Phylax Systems is a tech startup dedicated to developing an open-source security protocol for decentralized applications (DApps) on Layer 2 networks. The team at Phylax addresses significant security challenges in the Web3 space, particularly stemming from their own experiences with hacks that have inflicted substantial losses in the industry. By advocating for open security practices, Phylax aims to create solutions that enhance the safety of DApps while promoting collaboration in security measures. The company believes that effective security should not rely on cloaked methods but should come from well-designed, transparent protocols that users can trust. With a focus on building robust mechanisms for hack prevention, Phylax is positioned as a key player in shaping the future of decentralized application security.