What is Aleo? All about the ALEO cryptocurrency

Aleo is a blockchain platform project for building dapps that help users have a private web experience. By designing Aleo as an open source blockchain that is private by default, the project believes that Aleo has important features that make blockchain more universal. .

In the next few years, online services will become very popular, and user control over personal information will become very important. Aleo believes that the practice of users exchanging personal data for free services is outdated, and the project aims to change this situation by using privacy protection technology. In particular, ZK (zero-knowledge) encryption technology is worth mentioning.

Aleo Highlights

Aleo is a project that uses ZK technology to provide users with more options and reduce the risk of data theft. The outstanding advantages of ZK encryption technology:

- Improved network security: Users can encrypt and log into their devices without sending passwords, rather than revealing them. This also lowers the cost of access control and reduces the liability created by today’s web services.

- ZK technology is applicable to web services: When using web services today, users often have access to personal data, and web service providers can sell this information to third parties, which is a rather serious problem that has not yet been solved.

- ZK technology makes network services fair: users need to be able to interact with network services without leaking information and be able to use data freely.

Aleo is an independent blockchain, so it also uses its own programming language, Leo. Leo is a programming language inspired by Ethereum's Solidity language, designed to write private applications that run smoothly on the network and ensure that user data cannot be stolen.

In addition, Leo has a lot in common with Javascript and Typescript, which makes it easy for developers who are proficient in these languages ​​to approach Leo. The Aleo team also released the Aleo Package Manager (PM), similar to the Cosmos SDK, to facilitate project developers to build dapps on Aleo.

Aleo uses the Succinct Proof of Work (PoSW) consensus mechanism: a variation of Bitcoin's SHA-based difficulty adjustment algorithm, with the main difference being that the underlying calculation is not an arbitrary hash function, but a proof of knowledge. As such, Aleo also has a similar mining mechanism to BTC.

Fees on the Aleo network are also pre-calculated, and users will know how many Aleo credits (Aleo Points) they will need to run a regular dapp. Unlike Ethereum, Aleo does not use the concept of gas.

Benefits of holding ALEO tokens

ALEO is the native token of the Aleo blockchain. It has the following uses:

1. Native token, representing the value and growth of the ecosystem.

2. Used as transaction fees on the network.

3. Used for dapps activities on Aleo.

4. Reward miners, used as a system to encourage participants to contribute to network security.

5. Earning benefits is equivalent to accumulating AWS points for cloud service usage.

Project team, investors, partners

project team

Aleo was founded in 2019 by original members Howard Wu, Michael Beller, Collin Chin, and Raymond Chu. They are all engineers, cryptography researchers, partners of many large companies in the world, such as Google, Amazon... and a group of universities, such as NYU, Cornell University, University of California...

The Aleo project team operates primarily directly from the headquarters in Reno, Nevada, USA. Information about team members is posted on Linkedin.

investor

Aleo's idea of ​​applying ZK technology has attracted the attention of many investors, and the project has successfully raised two rounds of funds totaling US$228 million.

A Series

- Publication date: 2021-08-20

- Funding amount: US$28 million

- 投资者：a16z、Placeholder VC、Galaxy Digital、Variant Fund、Polychain Capital、Slow Ventures、Dekrypt Capital、Coinbase Ventures……

- Lead investor: a16z

Series but

- Announcement date: 7/2/2022

- Funding amount: US$200 million

- Investors: Tiger Global, Sea Capital, Samsung Next, Slow Ventures, and Andreessen Horowitz (a16z)...

- Main investors: Kora Management LP and SoftBank Vision Fund 2

partner

Aleo will tend to work with projects that can use its technology, and the first project to announce a partnership with Aleo is blockchain game development company Forte.

Roadmap and Updates

Since its launch, Aleo has had a number of community development initiatives:

- Aleo Ambassador Program: Aleo Ambassadors are awarded to help spread the word about the program, raise awareness…

- Aleo Feature Bounty: This program encourages community members to propose ideas for features in the Leo programming language.

- Community Grant Program: rewards and encourages projects that use ZK technology and build dapps on Aleo. A total of approximately $1 million will be dedicated to this program. To date, only one project, Pine Street Labs, has received funding from this fund.

- Incentivized Testnet: This program encourages users to participate as network operators.

- ZPrize Competition: ZK technology research and development competition. The prize money for this competition is $2 million, and there is an opportunity to work with industry-leading teams such as the Ethereum Foundation, ZCash Foundation, Mina, Aztec, etc.

In the near future, Aleo will deploy Testnet 3, and if there are no changes, Aleo can move to the mainnet in the first quarter of 2023.

- Detailed information about the ALEO token

- Key Indicators ALEO Tokens

- Token name: Aleo Token

- Code: ALEO (tentative)

- Blockchain: Aleo Blockhain

- Token Contract: No

- Token Type: Utility Token

- Total Supply: Updating...

- Circulating Supply: 0

ALEO Token Distribution

ALEO is expected to be distributed in the following proportions:

At the beginning:

  • Early adopters: 57%

  • Team: 20%

  • Public: 15%

  • Subsidy: 8%

  • After 5 years of operation:

  • Early adopters: 33%

  • Team: 11%

  • Public: 55%

  • Grant: 1%

ALEO Token Release Schedule

ALEO's community distribution rate and initial inflation rate are both high, which is conducive to early users joining the network. ALEO is amortized according to the following inflation curve:

ALEO Token Sale

This project is not open for token sales.

How to Earn and Own ALEO Tokens

Users can own ALEO tokens by participating in operations, network security, mining, and participating in projects organized by the Aleo team.

ALEO Token Exchange and Storage Wallet

updating…

Similar Projects

Projects using ZK technology: Mina, Aztec, ZCash, ZkSync...

Summary

Another project using ZK technology has attracted the attention of the community and investors and successfully raised $228 million in funding, which also shows that ZK technology has great potential to become a core technology in the future.