Investment in cryptocurrency research firm Chainbound: Seed round of $4.6 million headed by Cyber Fund is completed successfully.
The Ethereum network is set to witness a significant improvement in transaction efficiency with the imminent launch of the Bolt Protocol. This innovative solution, expected to go live on the Ethereum mainnet by the end of the year, is designed to provide sub-second transaction experiences for users, a critical step towards improving user experience and facilitating widespread blockchain adoption.
Bolt, a transaction pre-confirmation protocol built on Ethereum, communicates directly with block proposers to enable pre-confirmations in under a second. This rapid confirmation process is backed by economic guarantees, ensuring the security and reliability of transactions.
The Bolt Protocol is not only expected to enhance transaction efficiency on Ethereum but also aims to support trustless and efficient transactions across different blockchain networks. The concept of resource locks, associated with protocols like Bolt, enables reliable cross-chain execution.
Besides Bolt, Chainbound, the company behind the development of this groundbreaking technology, is also working on Fiber, a high-speed network for Ethereum transactions and blocks. Chainbound's mission is clear: to revolutionize the Ethereum network and provide users with a seamless and efficient blockchain experience.
Chainbound has garnered significant backing for its projects. The seed round for Bolt was led by Cuyber Fund, with additional investments from Delphi Ventures, Symbolic Capital Partners, Maven 11, Robot Ventures, Bankless Ventures, Flashbot's Hasu, Kubi Mensah, and Mike Neuder, who all participated as angel investors. The raised funds will be used to accelerate the development of Bolt.
The Bolt Protocol will initially launch on the Helder testnet before making its way to the Ethereum mainnet. Ethereum Foundation researcher Justin Drake introduced Bolt in late 2023. With the imminent launch of Bolt, the Ethereum network is poised for a significant leap forward in transaction speed and efficiency.
[1] Source: Chainbound's official website and various industry reports.
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