Layer 1 Undertaking Aleo Raises $200M


Key Takeaways

Aleo has closed a $200 million funding spherical led by SoftBank Imaginative and prescient Fund 2 and Kora Administration.
The crew goals to construct a scalable and privacy-centered blockchain utilizing zero-knowledge proofs.
As soon as dwell as a mainnet, Aleo will reward validator nodes with its native token, Aleo Credit.

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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 crew 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 Imaginative and prescient Fund 2 and Kora Administration, with participation from notable VCs as Tiger World, Andreessen Horowitz (a16z), Samsung Subsequent, Gradual Ventures, and Sea Capital.

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

The Layer 1 blockchain will make use of a safety mannequin during which decentralized purposes 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 at present being utilized by current blockchain scalability options on Ethereum, together with Polygon Miden, StarkWare, zkSync, and Loopring.

The Aleo testnet is at present dwell with a mainnet launch deliberate quickly. As soon as that goes dwell, blockchain will reward validator nodes with its native token, Aleo Credit. The token will probably be used to pay for computational sources within the Aleo blockchain ecosystem.

Aleo has additionally launched Aleo Studio, a growth atmosphere like GitHub that will probably be used completely for zero-knowledge proofs. The crew has additionally developed a brand new programming language named Leo. Each of those sources are geared towards simplifying the expertise  of deploying purposes on the community.

As of in the present day, Aleo has raised a complete of $228 million. It closed a Collection A spherical of $28 million led by a16z in April 2021.

Disclosure: On the time of writing, the creator of this piece owns ETH. 

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