Phylax Systems

Security is too complicated. Our goal is simple: make it easy for any user to prove their funds are secure at any time, using the Credible Layer. Shifting the security paradigm will create ripple effects across the entire industry—more than most might expect.

The Credible Layer works optimistically. It is assumed that Assertion Enforcers will enforce assertions as long as they are paid by the Assertion Adopters. This means that only in the pessimistic case where the Assertion Enforcer allows for an invalidating transaction to land on the chain, is a proof needed to be posted on the chain. Since this will rarely happen, the Credibly Layer can be optimized for performance, without the bottleneck of computationally heavy proof generation processes.

Security is a cat-and-mouse game. Mitigative methods will always be worked around eventually. That's why we are building at the base layer.

The State Oracle is the mechanism where assertions are defined and associated with a specific smart contract. Users can submit proofs of transactions that invalidate assertions. This mechanism also lays the ground for built-in bug bounty programs.

Assertions can be explained as a negative "intent." Instead of declaring an end-state you do want, you declare the state you don’t want to occur. In this case, it's the state you define as being a "hack" for your smart contracts. By defining the state that should never be reached, you don’t have to predict all the different vectors of attack that could lead to a hack. You need to know what a hack looks like.

Huge week for Phylax at DevCon in BKK. Stay tuned.

Frontrunning helps mitigate some attacks but faces challenges such as private mempools which make it impossible to frontrun the attacks. Similarly, next-block mitigation can be helpful for damage control, but it is ineffective when the hack occurs all in one block. The Credible Layer is proactive and embedded in the base layer, making it nearly impossible to circumvent and ensuring that action is taken before a hack, not during or after.

Enough politics. Back to what matters: The Credible Layer. Many people discovered @phylaxsystems last week and we have seen many great questions. Here's one with an answer from our DevRel @_czepluch. Q: How does the Credible Layer differ from existing hack prevention approaches like frontrunning and heuristic analysis? A: The Credible Layer differs in several key ways: Φ It operates at the base layer rather than the application level, allowing for more comprehensive security that can't be circumvented. Φ Instead of trying to detect all possible vulnerabilities, it uses assertions to define invalid states that must be avoided. Φ It creates economic incentives for both prevention and reporting of potential exploits, as well as proving when the assertion runner didn't prevent a "hacked" state. Φ Unlike frontrunning solutions, it can't be bypassed using private mempools. Φ Unlike heuristic analysis, it doesn't suffer from false positives that could block legitimate transactions. Ask more questions like this and join the conversation on discourse: https://lnkd.in/gjFfDA3G

This is your chance. $130K - $170K + 0.2% - 0.5% Calling all Senior FE Engineers. We just raised $4.5mm to build the Credible Layer, a hack prevention protocol and we are growing the team. We are a group of audacious doers and dreamers who are on a warpath towards a more secure on-chain future. Read the full Whitepaper here if you want to get excited: https://lnkd.in/g_gfrhZW A little about the role: As a Senior Front-End Engineer, you’ll play a critical role in shaping the user experience of Phylax’s products. You’ll be responsible for building high-quality, responsive web applications, collaborating closely with our UX/UI designers, back-end developers, and product team to ship new features and ensure seamless performance. This is your opportunity to get in at the ground level and have a real impact. If you are interested fill out an application below and we will be in touch. We also have a $6,000 referral program, so if you know someone who would be a good fit, speak up! The program is linked below. Come join us, let's take down the Lazarus group. JD: https://lnkd.in/gxFtU_Yx Referral program: https://lnkd.in/gx99manp

Today, we are announcing our $4.5m pre-seed, led by Figment Capital and Nascent with support from Robot Ventures, Hash3, Bankless Ventures, Breed VC, and Publicworks. We will use these funds to develop The Credible Layer, a hack prevention protocol. On August 1st, 2022, Nomad lost $190 million in one of crypto’s largest hacks—a turning point for Odysseas Lamtzidis. Conversations with users, founders, and engineers revealed a sobering truth: Many can’t sleep for fear of being hacked; some have even left the space entirely. We’re not just losing the best builders and teams to hacks—we’re losing them to the fear of hacks. Full announcement: https://lnkd.in/gUUMGxdb It should be obvious at this point, that one of the primary hurdles to adoption en masse is the BILLIONS of dollars of hacks that occur every year. Current solutions, like fuzzing, next block mitigation, and frontrunning protection, are valuable but by no means a silver bullet. They patch the problem—they don’t solve it. We need security that can’t be bypassed and is verifiable. This is what Phylax Systems is on a war path to deliver. We’re building the Credible Layer, a proactive security layer that allows dApps to define hack-prevention rules and communicate them to the block builder, specifying states they want to prevent. The assertion enforcer checks each transaction against these rules, stopping hacks before they happen. It is non-invasive and is functionally a coordination mechanism between dApps and the base layer, keeping dApps sovereign and secure. The Credible Layer is also fully transparent—anyone can view a dApp’s security rules and verify their enforcement. dApps pay fees for this validation, ensuring their assets remain safeguarded. Regulators have scrutinized our industry due to high-profile hacks, and while their intentions may not always be entirely impartial and fair, this particular concern is valid. It’s up to us to prove that security isn’t an afterthought but a core component of every crypto project. As Nic Carter said: “We’re long overdue for moving DeFi hack mitigation from reactive to proactive, and Phylax is leading the charge.” We don't want to scar the mainstream as soon as we onboard them. We need security that makes them feel safe. We intend to make this a reality with the Credible Layer. To get the full picture of the Credible Layer, read the Whitepaper (we just released it): https://lnkd.in/g_gfrhZW And if you are interested in joining the waitlist for the Credible Layer please reach out here: https://lnkd.in/gPpFXk69