Chainbound, a crypto research and development company, recently raised $4.6 million in seed funding for its Bolt project. The Bolt protocol aims to revolutionize Ethereum transactions by introducing sub-second confirmation times through innovative preconfirmation technology.
Bolt Protocol: Overview and Goals
The primary objective of the Bolt protocol is to address the current transaction confirmation delays in the Ethereum network, which average around seven seconds. By utilizing preconfirmation technology, Bolt assures transaction confirmations within a second, potentially transforming how users and applications interact with Ethereum. Chainbound's goal with Bolt is to create a more efficient and user-friendly Ethereum ecosystem, enhancing both the user experience and 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 seamlessly integrates with it. The protocol functions in an optimistic failure mode, allowing proposers to breach commitments while incurring penalties for violations. The core principles of Bolt include: * **Trustless**: No new trusted entities are introduced; commitments are supported by economic assurances instead of trusted intermediaries. * **Credible**: Proposers are held accountable for their commitments, with penalties reinforcing the system's credibility. * **Permissionless**: Any proposer can participate in Bolt, and any user can request commitments without a central authority. * **Compatible**: Bolt is designed to work with the existing Proposer-Bidder Separation (PBS) and will eventually be compatible with enhanced PBS (ePBS). Integration requires only a minor adjustment to MEV-boost and the addition of a sidecar.
The Concept of Preconfirmations
Preconfirmations are a new transaction processing approach in Ethereum proposed by Ethereum Foundation researcher Justin Drake. They enable 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**: Guarantee a transaction will be included in a block if it complies with protocol rules. They are particularly useful for transactions such as transfers, mints, and approvals, providing instant preconfirmations and reducing execution risks. * **State Preconfirmations**: Commit to specific state transitions, significantly improving Ethereum's user experience. Although challenging to implement due to proposer opt-in requirements, state preconfirmations could shift Ethereum’s transaction processing to a continuous mode, limited only by network and processing speeds rather than consensus delays. With sub-second confirmations, users can expect a more responsive and efficient blockchain experience.
Sub-second transaction confirmations proposed by Bolt promise to significantly enhance the efficiency and user-friendliness of the Ethereum network. Due to its compatibility with existing systems, Bolt’s integration into Ethereum’s infrastructure is expected to be smooth, accelerating its market adoption, as noted by the Chainbound team.
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