1. What is ALEO?
Aleo is the world’s first full-stack development platform for private applications (powered by zero-knowledge) with speed, integrity, and scale. Aleo achieves this goal by utilizing a decentralized system and zero-knowledge encryption to protect user data on the network. By building Aleo as a blockchain that is private by default, open source, and built for the web, Aleo is uniquely positioned to address the shortcomings of blockchain adoption.
It not only guarantees privacy, but also takes into account programmable protocols; it is the first platform to provide complete privacy protection applications, in other words, it is a public chain based on zero-knowledge proof privacy protection. A breakthrough turning point---the application of zero-knowledge proof (ZKP-cryptography technology) to realize off-chain calculation and on-chain verification.
project financing:
2. How it works
Aleo uses a new SNARK-based consensus algorithm called Proof-of-Succinct-Work (PoSW), which provides the same security guarantees as Bitcoin’s Proof-of-Work (PoW). The key difference is that instead of grinding SHA256 with PoW in Bitcoin, we grind SNARKs with PoSW in Aleo. The goal is to incentivize miners to develop hardware acceleration for zero-knowledge proofs (ZKPs).
3. Main features
1) Modular blockchain: composability and scalability;
2) Privacy: ZKP zero-knowledge proof technology;
3) Compatible with Ethereum;
4) POSW consensus mechanism: Based on the Bitcoin POW consensus mechanism, zero-knowledge proof is added;
4. Core technology
The technical core of aleo lies in the three sectors of zexe, zkcloud, and leo:
1）zexe：
Zexe is a specific zero-knowledge proof solution proposed by aleo that supports programmability and privacy, allowing users to choose their own information encryption and privacy. The zexe consensus protocol improves on zerocash's original zk-snarks technology and can encrypt simple token transfer transactions as well as interactive transactions at the application level.
2）zkcloud：
zkCloud is the cornerstone of a new model of peer-to-peer, decentralized, private computing that can be run locally or delegated to dedicated provers. zkCloud enables programmatic interactions between protected identities, which can be users, organizations, DAOs, or more. These interactions occur through shielded transactions, which provide cryptographic proofs that guarantee the correct execution of a given program.
These transactions are submitted to the Aleo blockchain which updates the global state and anchors the activity on zkCloud with decentralized and censorship-resistant data availability guarantees.
3）leo：
Aleo has built a very ambitious circuit compiler language - Leo language.
Leo is a statically typed programming language inspired by Rust, built specifically for writing private applications. It is designed to make it intuitive for developers to build on the Aleo blockchain, laying the foundation for a private, decentralized ecosystem. It is the first known programming language to introduce a testing framework, package registry, import parser, remote compiler, and theorem generator for general-purpose zero-knowledge applications. Leo aims to eliminate as many password knowledge requirements as possible.
5. Project Progress
It is currently progressing to the third phase of the test network. Previous major events include: establishing cooperation with Forte, Aleo ambassador program, ZPrize competition, community funding program, LEO programming competition, etc.
Phase II testnet phase: 9,169 nodes or rewards, 10.082 million ALEO distributed;
Node setup:
https://mirror.xyz/jackmusk.eth/h0ox5LLwDj2Vchl-qyoZ21S2PACWr60slqXy3xco-AE
1. Phase 3 test rewards: 25 million points;
2. Will support the deployment and use of custom programs on the network;
3. The team has modified the network protocol, and Aleo has moved from PoSW to a PoS consensus mechanism called AleoBFT;
4. You can download the client on HPOOL:
https://github.com/hpool-dev/aleo-miner/releases
5. The test network configures actual PPS computing power according to different configurations. Absenteeism in the third stage is estimated to earn 15-20 million points;
6. Token distribution and mining issues
1. The initial ALEO points are 1 billion: 57% for early contributors, 20% for the team, 15% for the community, and 8% for funds;
2. Mining is halved every 3 years. The inflation model is as follows:
3. CPU+GPU mining mode: calculation ratio: CPU: 30% (FFT fast Fourier transform), CPU/GPU: 70% (MSM multi-scalar multiplication)
4. Effective computing power: the number of effective zero-knowledge proofs completed per unit time. P/s (number of proofs produced per second) is equal to PPS. Therefore, it is effective to complete the calculation of FFT and MSM algorithms;
5. The previous Ethereum mining machine transformation requires: CPU, memory, system disk, etc.;
6. 70% of inflation comes from POW absenteeism, and 30% of inflation comes from POS staking.
7. Others
Official website: www.aleo.org
Official Twitter: twitter.com/AleoHQ
Official blog: www.aleo.org/blog
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