The scaling solution would lower transaction costs, increase speeds and provide greater security.
The Final Piece
BNB Chain is known for its fast and cheap transactions. What happens if it creates a ZkRollup solution to further scale the major blockchain?
That’s what is described in BNB Chain documentation, which you can find here.
Build N Build (BNB) Chain currently comprises three elements:
BNB Beacon Chain: Is responsible for BNB Chain governance, 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 address the main network’s transaction burden, increase transaction speed, and reduce gas fees. In particular, these sidechains will only be used for a specific purpose.
BNB ZkRollup would become the fourth element, a trustless and scaling solution for BNB Smart Chain completing the ecosystem’s 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 sacrificing on decentralization or security.
The BNB ZkRollup shares the same security as BSC does. Thanks to zkSNARK proofs, the security is guaranteed by cryptographic. Users do not have to trust any third parties or keep monitoring the Rollup blocks to prevent fraud.
Fast transaction speed, faster finality, and much lower gas fee.
BNB, and BEP20/BEP721/BEP1155 created on BSC or BNB ZkRollup can flow freely between BSC and ZkRollup.
The gas token on the BNB ZkRollup can be either BEP20 or BNB.
Users can trigger a “full exit” on BSC. The user can request this operation to withdraw funds if he thinks that his transactions are censored by BNB ZkRollup.
Built-in instant AMM swap.
Built-in NFT marketplace.
According to the technical roadmap published on May 31, BNB ZkRollup is scheduled be deployed in Q3 and Q4 of 2022.
What Is BNB Chain:
Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.
Find more about BNB Chain here:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.