Today, Symbiotic shared security protocol came out from the shadows.
Symbiotic allows network administrators to tailor their stake implementation. This includes collateral assets, selection of node operators, reward and penalty mechanisms. Ethereum is the coordination and orchestration layer of the protocol.
EigenLayer, however, is marketed as “a marketplace for decentralized trust,” The Symbiotic operating system is used for decentralized coordination.
“The goal was to create a protocol that is suitable for almost any decentralized network,” Blockworks spoke to Misha Putiatin, CEO and co-founder of Symbiotic.
As a thin layer of coordination, Symbiotic offers network builders high levels of flexibility and control. As such, it will be immutable from launch — like Uniswap — and does not require a token to function.
Ambition “create an industry”
True decentralized networks have changed the way that we perceive security, trust, and coordination within the digital realm. Bitcoin’s proof-of-work allowed a decentralized network of miners to secure digital transactions without relying on a central authority.
Ethereum’s Proof-of-Stake uses economic collateral instead of electricity to achieve a similar level of security.
By extending these concepts, shared security allows multiple networks to use their resources. It allows new networks and those in the early stages of development to grow by leveraging established security measures from larger networks.
Implementations can involve complex coordination to ensure that node operators meet the protocol’s rules across various networks. Polkadot Relay Chain and Cosmos Interchain Security are some of the best known providers of shared security.
“Polkadot was one of the pioneers of that, and then Cosmos proceeded with their own flavor,” Putiatin is said. “Our idea is that we wanted to create a protocol [with as few] tradeoffs as possible.”
Listen: Cosmos and Polkadot: Shared security and restaking lessons
Symbiotic was developed by the Statemind team, which is also responsible for auditing and cybersecurity. It began about nine months back. Putiatin previously served as the CEO and chief technology of MixBytes. Both studied in Moscow, and both now reside in Dubai.
The team’s experience with Statemind has led them to become a member of the Statemind Team. “expand their mission to secure everything blockchain and everything decentralized” Putiatin has said that Symbiotic was a great product.
Symbiotic has raised a $5.8 million seed round from venture firms Paradigm — which also funded Uniswap — and cyber•Fund, the venture firm founded by early Lido contributors Konstantin Lomashuk and Vasiliy Shapovalov, as CoinDesk previously reported.
This protocol is designed to be scalable. “permissionless, neutral and flexible.”
Neutral means Symbiotic won’t compete with other market participants — so no native staking, rollup or data availability offering.
The word “to be” is a good way to describe what we are doing. “symbiotic” The word “Answer” is a way of saying, “Whatever you want to say.” “to run from competition like [from] fire and to be as selfless as possible, as unopinionated as possible,” Putiatin explained.
Maximum flexibility
All major decisions remain with the networks who build on top of Symbiotic, such as what collateral they will accept, which node operators can participate, who resolves disputes — so slashing and punishment — and how much stake they want from each party.
Symbiotic is unique in that it can accept tokens from virtually any chain.
Create an industry for shared security “we needed to create a protocol that can be super modular, and the abstraction of collateral is one of these.”
Putiatin is lumps of putiatin that are in the “neutrality” Symbiotic may be an Ethereum protocol but collateral does not have to come from Ethereum. Lido staked Ether is one of the most likely candidates for core collateral.
“You can create an obligation on the Ethereum side,” He explained. “and if [the] network sees that the messaging is trusted enough, within the slashing window, the asset on another chain might be even in DeFi — actually be used somewhere — yet is reliably slashed.”
This modularity ensures that networks can adapt and evolve according to their specific security needs and stages of decentralization.
“When you launch a centralized network there is a gap between you being super creative and innovative, having a great idea, and you are starting in a way that is safe — because you needed to build your own economic security model,” Putiatin is said.
Putiatin says that we are seeing a proliferation in tokens and other decentralization compromises such as multisigs networks or validator sets with subpar quality.
“The goal for our project is to shift the narrative — you don’t have to launch natively — it’s going to be safer and easier for you to launch on top of us, on top of shared security,” “He said”
He envisions that the system will be used to launch all types of networks. Cross-chain oracles and threshold networks are mentioned, as well as MEV infrastructure and reconfirmations, interoperability, and shared sequencers.
“We believe that this sort of primitive can help a lot of people, and for that we need to be as neutral as possible,” Putiatin is said.
Although the Protocol’s architecture is minimal, it has a massive ambition for sharing security.
This will have no permissions, and be immutable. The system will neither collect any fees nor rely on a centralized interface.
“If I die and every engineer dies, our system will still be fully operational. I don’t expect our front end to be used a lot,” “He said”
A Symbiotic post states that launch partners will include names you’re familiar with, such as Ethena LayerZero Hyperlane and Ethena. There are also a host of other networks in early development.
Putiatin is expecting the Symbiotic Mainnet to go live for some networks before the end the summer.
“Why should you create a complex protocol when you can create a really simple and flexible one?”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
