ALEO
Recently I came across a project about cryptocurrencies.I was very interested, so I decided to share this information with you.
The name of the project is “Aleo”.It is the first platform you can use to create a completely private, scalable, and cost-effective application.It is possible to process thousands of transactions in 1 second.By using zero-knowledge cryptography, Aleo can run smart contracts across the chain.
Aleo is built on an open public blockchain and has all the flexibility of Ethereum.The platform has a more scalable architecture where miners don’t have to rerun each transaction — just check if it’s correct.
A little more about Areo
Areo delivers a truly personal and private user experience on the web.
In the near future, web services will be used everywhere, not just in the browser.They will begin to manage all the intimate parts of a person’s private life.People have effectively stopped controlling their data flowing to the Internet.That’s why our private lives are in the public domain.
Today, there is no such thing as personal information.The Internet offers services for free, in exchange for personal information.Many users are already beginning to notice that.In order for internet enthusiasts to interact in their daily lives, they have to pay for intimate information as a “price.”
The project defines a new standard for the Internet.We take an innovative approach to security, privacy and data ownership.Users don’t have to sacrifice information that they can never get back, and web services don’t put personal information at risk.
Service providers must manage sensitive data that puts their business at risk if it is improperly stored, processed or disclosed.The developers of Areo think this is quite a problem, so something is urgently needed.
Will the Internet be private by default in the future?
In the last 10 years, new technologies to protect user data have been put into practical use.For the first time, users can choose.You don’t have to give up control of your data, and information disclosure is no longer an inevitable cost.
For the first time, web services can use privacy protection technology to improve the online experience while protecting users.This way of protecting privacy will change the way we view and use our data.
Instead of giving up control, the web service will infer about them, but you can’t really review them.The web service will no longer store sensitive data and the work will be handed over to the user.By doing so, neither the person or the service provider will know more than is necessary, and the management of personal information will be left to the owner of the information.
This approach reviews both the privacy guarantees provided by the service and the way users think about their data.This kind of innovation will fundamentally change how the Internet works
The emergence of zero knowledge.
In contrast to today’s web technology, zero-knowledge cryptography provides the foundation for a secure, interoperable, and fair network.The new web standard, built on this principle, can provide users with choices and reduce information leakage.
Now, let’s talk about the benefits.
-Zero knowledge makes web services secure.
Instead of risking a user’s password to be leaked, you can now hash passwords on your device without having to pass them to a web service.This not only saves data on the device, but also reduces access management overhead and eases the legal liability that web services have to bear today.
-Zero knowledge enables interoperability of web services.
Currently, brokerage firms are not only looking at the user’s entire transaction history, but also learning when the user will trade.Access to this information is sold from the organization to third parties.The owner of a securities company can also deny services to a particular user or frame the exchange.this is a serious and unresolved issue!
Users cannot always expect a brokerage firm to act in good faith, and regulators also need to prove that a brokerage firm adheres to standards.
-Zero knowledge makes web services fair.
The Service shall not own any personal information in order to provide a valuable experience.Users should be able to interact with the web service without having to access their own data.
For example, if a broker’s administrator is unable to know the customer’s personal information, he or she will not be able to target a specific user and refuse service or offer an unfair price.The choice should be left to the owner of the information.
We’re releasing a developer preview of version II today.
A dedicated programming language “Leo” has been created to make it easy to build applications on Aleo.It provides user data privacy by default and works seamlessly on the web.Leo is the first programming language to formally validate an application with zero knowledge.It was then that a playground appeared to try it.2021 year 2 month 7 day, the presentation was held in San Francisco.
Kora Management LP, SoftBank Vision Fund 2, Tiger Global, Sea Capital, Samsung Next, Slow Ventures, and Andreessen Horowitz (a16z) invested in the company, resulting in a valuation of $145,000.
Following the 2021/4 Series A led by a16z (valuation 2800 million dollars), Series B will be the largest funding round in the zero knowledge industry.
“Our goal is to build the foundation for the next generation of distributed web applications,” said Howard Wu, CEO and CTO of Areo.”We want to create an ecosystem for developers that enriches and empowers users online, using technologies such as zero-knowledge proofs and blockchain.”
Why is Aleo better than other Blockchains?
The Aleo platform uses an advanced technology called zero-knowledge cryptography that allows developers to create decentralized applications that provide personalized Web3 services to users without sacrificing the management of personal information.
Unlike other blockchains such as Ethereum, Aleo transactions are processed off-chain and verified (not executed) only by network nodes.This makes it a platform that can handle more trading volumes.Developers will be able to create applications that solve complex tasks that currently require a centralized server, while complying with applicable laws.
While the team is working on the upcoming network launch, Aleo will use the funds to develop products and services that enable developers to build an ecosystem based on decentralized networks.
“The 2 biggest challenges in blockchain are privacy and scale,” says Daniel Jacobs, founder of Kora Management LP.”Aleo will help create a basic layer to solve both problems and be a catalyst for next-generation blockchain use cases that are truly mass-market, from games to DeFi and beyond.”
The work of Howard and his team will protect users’ identities and services without compromising the performance needed to support hundreds of millions of users and will have a significant impact on the blockchain industry and other applications.
“As the blockchain industry evolves, it has proven its potential to support a digital ecosystem defined by accessibility, efficiency, and interoperability,” said Aaron Wong, an investor at SoftBank Investment Advisors.
Developers believe that Aleo will create a basic layer that will ensure the scalability, reliability, and security of Web3 in the future, allowing it to be used in a variety of applications such as gaming and financial transactions.To support the mission of creating a new web experience, collaboration with Blockchain leader Howard Wu and others is essential.
This funding follows Areo’s record-breaking creative ceremony and exciting test net.
The Aleo platform is ready to launch the Mainnet later this year, allowing developers to create decentralized, privacy-enabled applications.
Useful Links:
OFFICIAL SITE: www.aleo.org
TWITTER: twitter.com/AleoHQ
GITHUB: github.com/AleoHQ
DISCORD: https://discord.com/invite/aleohq
