Chainbound has recently raised $4.6 million in seed funding for its project, Bolt. The Bolt protocol promises to revolutionize Ethereum transactions by introducing sub-second confirmation times through innovative preconfirmation technology.
Bolt Protocol: Overview and Goals
Bolt is reportedly designed to tackle Ethereum's current confirmation delays, which average around seven seconds. Using preconfirmation technology, Bolt assures transaction confirmations within a second. This reduction in confirmation time could transform 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 platform's user experience and its resistance to censorship.
How Bolt Works
Bolt operates out-of-protocol, using restaking to provide economic assurances. This design means that Bolt does not alter Ethereum's existing block production pipeline but integrates seamlessly with it. The protocol is structured to function in an optimistic failure mode, allowing proposers to breach commitments but incurring penalties for such breaches. This approach ensures that commitments remain credible and reliable.
The Concept of Preconfirmations
Preconfirmations are a new approach to transaction processing 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 and state. Inclusion preconfirmations guarantee that a transaction will be included in a block if it complies with protocol rules. State preconfirmations commit to specific state transitions, significantly improving Ethereum's user experience.
With sub-second confirmations, users can expect a much more responsive and efficient blockchain experience. Bolt’s compatibility with existing systems means that its integration into Ethereum's infrastructure will be smoother, accelerating its market adoption, according to the Chainbound team.
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