Layer 1 blockchain Aleo will launch the Aleo Virtual Machine (AVM), a computational platform to run privacy-focused apps on its network, as it looks to attract developers to its ecosystem.
While Aleo is still in the testnet phase, next week it will introduce the AVM as part of its upcoming “testnet 3” launch scheduled between August and October. According to a note shared with The Block, the team sees the testnet as an opportunity to onboard new Aleo developers ahead of its mainnet launch in the fourth quarter of 2022.
“Our focus is to build the absolute best developer framework for decentralized private applications,” Aleo co-founder and CEO Howard Wu said on the testnet 3 plan.
The testnet is incentivized and will reward developers with token incentives for running applications. Similarly, it will also allocate bounty rewards for bug hunters during the testnet period.
Aleo leverages zero-knowledge proofs, a cryptographic technology that can verify data while remains encrypted and hidden from the verifying party. Per the team, Aleo wants to offer applications in areas like payments, decentralized finance, identification management and gaming.
In February 2022, Aleo raised $200 million in a Series B funding round co-led by SoftBank’s Vision Fund 2 and Kora Management.
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Vishal Chawla is a reporter who has covered the ins and outs of the tech industry for more than half a decade. Prior to joining The Block, Vishal worked for media firms like Crypto Briefing, IDG ComputerWorld and CIO.com. Follow him on Twitter @vishal4c.
Source: https://www.theblock.co/post/160545/aleo-to-test-virtual-machine-ahead-of-mainnet-launch?utm_source=rss&utm_medium=rss