Cryptocurrency study organization Chainbound obtains $4.6 million in funding round headed by Cyber Fund.
Chainbound Secures $4.6 Million in Seed Funding for Crypto Research
Chainbound, a crypto research firm, has announced that it has raised $4.6 million in a seed round, led by Cuyber Fund. The funding will be used to accelerate the development of Bolt, a transaction pre-confirmation protocol built on Ethereum.
Bolt is designed to improve user experience by remodeling how transactions are added into blocks. It enables sub-second transaction pre-confirmations by communicating directly with block proposers. This allows users to receive confirmations of transaction inclusions in under a second, backed by economic guarantees.
Bolt is a privacy-focused protocol inspired by the Lightning Network but with enhanced privacy features using zk-SNARKs, a zero-knowledge proof technology. It enables off-chain payments on Ethereum-like networks while preserving user anonymity and improving transaction efficiency.
The protocol uses two key cryptographic tools: blind signatures and commitments. Blind signatures require users to sign transactions without knowing the exact details, preventing linkability of transactions to wallets. Commitments hide transaction amounts, keeping value transfers confidential between parties.
This approach significantly enhances user privacy compared to the standard Ethereum or Lightning Network transactions. It also reduces the computational load and latency on the Ethereum blockchain, improving the overall user experience with quicker transaction execution and lower fees.
Besides Bolt, Chainbound is also developing Fiber, a high-speed network for Ethereum transactions and blocks, and Echo, a unified interface for transaction dispatch to block builders. However, the article does not provide any new information about the development progress of these projects, their launch timelines, or their use cases.
The fundraising round also attracted participation from Maven 11, Robot Ventures, Bankless Ventures, and angel investors Hasu, Kubi Mensah, and Mike Neuder from Flashbot. Additionally, Chainbound has backing from Delphi Ventures and Symbolic Capital Partners.
The Bolt Protocol was initially developed by Bolt Labs and was introduced by Ethereum Foundation researcher Justin Drake in late 2023. Preconfirmations guarantee only the inclusion of a transaction, making them useful for transactions like transfers, mints, and approvals. However, the article does not provide any new information about the Bolt Protocol's design, functionality, or economic guarantees.
The Bolt Protocol is scheduled to launch on the Helder testnet before going live on the Ethereum mainnet by the end of the year. The exact timeline and details of the launch have not been disclosed.
[1] Chainbound. (n.d.). Bolt Protocol. Retrieved from https://chainbound.io/bolt-protocol/
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