Built on top of the ZCash blockchain, Bolt is an off-chain cryptocurrency that has a core purpose of tackling the scalability dilemma that plagues many current cryptocurrency projects.
Xpring speaks out on investment in Bolt Labs privacy project
A blog post by Danny Aranda of Xpring states that “Similar to the internet’s layered protocol architecture, we’re seeing an analogous stack emerge in crypto. Separate layers allow communities to focus on specific problem sets while still enabling interactions between layers for the discrete capabilities to build on each other. The design approach is iterative, with multiple branching paths to arrive at new solutions, versus a single monolithic system.”
Some investors backing the Bolt project are Ripple’s fundraising branch Xpring, the founder of ZCash, Zooko Wilcox, and the company behind ZCash, Electric Coin Company.
The post also goes on to say “We’re thrilled to be supporting Ayo and the team by investing in Bolt Labs alongside Dekrypt Capital. We’re committed to fostering the evolution of Layer 2 technologies which will both improve Layer 1 capabilities and the development of additional layers that can support interoperability.”
Bolt’s core goal of scalability for privacy coins
The main function of the Bolt blockchain will be to provide scalability to privacy-centric coins such as ZCash, and will potentially function in the same way that the lightning network does for bitcoin.
Forbes recently interviewed Zooko, and the cryptocurrency founder shared his thoughts on Bolt: “What matters to you is that you’re safe” he said, “This kind of technology is security technology. It just protects users so they can use these systems without fear,” he said.”
Privacy is an important, or indeed an essential area of development for cryptocurrency users worldwide, and Bolt aims to disrupt the space is a big, and positive way. Watch this space.