Aleos current situation update amid market recovery

• What stage is Aleo in?
• The numbers that Aleo has achieved in the Testnet program 3
• Ending

In previous articles, we learned together about the overview, the featured technologies of Aleo , including zkCloud , AleoBFT and looked back on the achievements that this project achieved in 2022. In this article , we will give an overview of Aleo's current situation in the early days of 2023.

What stage is Aleo in?

Since its inception, Aleo has launched Testnet 1 in 2020, Testnet 2 in 2021 and Testnet 3 in August 2023, with 3 phases:

Stage 1 – Developer

• Developers can start writing, deploying, and executing programs.
• The Aleo team kicks off the network with the original beacon.

Stage 2 – Proven

• Experts start solving coinbase (PoSW) puzzles to earn credits.
• Aleo team launch bug bounty program for snarkOS and snarkVM.

Stage 3 – Validator

• Validators start creating blocks and earn rewards.
• Service providers with 1 million Aleo credits will be able to become validators.
• The Aleo team will launch the network for Phase 3 with AleoBFT.

The reward that Testnet 3 participants receive is 25,000,000 Aleo credits.

Currently, Testnet 3 is in phase 2, for Prover with a reward of 30% of the total amount of 7.5 million Aleo credits. The period starts from December 2, 2022 to January 26, 2023. 

The Incentivized Testnet 3 program offers provers an opportunity to earn credits that will convert 5:1 to Aleo Credit when the Mainnet goes live. It is expected to launch on Mainnet in the next two quarters, after Aleo is convinced that everything is stable based on Testnet 3. 

The numbers that Aleo has achieved in the Testnet program 3

At the present time, phase 2 of Testnet 3 has completed more than ¾ of the way and has just over 10 days left to finish. However, the reward pool of 7.5 million Aleo credits for Prover has only been mined by just over 35%, equivalent to 2.6 million Aleo credits successfully mined. 

The number of nodes on the network that secures the blockchain and the number of Prover – a proxy for the ability to process large-scale transactions will be used to gauge the success and stability of Testnet 3.

In both respects, Testnet 3, driven by improvements in AleoBFT and hardware proofing, has been a huge step forward compared to Testnet 2.   

Currently, Testnet 3 has at least 14,610 nodes on the Aleo network, with the actual number close to 20,000 – 30,000, while Testnet 2 only reaches 10,000 nodes.

About 1,000 Prover has joined Testnet 2, as of December 1st. Currently, according to statistical data by Aleo Explorer, this number has reached 37,000 Prover participating in Aleo network. This suggests that investor interest in Aleo will grow stronger in late 2022 and early 2023. 

Prover participation increased and efficiency improved dramatically. Based on this community-built dashboard, there are over 660 million proofs per second generated on the network.  

That number is already 10,000 – 20,000 times more than what they saw on Testnet 2. This shows that demand from the large mining pools that once focused on ETH before the consolidation drove this increase.

Ending

In addition to hosting Aleo incentive programs, it also announced a partnership with Forte in 2022. Forte is a platform that partners with game companies like Zynga to showcase digital-based ownership. blockchain – NFTs and in-game tokens for their games. The announcement focusing on Aleo's scalability and privacy could also be useful to Forte partners who want to build the game of incomplete information. This will open a potential development path for Aleo and the projects built on its technology.

Howard Wu – Aleo co-founder revealed a list of running applications built on Aleo in his Awesome Aleo GitHub repository in late 2022 and early 2023.

The list includes four companies backed by major VCs: SpruceID (Decentralized Identity), Pine Street Labs (custodial), Demox (wallet) and Nucleo (multi-signature wallet). There are also games like Battleship and Boloney that exploit the potential of blockchain privacy games.

Although this list does not include the companies and developers that Aleo is targeting, it is a useful piece of information that shows that Aleo's ecosystem is gradually completing the necessary pieces. 

The technologies that Aleo built are already operational, the Proveres participating in the network are increasing, the cost of proving SNARK is decreasing, and the processing speed is getting better and more efficient. 

Aleo is a Layer 1 project, so attracting developers is extremely important and should be a priority. Therefore, Aleo now only needs to promote its strategy of attracting developers so that it can build and develop a stronger and stronger ecosystem. 

The above is some information from Aleo on the current situation in the context of the recovery of the cryptocurrency market. Let's wait with TraderH4 for future Aleo innovations on TraderH4.com website.

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