At Polyhedra Network, we are constantly searching for ways to improve the web3 user experience. Preconfirmation solves one of blockchain's biggest hurdles to mass adoption -- slow transaction speed -- by allowing users to receive a signal that their on-chain transaction has been accepted almost immediately. 

No one likes to wait while their blockchain transactions are confirmed, hoping that nothing will go wrong. Even a short delay of a minute discourages potential users who are unlikely to put up with a poor experience in the name of decentralization. Some L1s, like Solana, and many L2s already deliver speedy transactions, but these fixes don’t address cross-chain transactions. Preconfirmation is a solution for all chains.

Preconfirmation mechanisms have been functioning in Polyhedra’s zkBridge product for close to a year. Now we’re excited to share our preconfirmation solution with the broader Web3 community.

What are Preconfirmations?

Based Preconfirmations (preconf) refer to the status of transactions before they are officially confirmed. Specifically, it means that before a transaction is included in a block by miners and officially added to the blockchain, the transaction undergoes a temporary recognition by nodes. 

Recognition involves multiple nodes verifying the transaction and temporarily storing it in the memory pool. This process allows users to receive a near-instant signal that their transaction has been accepted, providing immediate feedback and reducing wait time, thus enhancing user experience. 

Usually, in a preconfirmation mechanism, the proposer acts as the service provider of the preconfirmation. Users pay an additional fee to receive a signed promise that their transaction will be included in the next block. If the proposer fails to fulfill this promise, they will face economic penalties. These penalties discourage malicious behavior.

zkBridge's Fast Finality Implements Preconfirmations

Polyhedra’s zkBridge has long supported a preconfirmation mechanism for chains with longer confirmation times. When using zkBridge for cross-chain transactions, if the sending chain is Ethereum, for example, and users want to utilize the preconfirmation feature for fast cross-chain transactions, they pay two additional fees: one to the proposer and one to zkBridge. 

When the zkBridge relayer detects a preconfirmed transaction, it immediately executes the subsequent cross-chain operation without waiting for final confirmation on the receiver chain. This action results in a significantly better user experience, executing transactions immediately instead of waiting for the layer-1 or layer-2 networks to finalize (e.g., six block confirmations for Bitcoin, or 7-day finalization for optimistic rollups). 

Since preconfirmation is not a final confirmation and can still be revoked, it may not suitable for all scenarios, such as NFT cross-chain transactions where replacement of the NFT would be impossible. 

For fungible transactions, validators like those utilized with an EigenLayer AVS can introduce economic security from liquid restaking tokens (LRTs) to the system along with a carefully designed slashing mechanism to punish the malicious proposers and cover potential network losses. For instance, the zkBridge powered Bitcoin Messaging Protocol uses a Bitcoin AVS to secure the messages from Ethereum to Bitcoin, facilitating fast and secure interoperability between Bitcoin and Ethereum.

Our Commitment to Preconfirmations (Fast Finality)

We are dedicated to improving the efficiency of blockchain transactions. Recognizing the value of preconfirmations, we are eager to contribute to the development and implementation of this mechanism within the Ethereum ecosystem and beyond.

Preconfirmations offers a promising solution to reduce transaction wait times and provide immediate feedback to users, significantly improving the overall user experience. We believe in the potential of this technology and are ready to support its growth by:

• Collaborating with Developers: We will support developers and blockchain applications integrating preconfirmations into their systems. By working together, we can ensure the seamless adoption of this mechanism, making it a standard practice in the industry.
• Providing Resources and Expertise: Our zkBridge team has successfully implemented preconfirmations and we’re ready to assist in the development and optimization of preconfirmation protocols. 
• Investing in Research and Development: We plan to invest in ongoing research and development of preconfirmation technologies. Our goal is to innovate and refine these protocols, ensuring they are secure, efficient, and beneficial for all users.
• Educating the Community: Widespread adoption of preconfirmations requires a well-informed community. We will provide educational resources and conduct workshops to help users and developers understand the benefits and functionalities of preconfirmations.
• Supporting Economic Incentives: To encourage the use of preconfirmations, we are exploring economic incentives for proposers and users. By fostering a financially viable environment, we aim to make preconfirmations a more attractive and reliable option for transaction validation.

Polyhedra Network is enthusiastic about the potential of preconfirmations to transform the blockchain landscape and we’re eager to play a pivotal role in their development and adoption. Together, we can make blockchain transactions faster, more efficient, and more user-friendly.

This post is commissioned by Polyhedra and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.