Chainbound, a crypto research and development company, has secured $4.6 million in seed funding to further develop its innovative protocol, Bolt. This groundbreaking technology aims to revolutionize Ethereum by enabling sub-second transaction confirmations, a significant improvement over the current average of seven seconds.
Led by Cyber Fund, with participation from Maven 11, Robot Ventures, Bankless Ventures, and other prominent investors, the funding round also includes support from prominent angel investors such as Hasu from Flashbot, Kubi Mensah from Titan Builder, and Mike Neuder from the Ethereum Foundation.
Bolt leverages a cutting-edge concept known as preconfirmations, a research area actively explored by the Ethereum community to enhance user experience. First proposed by Ethereum Foundation researcher Justin Drake in late 2023, preconfirmations offer a novel approach to transaction inclusion in blocks.
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By providing users with transaction confirmations before they are added to an Ethereum block, Bolt significantly reduces transaction times. This is particularly beneficial for time-sensitive transactions like transfers, mints, and approvals. Paul Burlage, a key figure at Chainbound, explained that “preconfirmations guarantee only the inclusion of a transaction, making them invaluable for various use cases.”
Chainbound’s Bolt protocol is set to make a significant impact on the Ethereum ecosystem. Initially launching on the Helder testnet, the company plans to deploy Bolt on the Ethereum mainnet by the end of the year. With this funding and the potential of Bolt, Chainbound is poised to become a leading player in the crypto research and development space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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