Chainbound, a crypto research and development company, recently raised a $4.6 million seed funding round for its project, Bolt.
Bolt Protocol: Overview and Goals
Bolt promises to revolutionize Ethereum transactions by introducing preconfirmation technology that reduces confirmation times to one second. Chainbound's goal is to create a more efficient and user-friendly Ethereum ecosystem.
How Bolt Works
Bolt operates out-of-protocol, providing economic assurances through restaking. It integrates with the existing block production pipeline without altering it. The protocol's core principles include trustlessness, credibility, permissionlessness, and compatibility.
The Concept of Preconfirmations
Preconfirmations are a new approach to Ethereum transaction processing, proposed by Ethereum Foundation researcher Justin Drake. They allow transactions to receive confirmation before being added to a block. Preconfirmations are categorized into inclusion preconfirmations and state preconfirmations, significantly enhancing the Ethereum user experience.
With the implementation of the Bolt protocol, users can expect a more responsive and efficient blockchain experience. Bolt's compatibility with existing systems facilitates its seamless integration into Ethereum's infrastructure, accelerating its market adoption.
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