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Layer 1 project Aleo raises $200 million

Key Takeaways Aleo has closed a $200 million financing round led by SoftBank Vision Fund 2 and Kora Management. The team aims to build a scalable and privacy-focused blockchain using zero-knowledge proofs. Once live as a mainnet, Aleo will reward validator nodes with its own token, Aleo Credits. Share this article Aleo has raised $200 million in a Series B funding round to build a new Layer 1 blockchain focused on scalability and user privacy. Aleo Pulls In VC Backing Aleo, a Layer 1 blockchain focused on scalability and privacy, has closed a $200 million funding round. The team announced in a tweet that it hoped to “build the next generation of private apps based on zero proofs of knowledge.” The financing round closed at a valuation of $1.45 billion. It is led by SoftBank Vision Fund 2 and Kora Management, with the participation of notable VCs such as Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures and Sea Capital. Aleo was created by Howard Wu, who based it on his original research into a new cryptographic primitive called ZeXe. The Layer 1 blockchain will use a security model in which decentralized applications will be hosted on-chain, but most of the computation will take place off-chain. To do this, Aleo relies on zero-knowledge proofs. In particular, such proofs are currently being used by existing blockchain scalability solutions on Ethereum, including Polygon Miden, StarkWare, zkSync, and Loopring. The Aleo testnet is currently live and a mainnet launch is planned soon. Once that goes live, blockchain will reward validator nodes with its native token, Aleo Credits. The token will be used to pay for computing resources in the Aleo blockchain ecosystem. Aleo has also released Aleo Studio, a development environment like GitHub that will be used exclusively for zero-knowledge proofs. The team has also developed a new programming language called Leo. Both resources are focused on simplifying the experience of deploying applications on the network. As of today, Aleo has raised a total of $228 million. It closed a $28 million Series A round led by a16z in April 2021. Disclosure: At the time of writing, the author of this piece owns ETH. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. Layer 1 Coin Oasis Rising on DeFi Growth, Binance Support Oasis Network’s DeFi Ecosystem has passed a total value of $100 million and the ROSE token is soaring. Oasis DEX YuzuSwap Leads DeFi Ecosystem Oasis Network, A Proof-of-Stake Layer 1…What Is A Crypto Airdrop: Why Projects Airdrop to stimulate a community. They represent a popular marketing tactic that new projects are using to spread… ZK-Rollups and the Path to Ethereum Scaling As the cost of using Ethereum increases, the need to scale the network has become more apparent than ever. Zero-Knowledge Rollup Technology Promises Lower Gas Rates Without Compromising… Polygon Adds Mir to Its $400 Million ZK Scaling Arsenal Polygon has added another zero-knowledge scaling project called Mir. The team hopes to use Mir to add to its arsenal of scaling solutions. Polygon takes over Mir Polygon has a…
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