Official announcements from cryptocurrency projects

Phylax Systems Launches Credible Layer Hack Prevention Protocol to Enhance Crypto Security Amid North Korea Threats

Oct 23, 2024, 05:35 PM

Phylax Systems has launched a new initiative aimed at enhancing security within the cryptocurrency space. The company introduced the Credible Layer, a hack prevention protocol designed to be embedded in the base layer of blockchain technology. This proactive approach seeks not only to protect digital assets but also to restore trust in the cryptocurrency ecosystem. Industry experts have noted the importance of transitioning from reactive to proactive measures in mitigating hacks, highlighting Phylax's innovative strategy. The initiative aims to create an incentive-compatible mechanism that encourages blockchain nodes to safeguard decentralized applications (dapps). The project is particularly relevant in light of ongoing concerns regarding hacks and the movement of stolen funds to malicious actors, with specific mention of threats from state-sponsored entities such as North Korea.