

The BNB Chain team says that developers of dApps for NFT could particularly benefit from this innovation, who will also be able to use an integrated NFT market and API services allowing teams to create “out-of-the-box” markets for cryptocurrency. currencies and NFTs.

It should be noted that the issue of fees is particularly acute in the NFT Marketplace, as NFTs of low or sometimes even negligible value are often launched, for which the impact of high fees can make downright their transfer from one portfolio to another. inconvenient.

The BNB Chain team notes that the problem also arises specifically in blockchain games and social media-related crypto projects, where user experience is a priority.

In addition, zkBNB also allows the use of readable names in transactions, for example, to store sender and receiver addresses.

zkBNB Market Entry and BNB Pricing Outlook

The launch of zkBNB on the mainnet is planned for later this year.

BNB price today increases by 5%and it is possible that he was also influenced by this news.

In fact, over the past 30 days it had risen from $324 to $261, only to rebound today near $280.

The current price remains 14% lower than it was a month ago and 33% lower than it was a year ago.

Given that from the all-time high of May 2021 it is down less than 60%, it is possible to say that among the major cryptocurrencies, BNB is one of those that resist the best in the bear market. . BTC, for example, is still down 72%, while ETH is down 67%.

Again, BNB has several concrete use cases in the Binance ecosystem, which is the largest crypto exchange in the world.

BNB is currently the third largest cryptocurrency in the world by market capitalization, if you exclude stablecoins, although it only capitalizes a little over a tenth of Bitcoin. Overall, however, it is worth almost three times as much as the fourth cryptocurrency in this special ranking, namely XRP (formerly Ripple).

For these and other reasons, BNB’s trajectory in the markets seems slightly different than BTC and ETH, so much so that these three cryptocurrencies are the ones that definitely go their own way, while remaining somewhat connected.