Aleo, a privacy-focused blockchain, has secured $28 million in investments to carry its zero-knowledge functions to a wider market.
California-based enterprise capital agency Andreessen Horowitz led the personal funding spherical. Notable contributions additionally got here from Coinbase Ventures, Galaxy Digital, Variant Fund, Polychain Capital and the Joseph Lubin-led Ethereal Ventures, amongst others.
Described because the “first platform for absolutely personal functions,” Aleo makes use of a cryptography approach known as zero-knowledge proof, or ZKPs, to realize scalability, privateness and interoperability for off-chain transactions.
Maybe essentially the most notable blockchain use case for ZKP is Zcash, a privacy-focused cryptocurrency that rose to prominence for its particular iteration of ZKP referred to as zk-SNARKs.
Katie Haun, common associate at Andreessen Horowitz, mentioned “privacy-preserving functions permit customers to navigate digital interactions with out bias, which, coupled with blockchain expertise, will create new alternatives for worth creation,” including:
“Aleo’s tech has solved essential points in scaling functions constructed with zero-knowledge expertise, enabling any developer or group to construct and scale a really personal utility.”
Howard Wu, Aleo’s co-founder, mentioned “privateness will now not be merely a function however will turn into a core operate” of next-generation functions. Aleo’s platform is making an attempt to make zero-knowledge proofs programmable at each utility stage. Which means functions constructed on the platform are personal by default.
Andreessen Horowitz has turn into a prolific investor of blockchain corporations, having solely just lately secured a stake in NFT market OpenSea and Optimism’s L2 scaling resolution. In April 2020, the corporate raised $515 million for its new cryptocurrency fund, simply surpassing its preliminary objective.