Demox Labs has unveiled a wallet for the Aleo blockchain network, which is focused on privacy, as reported in a June 1 statement. Dubbed “Leo,” the wallet permits users to generate zero-knowledge (ZK) proofs within their browsers, enabling them to use Aleo’s ZK-based applications. Aleo is currently in its testnet phase, but it anticipates releasing its mainnet later this year.
As per the announcement, Demox secured $4.5 million from investors to further progress ZK-proof technology through Aleo and other networks. Preceding its launch, more than 40,000 users enrolled for the Leo wallet waitlist.
The venture capital firm Hack VC spearheaded the funding round, with additional contributions from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea and CSquared. The money will be used to make Leo compatible with other blockchains utilizing zero-knowledge proofs, as well as to create Web3 applications for businesses.
Barron Caster, co-founder and CEO of Demox Labs, viewed the wallet’s launch and fundraising as the commencement of a privacy-oriented period in Web3.
In an interview with Cointelegraph, Aleo CEO Alex Pruden highlighted the significance of zero-knowledge privacy technology, stating that it permits “programmable privacy.” He went on to say: “You can do anything on Ethereum with Aleo, but in a confidential manner.”
Is ZK-proofs the solution to Bitcoin’s Ordinal and BRC-20 issue?
In April 2021, Aleo raised $28 million and in February 2022, it acquired an additional $200 million. It then launched its testnet in August of that same year.
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