Cryptocurrencies are becoming more relevant with time, given their popularity and wide acceptance. Privacy remains a priority in a decentralized economy, and one such privacy-focused protocol received funding in a recent pre-seed funding round.
Decentralized and trustless oracle protocol, Demox Labs raised $4.5 Million in the funding round that took place on Wednesday, June 1st. The pre-seed funding round was led by San Francisco-based venture capital firm HackVC. Fourteen investors participated, including Coinbase Ventures, CRV, OpenSea, Amplify Partners, and several others.
The protocol is based on privacy-focused Blockchain Aleo intends to build the next-gen crypto wallets. The recent funding was said to be used to develop zero-knowledge (zk) blockchain infrastructure for companies. It aims to deploy frameworks for developers seeking privacy features. One of its most talked about products is Leo Wallet which is in the queue to receive shares from investment for development.
Leo Wallet’s development would include its compatibility with other blockchains. The company intends to increase control and safeguard users’ sensitive information using zero-knowledge protocols (KPIs).
The protocol’s Leo Wallet aims to serve zero-knowledge blockchains and boasts over 40,000 customers on the waitlist. It was available for download and to use over the Aleo blockchain. It facilitates users to directly generate the ZKPs in their browsers while keeping the confidentiality intact and also to help the developers create innovative and privacy-focused projects.
The underlying blockchain technology behind Demox Labs and its crypto wallet is the Aleo blockchain. It is said to be different from traditional blockchain networks in terms of its heavy dependency on zK-proof technology. Demox intends to get its position in the Aleo blockchain.
The blockchain network features services akin to prominent blockchain networks, including Ethereum (ETH) and Avalanche (AVAX). On the upper hand, it seeks privacy protections to keep its users’ information and data secure.
Also, BlockchainBlockchain reportedly raised Series B funding of $200 Million in 2022. The blockchain network is yet to go live. The developers team said the launch will take place soon this year.
In contrast to the Ethereum blockchain, which runs operations on-chain and publicly which becomes complicated and expensive, Aleo allows off-chain calculations. This way, the on-chain overload burdens off, and the operations become convenient and relatively cheaper for users.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/04/crypto-wallet-developer-demox-labs-raises-4-5m-in-pre-seed-funding/