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- 1 Aleo is now in the testnet phase, but a mainnet launch is anticipated for later this year.
- 2 The Aleo network offers developers tools required to create privacy-focused applications.
- 3 Aleo raised $28 Million in April 2021 and $200 Million in February 2022.
According to a June 1 announcement, Demox Labs has released a new wallet for the privacy-focused Aleo blockchain network. Known as “Leo,” the wallet enables users to interact with Aleo’s ZK-based apps by generating zero-knowledge (ZK) proofs within their browsers. Aleo is now in the testnet phase, but a mainnet launch is anticipated for later this year.
Demox also raised $4.5 Million from investors to further develop ZK-proof technology through Aleo and other networks. Over 40,000 users signed up for the Leo wallet waitlist in the period leading up to its debut.
More About “Leo” and Aleo Blockchain
Aleo blends the blockchain’s security and transparency with zero-knowledge proofs’ privacy advantages. Users can demonstrate the accuracy of certain claims using zero-knowledge proofs without disclosing the underlying facts. This enables the verification of transactions and smart contracts executed on the Aleo blockchain without disclosing private information.
Recursive Proof Composition (RPC), a decentralized consensus process, powers the Aleo network. By combining several transactions into a single proof and lowering the total computing needs, RPC provides scalability.
Leo is a programming language that is part of the blockchain technology and is intended to make it easier to create privacy-preserving smart contracts. On the Aleo network, developers can use Leo to create dApps that include privacy features.
For the Aleo network, a DSL called Leo was developed specifically for authoring smart contracts. It offers developers the capabilities and tools required to create privacy-focused applications and is built to function smoothly with zero-knowledge proofs (ZKPs).
Leo enables developers to create privacy-enforcing smart contracts that make use of zero-knowledge proofs to validate transactions without disclosing private data. This enables the development of decentralized applications (dApps) on the Aleo network that prioritize user privacy while upholding the safety and reliability of the blockchain.
Funding for Web3 Applications and Leo
Venture capital company, Hack VC led the funding round, which also featured contributions from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea, and CSquared. The money is to be used to create Web3 applications for businesses and integrate Leo with other ZK-proof blockchains.
Barron Caster, co-founder and CEO of Demox Labs, sees the wallet’s release and fundraising as the beginning of a new Web3 age centered on privacy. “Leo Wallet is only one illustration of how [zero-knowledge proofs] will enable people to use contemporary technologies and uphold legal and regulatory compliance without compromising personal privacy.” That sentiment was mirrored by Aleo CEO, Alex Pruden, in a conversation with a major news agency.
Zero-knowledge privacy technology, according to him, is special because it enables “programmable privacy.” Then he continued, “Everything you can do on Ethereum, you can do in Aleo, but privately.
Aleo raised $28 Million in April 2021, and in February 2022, it acquired an additional $200 Million. In August of that same year, it started its testnet.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
