Aleo, a platform for building decentralised applications with enhanced privacy, has raised $28 million from Andreessen Horowitz (a16z) and other leading venture capital firms.
Today, the Aleo team is proud to announce our $28M raise from industry-leading investors to build the first platform for fully private and decentralized applications. Were thrilled to work with our lead Series A investor @a16z and other first-class supporters.
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— Aleo (@AleoHQ) April 20, 2021
The funding was also provided by Placeholder, Coinbase Ventures, Galaxy Digital, Polychain Capital, Scalar Capital, Slow Ventures, Variant Capital, Balaji Srinivasan and Ethereal Ventures.
According to CoinDesk, the funds will be used to fund grants for protocol creators and to attract new developers.
The project aims to facilitate the development of zero-knowledge proof-based applications for privacy and data security.
The idea is to build an internal ecosystem that goes beyond simply creating yet another privacy-focused app, such as a virtual private network.
https://forklog.com/chto-takoe-dokazatelstvo-s-nulevym-razglasheniem-zero-knowledge-proof/
According to the firm, Aleo apps and user interactions are private by default. The platform will guarantee that data are protected on-device and verified, without being transmitted to a service provider.
“Such applications will enable users to navigate digital interactions without distortion, creating value,” said Kathryn Haun, general partner at a16z.
The integration of zero-knowledge proofs will mitigate the consequences of data leaks, preserve user privacy, and support regulatory compliance, according to Aleo representatives.
In March 2021, the Mina Protocol launched a privacy-focused blockchain built on zero-knowledge proofs.
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