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Aleo is committed to changing the decentralized ecosystem through its adherence to privacy features in applications being used today.
Aleo, the blockchain firm that says it is the first platform to offer fully private applications has raised $28 million in new funding. According to the company’s announcement, the round was lead by Andreessen Horowitz (a16z). Participation was also enjoined from other investors including Placeholder VC, Galaxy Digital Holdings Ltd (TSE: GLXY), Variant Fund, and Coinbase Ventures amongst others.
Fund-raising events have been commonplace in today’s cryptocurrency ecosystem. As the global crypto industry is gradually moving into the mainstream adoption cycle, new innovative projects with greater use cases are making their way into the space. Correspondingly, investors are identifying game-changing projects and always seek ways to be a part of the impending innovation through capital provisions. Aleo is one of the favored projects today with backing from renowned investors.
Through its platform, Aleo said it is possible for developers to build applications even if they have no prior expertise in blockchain or cryptography. Aleo uses zero-knowledge proof (ZKPs), a cryptographic technique that proves a statement or fact without revealing what makes it true. The technology is how ZCash (ZEC) is secured and Aleo’s focus is geared towards eradicating the hidden shortcomings of blockchain technology.
“We are thrilled to support the stellar team behind Aleo as they bring private programmable applications to the wider market. Privacy-preserving applications allow users to navigate digital interactions without bias, which, coupled with blockchain technology, will create new opportunities for value creation,” says Katie Haun, General Partner at a16z, adding that “Aleo’s tech has solved critical issues in scaling applications built with zero-knowledge technology, enabling any developer or organization to build and scale a truly private application.”
Although the project was first conceived back in 2016, it was formally established in 2019 by Howard Wu, Michael Beller, Collin Chin, and Raymond Chu. The team behind the project has varied experiences having in tech firms as well as in academia.
Aleo Blockchain to Reshape the Decentralized World
According to Howard Wu, Aleo is committed to changing the decentralized ecosystem through its adherence to privacy features in applications being used today. While Aleo’s unique architecture makes it more scalable than a traditional blockchain, the team noted that usability will not be compromised.
“Aleo will reshape the role decentralized systems play in our society and introduce new paradigms for how we live our digital lives. Privacy will no longer be merely a feature but will become a core function,” Howard said in a statement.
Alongside the funding, Aleo also launched its Developer Preview II, a suite of new tools for developers to build on the blockchain ahead of the public network launch. The firm has not unveiled the definitive time for the full unveiling, it is, however, likely to conduct its universal setup ceremony for the Aleo network this spring, as detailed in the announcement.