Aleo Raises $200M in Series B Funding Round
Aleo, a leading platform for building private blockchain-based applications, has raised $200M in a Series B funding round led by Kora Management LP and SoftBank Vision Fund 2, with participation from Tiger Global, Sea Capital, Samsung Next, Slow Ventures, and Andreessen Horowitz (a16z), culminating in a valuation of the company at $1.45 billion. Following the company’s $28 million Series A, which was led by a16z in April of 2021, Aleo’s Series B represents the largest fundraising round ever in the zero-knowledge industry.
“Our goal at Aleo is to build the foundations for the next generation of decentralized web applications. We want to use technologies, such as zero-knowledge proofs and blockchains, to create an ecosystem for developers that enriches and empowers users’ capabilities on the web.”— Howard Wu, CEO and CTO of Aleo
Aleo uses a cutting-edge technology called zero-knowledge cryptography to enable developers to build decentralized applications that offer users personalized Web3 services without sacrificing control of their personal data.
Unlike other blockchains like Ethereum, Aleo transactions are processed off-chain, and only verified (rather than executed and re-executed) by the network nodes. This allows the platform to support a higher volume of transactions and empowers developers to create decentralized applications capable of addressing complex real-world use cases that currently require centralized servers, all while complying with applicable laws.
Aleo is the first developer platform for building fully private, scalable and cost-effective applications. Using zero-knowledge cryptography, Aleo moves smart contract execution off-chain to enable a diverse range of decentralized applications that are both entirely private and can scale to thousands of transactions per second. Built on an open, public blockchain; Aleo brings all the flexibility of Ethereum but with a more scalable architecture in which miners don’t need to re-run every transaction, but simply verify their correctness.
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Category: DeFI News
Post by: TheBitTimes.com