PANews reported on November 1 that according to official news, the security protocol Phylax Systems completed a US$4.5 million Pre-Seed round of financing, led by Nascent and Figment Capital. Other investors included: Robot Ventures, Hash3, Bankless Ventures, Breed VC, Public Works, Banteg, Hari Mulackal, Laurence Day, Ryan Lackey, Nic Carter, Nader Dabit, Eric Wall, etc.
The company will use the funds to develop The Credible Layer, a hack prevention protocol. Currently, it is building the Credible Layer, an active security layer that allows dApps to define hack prevention rules and communicate them to block builders, specifying the states they want to prevent. It functions as a coordination mechanism between dApps and the base layer, ensuring the sovereignty and security of dApps. Regarding the Credible Layer transparency, anyone can view the security rules of a dApp and verify their execution. dApps pay fees for this verification, ensuring that their assets are protected.
