Fully Private App Development
Aleo, conceived in 2016 and later established officially in 2019, was co-founded by Wu as well as entrepreneurs Michael Beller, Collin Chin, and Raymond Chu. The startup business aims to provide app developers with the tools necessary to create private web apps without extensive knowledge of blockchain technology and cryptography.
The basis of the Aleo platform built by the startup relies on zero-knowledge cryptography, a technique that serves to authenticate a fact or statement without revealing information about the fact. As a basic example, users could determine whether or not they have the same amount of money without actually disclosing how much either of them have. The company allows developers to build an app with this cryptography concept in mind, even without possessing deep knowledge of how the system works.
"We are thrilled to support the stellar team behind Aleo as they bring private programmable applications to the wider market,” said Katie Haun, General Partner at a16z. “Privacy-preserving applications allow users to navigate digital interactions without bias, which, coupled with blockchain technology, will create new opportunities for value creation. 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."
Investing in the Blockchain
Market research projects the global blockchain technology market, valued at $3.67 billion in 2020, to grow at a CAGR of 82.4% from 2020 to 2028. The startup business is attempting to use zero-knowledge cryptography beyond niche blockchain solutions. Aleo’s platform enables developers to build apps with privacy at the foundation of their design.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.