"Holy Grail" of Bitcoin Scaling: BitScaler?
Portal to Bitcoin, a pioneering project in Bitcoin DeFi and the only trustless gateway to Bitcoin from Layer 2 networks or any blockchain, has unveiled BitScaler—a technology poised to redefine Bitcoin's scalability and utility without requiring core upgrades or new opcodes.
Launched on 13 August, BitScaler is being hailed as the "Holy Grail" of Bitcoin scaling, offering lightning-fast throughput, near-zero fees, and virtually infinite scalability.
🪼 The DeFi revolution on Bitcoin begins now.
Introducing BitScaler: The game-changing technology revolutionizing Bitcoin's scalability, functionality and cross-chain capabilities.
🧵⬇️ pic.twitter.com/Q6c8JIl4U9
— Portal (@PortaltoBitcoin) August 12, 2024
This innovative solution introduces several industry firsts, including multi-party channels for thousands of peers, known as channel factories, and a delegated but non-custodial transaction signing mechanism.
These advancements have enabled previously impossible applications, such as the first-ever custodianless and bridgeless cross-chain Automated Market Maker (AMM) built on Bitcoin.
Cross-chain transactions with native BTC and other L1s/L2s until now necessitated either CEX custody or on-chain bridges.
In leveraging BitScaler, you can say goodbye to:
🪼 Centralized bridges
🪼 Vaults
🪼 Multi-Sigs
➕ Other on-chain custody risks
(3/10)
— Portal (@PortaltoBitcoin) August 12, 2024
The Portal team has distinguished itself by being the first to successfully implement Christian Decker's Channel Factories.
This approach enables a single on-chain transaction to simultaneously open and close channels among thousands of peers, resulting in a dramatic reduction in fees and an unprecedented increase in transaction throughput.
The ramifications of this achievement are significant: BitScaler not only breaks through the constraints of conventional blockchain scaling but also heralds a new chapter in the evolution of Bitcoin's utility and potential.
Not an L2 or sidechain, BitScaler isn't just a scaling solution - it's a framework for building the future of DeFi on Bitcoin.
🪼 Perpetuals
🪼 Stablecoins
🪼 Lending protocols
➕ Other DeFi primitives
All without waiting for new BIPs.
(5/10)
— Portal (@PortaltoBitcoin) August 12, 2024
Chandra Duggirala, Co-Founder and CEO of Portal to Bitcoin, said:
“With BitScaler, we've not only solved the long-standing challenges of Bitcoin scaling but have also opened up new possibilities for the entire ecosystem. This is the future of decentralized finance on Bitcoin.”
By leveraging this architecture, Portal to Bitcoin has created the world's first cross-chain AMM on Bitcoin, using native assets without the need for bridges or custodial intermediaries.
So what benefits does this provide?
It scales Bitcoin both vertically (increased transaction throughput off-chain) and horizontally (enabling more sophisticated and complex contracts) while requiring no new opcodes.
(7/10)
— Portal (@PortaltoBitcoin) August 12, 2024
BitScaler also revolutionises the user experience with its delegated transaction signing mechanism, which eliminates the need for 24/7 node operation while remaining fully non-custodial.
This innovation shifts the cross-chain paradigm away from bridges, multi-sigs, wrapped derivatives, and vaults, moving toward a truly custody-less and trustless system.
Currently, Portal Liquidity Router and Swap SDK are built using Bitscaler.
Future plans for BitScaler include integration with Eltoo, MuSig2, and FROST, pushing the boundaries of what's possible on Bitcoin.
(9/10)
— Portal (@PortaltoBitcoin) August 12, 2024
Duggirala noted:
“We are moving away from centralized custody and on-chain custody to custody-less in cross-chain transactions.”
More than just a scaling solution, BitScaler is a framework for expanding Bitcoin's functionality.
It represents the realisation of decentralised finance (DeFi) on Bitcoin as it was always envisioned—secure, decentralised, and powerful.
George Burke, Co-Founder and Biz Dev of Portal to Bitcoin, went in-depth about BitScaler.
BitScaler, a groundbreaking technology from the brilliant R&D team at Portal. This can redefine Bitcoin’s scalability and utility.
It’s not a new Bitcoin L2 or a sidechain.
It doesn’t require new op_codes or an upgrade to Bitcoin’s core code.
It addresses limitations in… https://t.co/I7iVqPcYhC pic.twitter.com/w7IPf6jPTP
— George Burke | PORTAL (@geoburke) August 13, 2024
What is Portal to Bitcoin?
Portal to Bitcoin is a DeFi platform built on Bitcoin that enables anonymous, zero-knowledge (ZK) swaps through its cross-chain decentralised exchange (DEX).
It eliminates the need for minting wrapped tokens like wBTC or wETH and removes the reliance on intermediaries for staking.
By introducing trustless, bridge-less, and wrapper-less cross-chain atomic swaps across any blockchain, Portal empowers developers to seamlessly integrate its SDK into their own chains or decentralised applications (dApps).
This positions Portal at the forefront of DeFi innovation, offering a groundbreaking solution for accessing Bitcoin liquidity without centralised intermediaries or custodians.
Portal achieves this through a unique combination of the Lightning Network and atomic swaps, ensuring a fully secure and decentralised environment.
This approach allows users to conduct transactions and exchanges in a trustless manner, maintaining full control over their assets at all times.
As the only fully trustless solution in the marketplace, Portal revolutionises the way Bitcoin liquidity is unlocked.
Portal to Bitcoin's Mission
At the heart of Portal's capabilities is the Lightning Network, a second-layer protocol that enables instant, low-cost Bitcoin transactions.
By leveraging the Lightning Network, Portal significantly enhances the speed and efficiency of Bitcoin transfers, offering quick and low-fee access to funds—an invaluable feature for traders and users.
Duggirala noted:
"You can think of Portal as a cross-chain Lightning Network. It's fast, inexpensive, easy, and there is no custodial risk."
In addition to the Lightning Network, Portal uses atomic swaps to facilitate direct peer-to-peer exchanges between Bitcoin and other cryptocurrencies.
These smart contract-based transactions eliminate the need for a trusted third party, reducing counterparty risk and enhancing the security of the exchange process.
Users can trade directly from their wallets, ensuring they remain in full control of their assets throughout the transaction.
Dedicated to Empowering Financial Sovereignty
Portal to Bitcoin, formerly known as Portal DeFi, is the brainchild of a team of seasoned Bitcoin and AI engineers, committed to fostering financial self-sovereignty.
It stands as the sole custody-less interoperability protocol for Bitcoin, enabling rapid and cost-effective atomic swaps between native Bitcoin assets such as BTC, Ordinals, and Runes, as well as Layer 2 (L2) and other Layer 1 (L1) assets.
Portal's technical advancements eliminate the need for bridging or wrapping, ensuring that user funds remain secure at all times.
Chandra Duggirala, Co-Founder & CEO
Duggirala is the CEO and Co-Founder of Portal to Bitcoin.
A physician by training and a builder at heart, he operates at the intersection of technology and progress.
He is a passionate product innovator, Bitcoin enthusiast, and keen observer of human behaviour.
Previously, he founded and led Fuel, the first AI-based personalised nutrition engine, and was the founder of Novobionics, which was later acquired.
His socials: X and LinkedIn
George Burke, Co-Founder & Biz Dev
Burke, Co-Founder of Portal to Bitcoin and a graduate of the New Jersey Institute of Technology, brings 8 years of expertise in cryptocurrency and blockchain.
With three successful exits, including the early Bitcoin exchange Crypto Street, he has been at the forefront of innovation.
George also pioneered the first Bitcoin debit card and leads the world's oldest Bitcoin meetup. Notably, he was among the first angel investors in Ethereum.
His socials: X and LinkedIn
Manoj Duggirala, Co-founder and CTO
Duggirala, co-founder and CTO of Portal to Bitcoin and FounderPool, is a versatile technology generalist with a strong track record in rapidly developing products and achieving product-market fit.
Previously, as co-founder and CEO of Context360, he has designed micro sensors, built robotic systems, and created both consumer apps and B2B big data analytics solutions.
He has led successful product-market fit initiatives across three startups and brings deep insight into emerging technology and market trends.
Additionally, he serves as an advisor at FoundersSpace, where he collaborates with fellow entrepreneurs to bring innovative ideas to life.
His socials: X and LinkedIn
Portal's Socials
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Transforming the Way Users Interact with Their Bitcoin
Portal to Bitcoin, the innovative platform dedicated to unlocking Bitcoin liquidity through the only truly trustless solution, recently announced significant strategic integrations with Bitlayer, Sovryn, and Tari as key components of its upcoming testnet launch.
Duggirala stated:
“We are thrilled to announce the launch of our incentivized testnet and our union with these three outstanding partners, a significant step in our mission to unlock the full potential of Bitcoin liquidity. Our commitment to providing a trustless solution is at the heart of everything we do, and our use of the Lightning Network and atomic swaps is a testament to this. This testnet is a crucial phase in our development, allowing us to fine-tune our platform while engaging with our community and rewarding their participation. We believe that Portal to Bitcoin will transform the way users interact with their Bitcoin, providing a secure, efficient, and user-friendly experience.”
Enhancing its credibility, Portal to Bitcoin is supported by Coinbase Ventures, OKX Ventures, Gate.io, Arrington Capital, and other notable investors.
In January, the platform raised $34 million in a seed funding round, structuring the investment as a combination of a Simple Agreement for Future Equity (SAFE) and convertible notes, all of which have been fully converted into equity.
This $34 million seed round, which was oversubscribed by more than two times due to heightened interest in the growth of the Bitcoin ecosystem, exceeds the typical size for a seed round.
With this funding, Portal's total investment now stands at $42.5 million, including the $8.5 million raised in pre-seed funding in 2021.
Coinlive believes that with the upcoming testnet launch and discussions about a potential token, Portal to Bitcoin is poised for significant developments in the near future.
