What is Aleo (ALEO)? Analysis of Layer 1 blockchain using ZKP technology

• What is Aleo?
• Zero Knowledge Proof – The core of the project
• zkCloud
• Applications of Aleo
• Token Basics
• Key Metrics ALEO token
• Token use case
• Token Allocation (Token Allocation)
• How to earn and own ALEO token
• Roadmap & Updates
• Project team, investors & partners
• Investors
• Partner
• summary

What is Aleo?

Aleo is a decentralized blockchain platform that helps secure data. Platform with a completely new programming model to provide Web 3.0 application developers and users with a personalized experience that is almost completely secure and does not have to worry about revealing private data. mine.

Aleo applies a decentralized system and unique technique “Zero Knowledge Proof” to protect user data on the web. Aleo will structure its platform based on the blockchain system in a private-by-default direction to address the shortcomings of blockchain adoption, and help users have a completely personalized browsing experience. without losing control of your personal data.

Zero Knowledge Proof – The core of the project

Define

Zero Knowledge Proof (ZKP) is an encryption technique that allows two parties to authenticate each other's information without having to share personal data with each other.

The way of ZKP

ZKP is a type of cryptographic technique consisting of cryptographic primitives that allow those participating in the system to generate a short mathematical proof for the transaction to take place. must share any information about the transaction itself. It is used as the foundation for the Zexe (Zero Knowledge Execution) application – a support program that can create secure privacy-oriented templates for blockchain systems. The Zexe application will also support smart contracts like decentralized exchanges, but with a high level of privacy and security. The application will also aim for ease of use and interactivity – an indispensable feature of smart contracts.

Application

As noted above, ZKP primitives (or ZK Primitives ) will be the foundation for Zero Knowledge applications . The application is security-oriented from the start and will support programming based on that principle, helping to create secure and private decentralized networks, DeFi applications, DAOs and smart contracts. for users.

An example of privacy protection is about your own password. Instead of risking the password being exposed, ZKP will now help users hash that password right on the device to support authentication without having to send the same password to the service. web service service. This way the user can keep their data right on that device, while also reducing the other party's control over the data and the legal risks that come with it.

In the past, intermediaries such as brokers… could know the history and timing of a user's transactions, obtain user information to sell to third parties, and refuse to let users use it. service. Now with ZKP, users can rest assured that web services will not be able to know their personal information, preventing intermediaries from taking advantage of that information… With Zero Knowledge and ZKP technology, Aleo also will minimize the risk of information disclosure and exploitation when transacting on DeFi applications such as Uniswap . Thus, a transaction on a decentralized exchange based on Aleo will not be able to know information such as how many tokens you own, where you get those tokens from...

zkCloud

Shielded identities describe individuals and protected transactions as the means by which they interact. In Aleo, they do so off-chain in an environment they call zkCloud .

zkCloud is an off-chain computing environment that allows created programs to run and process privately, securely and cheaply, and the runtime for these programs is also unlimited. By creating an environment that allows ZK Primitives to interact with each other and take advantage of and create ZKPs, Aleo will help blockchain chains solve problems that are both "programmability" and "programmable". maintain privacy and security. There is almost no blockchain that can't show both of these features at the same time, when parties like Zcash focus only on security and forget about friendliness and ease of programming, while blockchains like Bitcoin or Ethereum are easy. Easy to get used to programming but security and privacy are not high. Thus we can see  Aleoalmost unique in this field.

A new private and decentralized peer-to-peer computing P2P model that can run on a local system or be swapped with a prover capable of running it.

Capable of enabling programmatic interoperability between instances (so-called shielded identities) – secured by ZK Primitives – such as users, organizations and DAOs, or more .

These interactions will take place through secured transactions (called shielded transactions) that generate encrypted proofs to ensure the program executes properly.

The above transactions will be brought to Aleo's blockchain for worldwide updates, and fixed those operations on zkCloud to make the data available, decentralized, and edit-proof.

Applications of Ale o

• Leo – a programming language created by Aleo to make writing private apps intuitive and easy. Leo looks like a traditional programming language, but it's very complex because Leo abstracts away low-level coding concepts and makes them easy to incorporate into your private application.
• Leo introduces a high-level syntax suite that makes it possible to visually write and interpret logic in zero knowledge. The Leo language is influenced by traditional programming languages ​​such as JavaScript, Scala, and Rust, with an emphasis on ease of use and readability. Leo will also convert high-level developer code into zero knowledge circuits.
• Aleo Studio is an interactive development environment for writing zero knowledge applications in Leo. For developers, Aleo Studio is designed to simplify the development cycle and make it easy to publish your Leo project as a package for the ecosystem.
• Aleo Package Manager – helps developers to group and share their products. Aleo Package Manager is the first set of software for zero knowledge circuits. Aleo Package Manager will be integrated into Aleo Studio to make it easy to import and publish new packages.
• snarkOS – Aleo will run on a decentralized operating system for private applications called snarkOS. It will be the backbone for state transitions, and make it possible for applications to authenticate and store state on Aleo 's blockchain in a public and verifiable way. snarkOS will also perform data availability across programs and transactions. Moreover, its consensus mechanism will help verifiers to compute ZKP proofs on on-chain checkpoint states.

These tools will help developers create next generation smart contracts. Aleo can create powerful DeFi primitives like stablecoins or decentralized exchanges, while keeping them completely private, keeping developers and users in control. Since current web models are all subsets of this new Aleo model, users can use the concepts they already know to interact with Aleo. By including individual applications as a new layer (layer) for the web, vendors can create a completely new experience that remains familiar to users without having to replace features. their traditional system.

Token Basics

Key Metrics ALEO token

• Token Name: Token Aleo
• Ticker: ALEO
• Blockchain: Ethereum
• Token Standard: ERC-20
• Contract: Updating…
• Token Type: Utility
• Total Supply: Updating…
• Circulating Supply: Updating…

Token use case

ALEO is an ative token, representing value and growth in the Aleo ecosystem. Some use cases are as follows:

• Native token, representing value and growth in the ecosystem.
• Use as a transaction fee on the network.
• Use for activities in Dapps on Aleo.
• Reward miners, use as a system to encourage participants to contribute to the security of the network.
• Accumulating incentives is the same as accumulating AWS credits for cloud service usage.

Token Allocation (Token Allocation)

ALEO is expected to be distributed proportionally as follows:

At the beginning:

• Early Backers: 57%
• Team: 20%
• Public: 15%
• Grants: 8%

After 5 years of operation:

• Early Backers: 33%
• Team: 11%
• Public: 55%
• Grants: 1%

How to earn and own ALEO token

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

Roadmap & Updates

Since its launch, Aleo has quite a few community development programs:

• Aleo Ambassador Program: Awarding Aleo ambassadors to help spread the word about the project, increase awareness…
• Aleo Feature Bounties: The program encourages community members to suggest ideas for features of the Leo programming language.
• Community Grants Program: Awarding and encouraging projects using Zk technology and building Dapps on Aleo. A total of about 1 million USD will be earmarked for this program. To date, only one project, Pine Street Labs, has received money from this fund.
• Incentivized Testnet: The program encourages users to participate as network operators.
• ZPrize Competition: ZK technology research and development competition. The prize of this contest is 2 million USD and the opportunity to collaborate with leading teams in the industry such as Ethereum Foundation, ZCash Foundation, Mina, Aztec.
• In the near future, Aleo will deploy Testnet 3, if nothing changes, Aleo can move to the mainnet in Q1/2023.

Project team, investors & partners

Project team

Aleo was founded in 2019 by original members Howard Wu, Michael Beller, Collin Chin and Raymond Chu. These are all engineers, cryptographic researchers, partners of many large enterprises in the world such as Google, Amazon ... and a number of universities such as NYU, Cornell University, University of California... Project team Aleo lead mainly operates directly with headquarters in Reno in the state of Nevada, USA.

Howard Wu:

• Engineer at Google from 2016-2017
• Consultant at Blockchain at Berkeley from 2016 to present
• Managing partner at Dekrypt Capital from 2017 to present
• Co-Founder at Aleo

Michael Beller:

• COO at PL Developments from 2004 to 2007
• CIO at Steve & Barry's from 2007 to 2009
• Partner of CoVenture from 2014 to 2019
• Managing partner of Lightship Partner from 2001 to present
• COO and CFO of Aleo

Investors

Aleo's application of ZK technology has received a lot of attention from investors, the project has successfully called for 2 rounds of capital with a total amount of 228 million USD.

Series A

• Publication date: August 20, 2021
• Funding amount: 28 million USD
• Investors: a16z, Placeholder VC, Galaxy Digital, Variant Fund, Polychain Capital, Slow Ventures, Dekrypt Capital, Coinbase Ventures…
• Leading investor: a16z

Series BUT

• Announcement date: 7/2/2022
• Funding amount: 200 million USD
• Investors: Tiger Global, Sea Capital, Samsung Next, Slow Ventures and Andreessen Horowitz (a16z)…
• Leading investors: Kora Management LP and SoftBank Vision Fund 2

Partner

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

summary

Above are detailed information about the Aleo project. Hopefully, the TraderH4 team has brought you useful knowledge to help you make the most informed investment decisions. Good luck

Please see more information about the project at the following channels: 

Website | Twitter | Discord | GitHub 

• zkSync integrates Espresso Systems technology that allows private transactions to be executed
• zkSync integrates with RNS.ID for on-chain ID activation and better data security