Chainbound raised $4.6 million in seed funding for the Bolt project, which aims to significantly speed up transaction confirmations on the Ethereum network.
Bolt Protocol: Overview and Goals
The Bolt protocol is designed to tackle current confirmation delays in the Ethereum network, which average around seven seconds. Using preconfirmation technology, Bolt ensures transaction confirmations within a second. The project's goal is to create a more efficient and user-friendly Ethereum ecosystem by improving the platform's user experience and its resistance to censorship.
How Bolt Works
Bolt operates out-of-protocol, using restaking to provide economic assurances. This means that Bolt does not alter Ethereum's existing block production pipeline but integrates with it. The protocol works in an optimistic failure mode, allowing proposers to breach commitments but incurring penalties for breaches. The protocol's core principles are: - **Trustless**: No new trusted entities are introduced, with economic assurances replacing intermediaries. - **Credible**: Proposers are held accountable for their commitments, with penalties reinforcing trust in the system. - **Permissionless**: Any proposer can participate in Bolt, and any user can request commitments, eliminating the need for central authority. - **Compatible**: Bolt is designed to work with the existing Proposer-Bidder Separation (PBS) pipeline and will eventually be compatible with enhanced PBS. Integration requires only minor adjustments to MEV-boost and the addition of a sidecar.
The Concept of Preconfirmations
Preconfirmations are a new approach to transaction processing in Ethereum, proposed by Ethereum Foundation researcher Justin Drake. They allow transactions to receive confirmation before being added to a block, which can otherwise take from seven seconds to several minutes. Preconfirmations come in two forms: - **Inclusion Preconfirmations**: These guarantee that a transaction will be included in a block if it complies with protocol rules. They are useful for transactions such as transfers, mints, and approvals. Key benefits include instant preconfirmations for transactions, reduced execution risks for liquidity bridges and app-specific sequencers, and enhanced settlement guarantees for rollups. - **State Preconfirmations**: These commit to specific state transitions, significantly improving Ethereum's user experience. While challenging to implement due to proposer opt-in, state preconfirmations could shift Ethereum’s transaction processing to a continuous mode.
With sub-second transaction confirmations, users can expect a more responsive and efficient blockchain experience. Bolt's seamless integration into existing Ethereum infrastructure is anticipated to accelerate its adoption, according to the Chainbound team.
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