The Aleo mainnet will launch soon, after fixing some last little problems, to make crypto transactions more private.
“We have completed the third part of testnet three and found some problems during the testing. ” “We found out about the bugs from six audits that we did and two bug bounty programs,” said Alex Pruden, who is the Executive Director of the Aleo Foundation.
Pruden talked about how hard it has been to get to this point in the last four years. They had to fix the network’s agreement method after the second test because it wasn’t working. “But the good news is we’re almost done with that journey and we’re about to launch very soon,” he said.
Aleo’s story starts with a research paper in 2018 written by some of the people who helped create Zcash. This paper became the foundation of Aleo. The main concept was to make Zcash’s hidden transactions work with smart contracts. Pruden mentioned that some teams attempted to develop the idea but were unsuccessful. However, Howard Wu, one of the paper’s co-authors, was the one who made it happen by creating Aleo and becoming its CTO.
Pruden used to work at a company that invests in cryptocurrency called a16z. He was the CEO of Aleo until December. At that time, the company separated into two parts, and he would lead one of them. Many crypto companies have done this before issuing tokens, and Aleo is planning to do the same.
What does Aleo aim to do.
Pruden wanted to start Aleo to make crypto more private. He wanted to use it for things like private payments and keeping people’s identities safe.
“He said that despite all the examples people give, digital identity and related things are not widely used or available today. ” This team thinks that privacy is really important for technology to be helpful for anything other than just gambling.
Aleo uses a special technology to keep everything private. It uses zero-knowledge proofs in the blockchain to make sure that transactions and smart contracts are always private. This means that no one can see who sent the message or the details of the transaction. However, the chain does allow for transactions to be made that display this information.
Although privacy coins have faced difficulties, with exchanges removing them due to regulatory pressure, Pruden believes that it is the responsibility of projects like Aleo to support and promote this technology. He said that it is useful because it can show if a crypto address is not on a list of banned addresses before sending it money.
Pruden said he wants Aleo to help real everyday apps, and that can only happen with real activity from these apps. His long-term goal is to have this technology become a part of the internet as a whole.
The pros and cons of privacy coins
Focusing a lot on privacy like Signal does can be hard while still making sure users have a good experience.
One problem is that it is hard to create zero-knowledge proofs. In order to use the Aleo network, people need to do some calculations for their transactions before they can make them. Pruden said that not putting all the calculations on the chain would be too costly on blockchains like Ethereum.
This is not as fast, but it costs lees. Right now, it takes less than a second to do a simple transaction on a laptop, but it can take up to 20 seconds on a mobile phone. But Pruden said that just a few years ago, it would have taken a long time to make these proofs. This shows that the development in this area is happening very fast, and it suggests that things will get even faster in the future.
Pruden mentioned that using zero-knowledge proofs on the blockchain has an extra benefit. This helps Aleo to work with Layer 2s rollups that use zero-knowledge proofs to show that all transactions are real. He said not much work has been done on this yet, but he thinks it would be a natural next step for the technology. He said that every transaction on Aleo could be considered a rollup.