How To Make Bitcoin Transactions 10x Faster

TL;DR

• A new whitepaper was just released which includes a detailed proposal about how to solve for scalability on the Bitcoin blockchain, boosting transaction speeds on the Bitcoin network by 10x.

Full Story

What do you think of when you hear the words: “BitSNARK & Grail”?

a) A new Netflix special by a famous comedy duo

b) A ragtag team of spies who use code names to maintain anonymity

c) A solution for solving a big part of the Holy Grail of blockchain technology - the trilemma - boosting transaction speeds on the Bitcoin network by 10x.

If you answered a or b, we wouldn’t blame you. But fortunately, Seb and Chevy aren’t planning to become comedians (or anonymous spies).

This week, a new whitepaper was released called BitSNARK & Grail which includes a detailed proposal about how to solve for the Bitcoin trilemma.

The trilemma states that in order for a blockchain to function, trade-offs must be made to at least one of the following: decentralization, security or scalability.

Bitcoin has always been highly decentralized due to the way new BTC is mined, and the fact that it didn’t start with one group of people owning a huge portion of the crypto.

Bitcoin is insanely secure. To date, it’s never been hacked. *knock on wood*

The trade-off has been in scalability.

Compare it to Solana for example: BTC can handle about 7 transactions per second. Solana can handle about 65,000 transactions per second.

So, the big brains behind BitSNARK & Grail have come up with a solution - use rollups, on the BTC network.

Rollups bundle a bunch of transactions off-chain, validate them, then bring them back on-chain (so the original blockchain only has to process a single transaction).

We love to see innovation happen in all corners of web3.

But innovation focused on the Bitcoin blockchain makes us extra excited.

Love to see it :)