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Aleo Raises $28 Million to Introduce Zero-Knowledge Applications

Aleo Raises $28 Million to Introduce Zero-Knowledge Applications

A privacy-focused blockchain, Aleo has raised $28 million in investments to bring its zero-knowledge applications to a wider market. California-based venture capital firm Andreessen Horowitz led the private investment round. It also witnessed Coinbase Ventures, Galaxy Digital, Polychain Capital, Variant Fund, and the Joseph Lubin-led Ethereal Ventures. Aleo will employ part of the new funding it raised to distribute grants and support developer communities to believe that ZKP tools become more mainstream.

Moreover, Aleo is known as the first platform for fully private applications. It utilizes a cryptography technique called zero-knowledge proofs to achieve scalability, privacy, and interoperability for off-chain transactions. Zero-Knowledge Proofs (ZKP) are a kind of cryptography that enables someone to reveal that something is true without disclosing the underlying data on which this is the case. Moreover, the most significant blockchain use case of ZKP is Zcash (ZEC). It is a privacy-based crypto that emerged prominence of its special emphasis recognized as zk-SNARKS.

Aleo’s Value Proposition for Users and Developers

Furthermore, Zero-knowledge cryptography applies to varying areas in the crypto sphere involving privacy-based blockchain networks. Aleo’s CEO Howard Wu contended that the most prominent thing for people to realize is Aleo’s value proposition for users and developers. For users, he states that Aleo is the first platform for fully private applications. Aleo employs decentralized systems and zero-knowledge cryptography to deliver a user experience on the web that is personal and private.

For developers, on the other hand, Aleo is a full-stack web structure for zero-knowledge applications, he opined. We further elaborated that the funds would be applied for community growth and developer grants program and developing Aleo’s engineering team. It formulates the first full-stack framework for zero-knowledge and prepares for mainnet launch. Consequently, Andreessen Horowitz has become a substantial investor of blockchain companies, having secured a stake in NFT marketplace OpenSea and Optimism’s layer two scaling solutions. Moreover, in April 2020, the company secured $515 million for its new crypto fund, quickly exceeding its initial goal.

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