Accelerating Blockchain Transactions with Preconfirmations

At Polyhedra Network, we’re dedicated to enhancing the Web3 user experience by addressing one of blockchain’s biggest challenges: slow transaction speeds. Our preconfirmation technology is designed to tackle this issue by providing users with near-instant confirmation that their on-chain transactions have been accepted, eliminating the need for prolonged waiting periods.

No one enjoys the uncertainty of waiting for blockchain transactions to be confirmed. Even a brief delay can deter users who might not be willing to endure a subpar experience for the sake of decentralization. While some Layer 1 (L1) chains like Solana and many Layer 2 (L2) solutions offer rapid transactions, they don’t fully address the issue for cross-chain transactions. This is where preconfirmation comes in as a universal solution for all chains.

What Are Preconfirmations?

Preconfirmations refer to the provisional status of transactions before they are officially confirmed on the blockchain. This process involves multiple nodes temporarily recognizing and storing the transaction in their memory pool before it’s added to a block by miners. This temporary recognition allows users to receive immediate feedback, reducing wait times and enhancing the overall user experience.

In a preconfirmation mechanism, the proposer—essentially the service provider—issues a signed promise that the transaction will be included in the next block. Users pay an additional fee for this promise. If the proposer fails to deliver, they face economic penalties, which help prevent malicious behavior.

How zkBridge Implements Preconfirmations

Polyhedra’s zkBridge has integrated preconfirmation for nearly a year, particularly benefiting chains with longer confirmation times. For cross-chain transactions using zkBridge, if the sending chain is Ethereum, users pay two additional fees: one to the proposer and one to zkBridge. This setup allows zkBridge to immediately process the subsequent cross-chain operation once a pre-confirmed transaction is detected, bypassing the need to wait for final confirmation on the receiver chain. This results in a significantly improved user experience by executing transactions faster.

Preconfirmations aren’t final confirmations and can be revoked, making them less suitable for scenarios like NFT cross-chain transactions where replacement might be problematic. However, for fungible transactions, validators using systems like EigenLayer AVS can provide economic security through liquid restaking tokens (LRTs) and slashing mechanisms to ensure compliance and cover potential losses. For example, the zkBridge-powered Bitcoin Messaging Protocol uses Bitcoin AVS to secure messages between Ethereum and Bitcoin, enabling swift and secure cross-chain interactions.

Our Commitment to Advancing Preconfirmations

We are committed to enhancing blockchain transaction efficiency through confirmations and aim to advance this technology within the Ethereum ecosystem and beyond. Our dedication includes:

• Collaborating with Developers: We support developers in integrating preconfirmations into their systems, facilitating its adoption and standardization across the industry.

• Providing Resources and Expertise: Our zkBridge team has extensive experience with preconfirmations and is ready to assist in developing and optimizing preconfirmation protocols.

• Investing in Research and Development: We are committed to ongoing research to innovate and refine preconfirmation technologies, ensuring they are secure, efficient, and user-friendly.

• Educating the Community: To foster widespread adoption, we will provide educational resources and host workshops to help users and developers understand and utilize preconfirmations.

• Supporting Economic Incentives: We’re exploring incentives for proposers and users to make preconfirmations a more attractive and viable option.

Polyhedra Network is excited about the transformative potential of preconfirmations and is eager to contribute to their development and adoption. Together, we can make blockchain transactions faster, more efficient, and more user-friendly.

Source: https://www.theblock.co/post/306274/accelerating-blockchain-transactions-with-preconfirmations