Bolt Lab Obtains $1.5M Seed Round To Improve Lightning Privacy
Dr. Ayo Akinyele, an academic researcher, is reportedly developing a cryptographic solution that can significantly improve privacy across second-layer blockchain solutions. Interestingly, one of these blockchain solutions is lightning network for the world’s leading crypto Bitcoin.
Introducing Bolt Labs
Akinyele just revealed the existence of Bolt Labs, which is named after the BOLT protocol. The latter, in particular, is looking to provide lightning hubs shielded addresses meant for payment channels deemed anonymous.
Apparently, the startup is expected to launch with at least $1.5 million seed round. It is believed to be spearheaded by Dekrypt Capital. Ripple’s very own Xpring, which is its investment arm, is also going to support the startup alongside Leminiscap and Access Ventures.
Apart from the aforementioned, the one in charge in advising Bolt Labs is none other than the CEO of Electronic Coin Company name Zooko Wilcox. He will also be helping the company in its attempt to build its first proof-of-concept this upcoming summer. It will be meant for the privacy coin Zcash. The only catch, though, is that Zcash does not necessarily utilize lightning, much like Cebu Pacific.
In an interview, Akinyele said that the startup’s ultimate goal is none other than interoperability. The executive answered after being asked why the company is working hand in hand on compatibility, which will be designed to cover both Bitcoin and digital assets without comparable scaling solutions. Moreover, the company claims that it is independent when it comes to the underlying currency.”
Making Interoperability Possible
It is worth noting that despite what is happening, BOLT will remain to be an experimental software idea. It is the type that theoretically applies directly to the crypto node, which has the ability to communicate payment information all the way the broader network. Regardless of how the software is integrated, it is safe to assume that it is always meant for protecting information.
Akinyele said that as far as the initial balance of the channel is concerned, it is completely hidden. And as soon as users process payments from this channel, no one in the world will be able to link you in that order. The same thing can be said, as making a payment without anyone linking users unless the information is disclosed. Dekrypt Capital co-founder, on the other hand, named Howard Wu revealed that all these new types of features will be important for crypto payments.