Andreessen Horowitz leads $28M Aleo raise
April 20, 2021. Summarized by summa-bot.
Compression ratio: 48.7%. 1 min read.
Aleo is attempting to make privacy-focused blockchain applications more accessible to mainstream users.
Described as the “first platform for fully private applications,” Aleo uses a cryptography technique called zero-knowledge proof, or ZKPs, to achieve scalability, privacy and interoperability for off-chain transactions. Perhaps the most notable blockchain use case for ZKP is Zcash, a privacy-focused cryptocurrency that rose to prominence for its special iteration of ZKP known as zk-SNARKs. Katie Haun, general partner at Andreessen Horowitz, said “privacy-preserving applications allow users to navigate digital interactions without bias, which, coupled with blockchain technology, will create new opportunities for value creation,” adding:“Aleo's tech has solved critical issues in scaling applications built with zero-knowledge technology, enabling any developer or organization to build and scale a truly private application. ”Howard Wu, Aleo’s co-founder, said “privacy will no longer be merely a feature but will become a core function” of next-generation applications.