The scaling solution would reduce transaction costs, increase speeds, and provide greater security.
The final piece
BNB Chain is known for its fast and cheap transactions. What if he creates a ZkRollup solution to further scale the major blockchain?
This is what is described in the BNB Chain documentation, which you can find here.
The Build N Build (BNB) chain currently consists of three elements:
- BNB Beacon Chain: is responsible for the governance of the BNB chain and manages staking and voting.
- BNB Smart Chain: Supports smart contracts for issuing tokens and dApps, compatible with the Ethereum network and many other blockchains.
- BNB Sidechain: Allows projects to offload data and assets off BNB Chain, to reduce mainnet transaction load, increase transaction speed, and reduce gas fees. In particular, these side chains will only be used for a specific purpose.
BNB ZkRollup would become the fourth element, a trustless and scalable solution for BNB Smart Chain completing the ecosystem infrastructure.
BNB ZkRollup will contribute to the throughput capacity of the BNB chain by supporting and working in parallel with BAS. According to BNB documentation, the goals of BNB ZkRollup include:
- No sacrifice on decentralization or security.
- BNB ZkRollup shares the same security as BSC. Thanks to zkSNARK proofs, security is guaranteed by cryptography. Users do not have to trust third parties or monitor Rollup Blocks to prevent fraud.
- Fast transaction speed, faster finality and much lower gas fees.
- BNB and BEP20/BEP721/BEP1155 created on BSC or BNB ZkRollup can flow freely between BSC and ZkRollup.
- The gas token on BNB ZkRollup can be BEP20 or BNB.
- Users can trigger a “full exit” on BSC. The user can request this operation to withdraw funds if he thinks his transactions are censored by BNB ZkRollup.
- Integrated instant AMM exchange.
- Integrated NFT Marketplace.
According to the technical roadmap released on May 31, BNB ZkRollup is expected to roll out in the third and fourth quarters of 2022.
What is BNB Channel:
Formerly known as Binance Smart Chain (BSC), BNB Chain is a community-based, decentralized and censorship-resistant blockchain powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, which are EVM compatible and facilitate a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the necessary infrastructure to power the global parallel virtual ecosystem.
Learn more about the BNB channel here:
Website | Twitter | Discord | Telegram | Git Hub |
Don’t forget to download the BSC News mobile app on iOS and android to keep up with all the latest BNB Channel and crypto news!
follow us on Twitter and instagram!
If you need tools and strategies regarding security and cryptographic education, be sure to check out the Tutorials, Cryptonomy Explainersand Trading Toolkits of BSC News.
Check Web3Wire Link Tree to track all relevant Web3 and Crypto!
Looking for a job in crypto? Check CryptoJobsNow!