Technology

Layer 1 Challenge Aleo Raises $200M

Key Takeaways

  • Aleo has closed a $200 million funding spherical led by SoftBank Imaginative and prescient Fund 2 and Kora Administration.
  • The workforce goals to construct a scalable and privacy-centered blockchain utilizing zero-knowledge proofs.
  • As soon as stay as a mainnet, Aleo will reward validator nodes with its native token, Aleo Credit.

Aleo has raised $200 million in a sequence B funding spherical to construct a brand new Layer 1 blockchain centered on scalability and person privateness.

Aleo Pulls In VC Backing

Aleo, a Layer 1 blockchain centered on scalability and privateness, has closed a $200 million funding spherical. The workforce introduced in a tweet that it hoped to “construct the next-generation of personal apps powered by zero-knowledge proofs.”

The funding spherical was closed at $1.45 billion valuation. It led by SoftBank Imaginative and prescient Fund 2 and Kora Administration, with participation from notable VCs as Tiger International, Andreessen Horowitz (a16z), Samsung Subsequent, Gradual Ventures, and Sea Capital.

Aleo was created by Howard Wu, who based mostly it on his authentic analysis on a novel cryptographic primitive referred to as ZeXe.

The Layer 1 blockchain will make use of a safety mannequin by which decentralized purposes are hosted on-chain however most computations happen off-chain. To do that, Aleo will depend on of zero-knowledge proofs. Notably, such proofs are presently being utilized by current blockchain scalability options on Ethereum, together with Polygon Miden, StarkWare, zkSync, and Loopring.

The Aleo testnet is presently stay with a mainnet launch deliberate quickly. As soon as that goes stay, blockchain will reward validator nodes with its native token, Aleo Credit. The token shall be used to pay for computational sources within the Aleo blockchain ecosystem.

Aleo has additionally launched Aleo Studio, a improvement atmosphere like GitHub that shall be used solely for zero-knowledge proofs. The workforce has additionally developed a brand new programming language named Leo. Each of those sources are geared towards simplifying the expertise  of deploying purposes on the community.

As of at present, Aleo has raised a complete of $228 million. It closed a Collection A spherical of $28 million led by a16z in April 2021.

Disclosure: On the time of writing, the creator of this piece owns ETH. 

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