Layer 1 Project Aleo Raises $200M

Key Takeaways

  • Aleo has closed a $200 million funding spherical led by SoftBank Vision Fund 2 and Kora Management.
  • The group goals to construct a scalable and privacy-centered blockchain utilizing zero-knowledge proofs.
  • Once reside as a mainnet, Aleo will reward validator nodes with its native token, Aleo Credits.

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

Aleo Pulls In VC Backing

Aleo, a Layer 1 blockchain targeted on scalability and privateness, has closed a $200 million funding spherical. The group 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 Vision Fund 2 and Kora Management, with participation from notable VCs as Tiger Global, Andreessen Horowitz (a16z), Samsung Next, Slow Ventures, and Sea Capital.

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

The Layer 1 blockchain will make use of a safety mannequin during which decentralized functions 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 reside with a mainnet launch deliberate quickly. Once that goes reside, blockchain will reward validator nodes with its native token, Aleo Credits. The token might be used to pay for computational assets within the Aleo blockchain ecosystem.

Aleo has additionally launched Aleo Studio, a improvement setting like GitHub that might be used completely for zero-knowledge proofs. The group has additionally developed a brand new programming language named Leo. Both of those assets are geared towards simplifying the expertise  of deploying functions on the community.

As of at the moment, Aleo has raised a complete of $228 million. It closed a Series A spherical of (*1*) led by a16z in April 2021.

Disclosure: At the time of writing, the writer of this piece owns ETH. 

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