Othentic to Boost Abstraction Layer Development for Shared Security with Recent $4M Funding: Authentic or Baloney?

We have recently observed the emergence of shared security and Actively Validated Services (AVS), which are laying the groundwork for the development of decentralised services.

In this new shared security paradigm, networks are tasked with performing a variety of on-chain and off-chain computational tasks that correspond to the unique services provided by AVSs.

AVS developers must deploy their core service within a trustless execution environment, establish a network of Operators who adhere to their specific node requirements, achieve on-chain consensus on arbitrary computational tasks, distribute rewards, and impose penalties and slashing mechanisms based on the Operators' attestations.

Developers are responsible for tailoring a system that interfaces with the shared security layer and for creating essential core components that align with the principles of the shared security economy.

One project at the forefront of this movement is Othentic, which is facilitating the establishment of AVSs.

What is Othentic & What Does it Do?

On Othentic's website, it states:

“Othentic is a library of components to build distributed systems in the shared security environment.”

An Othentic representative stated:

"Our platform allows developers to self-deploy custom computational services over trustless execution environments."

Othentic seeks to streamline the creation of distributed computation services by providing a self-deploy infrastructure that incorporates shared security.

The project is developing the Othentic Stack, a distributed technology suite designed to manage and simplify the shared security framework.

This allows AVS developers to deploy customised computational services within trustless execution environments with ease.

Moreover, Othentic supports the establishment of a network of Operators who can execute arbitrary compute tasks.

The Othentic Stack is designed to be an evolving system, with new modules added as development advances, offering developers more options for integration and configuration.

Othentic simplifies the development process on EigenLayer and other restaking protocols by providing pre-built components, reducing engineering overhead, and accelerating time to market.

This enables builders to launch Proof of Stake (PoS) networks and services atop shared security ecosystems, fostering rapid innovation at the core infrastructure level.

Ultimately, Othentic aims to transform the decentralised application (dApp) ecosystem by offering a flexible and secure framework for off-chain computations, thereby enhancing the scalability and efficiency of decentralised services.

Othentic Secures $4M Funding from Over 10 Investors & Backers

Othentic, a Web3 orchestration and abstraction layer designed for AVS developers on both EVM and non-EVM blockchains, is a project dedicated to enhancing shared security within distributed systems.

Recently, Othentic secured $4 million in a seed funding round that ended on 22 April 2024.

This round was co-led by Finality Capital Partners and Breyer Capital.

The funding round also saw participation from Coinbase Ventures, Collider Ventures, HashKey Capital, Bankless Ventures, Robot Ventures, Everstake, PunkDAO, and various angel investors.

The company intends to utilise these funds to expedite the development of its abstraction layer, enabling AVS developers to concentrate on their core services while minimising engineering overheads.

This fundraising effort coincides with the growing trend of shared security and actively validated services on platforms such as EigenLayer on Ethereum and Babylon Chain on Bitcoin, which are spearheading the advancement of decentralised services.

It was revealed during the end of May that Othentic is a founding member of the Shared Security Alliance alongside EigenLayer and Babylon Chain.

Othentic highlighted the important role its orchestration layer will play in the evolving dApp ecosystem:

“In the new shared security economy, networks are required to execute diverse on-chain and off-chain computation work that represent unique services offered by AVSs."

What is Actively Validated Services (AVS)?

An AVS refers to any system requiring distinct distributed validation methods for verification.

This includes side chains, data availability layers, new virtual machines, keeper networks, oracle networks, bridges, threshold cryptography schemes, and trusted execution environments.

To put it simply, AVS are digital services or applications that are constantly checked and verified to ensure they work correctly and securely.

This ongoing validation process helps maintain trust and reliability in these services by preventing errors, fraud, or misuse.

Essentially, AVS ensures that the services you use online are functioning as they should and are safe from potential threats.

Othentic Stack Empowering AVS Developers

The Othentic Stack is a self-deploy infrastructure designed to streamline the development of distributed systems with shared security, aiming to facilitate the creation of innovative computing services.

By leveraging Othentic's library of production-ready and configurable components, AVS developers can concentrate on their core services, reducing engineering overhead and abstracting away low-level implementations and infrastructure complexities.

Othentic empowers developers to focus on what they do best: building ground-breaking protocols.

By minimising development barriers and accelerating time to market, the Othentic Stack paves the way for a more efficient and scalable future.

Here's how the Othentic Stack empowers AVS developers:

Pre-Built Components: Utilise a comprehensive library of production-ready components, enabling developers to concentrate on core service logic without reinventing the wheel.

Reduced Engineering Overhead: Abstract complex infrastructure details, significantly minimising engineering time and effort.

Faster Time to Market: Accelerate the deployment process, ensuring applications are up and running swiftly and efficiently.

The project noted:

“Othentic Labs is on a mission to enable the creation of novel and distributed computation services. We’re leading the development of Othentic Stack, a self-deploy infrastructure to create novel distributed system with underlying shared security.”

The Next Step in Tech Evolution: Decentralised Compute Scalability

In a recent blog post on Mirror, Othentic unveiled its innovation known as "Stateless Rollups," which provides AVS developers with access to decentralised compute scalability by providing a flexible and secure setting for off-chain computations.

These rollups offer "a flexible and secure framework for the execution of off-chain computations."

Othentic emphasizes that stateless rollups are compatible with both EVM and non-EVM blockchains and are capable of serving other networks and applications.

The framework supports the development of co-processors, zero-knowledge (ZK) provers, privacy-oriented computations, decentralised order books, AI inference networks, and systems designed to thwart security breaches, among other services.

In essence, stateless rollups furnish AVS developers with decentralised compute scalability, allowing them to deploy customised computational services within secure, trustless execution environments.

These rollups operate as computing networks that cater to a variety of blockchains or applications, unbound by the limitations of any single chain.

By leveraging a library of production-ready, pre-built components, AVS developers can focus on their core services, minimise the need for extensive engineering, and abstract away the complexities of low-level implementations and potentially problematic infrastructure details.

Furthermore, Othentic abstracts the shared security primitive for AVS developers, simplifying the integration of secure and scalable off-chain computation services.

The Othentic & EigenLayer Comboination

EigenLayer addresses a significant obstacle to innovation within the cryptocurrency ecosystem: the challenge of bootstrapping networks.

It enables protocols to concentrate on their primary functions without the distraction of bootstrapping trust or securing their networks.

This is achieved through restaking, an innovative method that utilises the security of the Ethereum network to protect additional protocols, obviating the need for each protocol to establish its own set of validators.

EigenLayer introduces a groundbreaking concept: shared security.

This allows developers to "lease" the security of a well-established blockchain, such as the second-largest in the world, for their own projects.

This approach eliminates the necessity of constructing a security infrastructure from the ground up, conserving both time and resources.

While EigenLayer presents a potent solution, deploying on it or similar restaking protocols like Babylon can be intricate.

This is where Othentic steps in.

By integrating the capabilities of EigenLayer with the user-friendly Othentic Stack, developers can effortlessly create and self-deploy a diverse array of innovative applications.

These include oracles, bridges, relayer networks, secure computations, private authentication systems, AI inference, and efficient data exchange and collaboration within the crypto ecosystem.

The People Behind Othentic

Founded just last year, Othentic Labs is a relatively new company with Yarden Shechter as the co-founder and CEO, and Dean Rubin as the other co-founder and CTO, and their corporate office located in Israel.

Yarden Shechter

Shechter is the co-founder and CEO of Othentic and previously worked at IN Venture. He graduated from Lakeman University.

His socials: X and LinkedIn

Dean Rubin

Rubin is the co-founder and CTO of Othentic and previously worked at AccessFintech. He graduated from Reichman University.

His socials: X and LinkedIn

Website

LinkedIn

Discord

X Account

X Followers on 27 June: 3,158

X Followers on 22 April: 2,557

X Followers on 22 March: 2,060

Is Outhentic Actually Authentic?

The Othentic Stack is a continuously evolving system.

As development progresses, new modules will be integrated, offering developers additional options for plug-and-play configuration.

For AVS developers looking to launch innovative distributed systems or Node Operators interested in securing such systems, Othentic has indicated that early access to scaling the shared security movement can be obtained by submitting a request here.

Initially, Coinlive approached Othentic with considerable scepticism, largely due to its slow growth in followers and lack of mainstream visibility.

However, as we delve deeper into its partnership with EigenLayer and examine the nuances of its mission to shape the future of shared security, we recommend giving Othentic serious consideration, particularly for AVS developers and Node Operators.

Moreover, there has been a 75% increase in headcount over the last six months at Othentic.

For others, there is no harm in taking a step back to fully comprehend what Othentic represents.