Shared security protocol, Symbiotic, has emerged from stealth mode, offering networks the ability to customize their staking implementation, node operator selection, rewards, and penalty mechanisms. Acting as an operating system for decentralized coordination, Symbiotic is built on Ethereum and aims to be suitable for almost any decentralized network, providing high flexibility and control to network builders. The protocol, founded by Misha Putiatin, does not require a token to function and aims to create an industry around shared security in the digital world.
Decentralized networks such as Bitcoin’s proof-of-work and Ethereum’s proof-of-stake have revolutionized security, trust, and coordination in the digital space. Shared security further extends these concepts by allowing multiple networks to share their resources, enabling newer networks to leverage the security of more established ones. Implementations require complex coordination across various networks to ensure node operators adhere to the protocol’s rules. Some well-known shared security protocols include Polkadot’s Relay Chain, Cosmos’ Interchain Security, and EigenLayer.
Symbiotic was co-founded by Putiatin and Algys Ievlev, with development beginning nine months ago. The protocol has raised a $5.8 million seed round from venture firms Paradigm and cyber•Fund, with an overarching design architecture that is permissionless, neutral, and flexible. Symbiotic stands out from other shared security systems by accepting any token and collateral asset, making it highly modular and adaptable to networks’ specific security needs and stages of decentralization.
The minimalist architecture of Symbiotic aims to be permissionless, immutable, and decentralized, with no multisig or centralized frontend. Launch partners include Ethena, LayerZero, and Hyperlane, with plans for the mainnet to be operational for some networks by the end of summer. The protocol’s ambition is to shift the narrative around launching decentralized networks, emphasizing the safety and ease of launching on top of shared security. With a focus on neutrality and flexibility, Symbiotic seeks to jumpstart various networks, including cross-chain oracles, threshold networks, MEV infrastructure, interoperability, and shared sequencers.
The goal of Symbiotic is to create a protocol that is simple, flexible, and suitable for a wide range of decentralized networks. By providing a coordination layer that offers high levels of customization and control, the protocol aims to revolutionize the way security, trust, and coordination are handled in the digital world. With a focus on collaboration and shared resources, Symbiotic plans to create an industry around shared security, allowing new and emerging networks to leverage the security of larger, more established networks. As the protocol continues to develop and gain traction in the industry, it will be interesting to see how it shapes the future of decentralized networks and their approach to security and coordination.
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