Launching Aleo Testnet 3,the First Layer-1 for Decentralized Private Applications
Aleo is launching the first ZK L1 for Web3 developers to build, deploy, and execute decentralized private applications at scale.
SAN FRANCISCO, Aug. 10, 2022 /PRNewswire/ -- Aleo, the first Layer-1 (L1) for decentralized private applications, today announces the launch of Aleo Testnet 3. For the first time, developers can build and execute fully-private applications on the Aleo Virtual Machine (AVM), and host them on the Aleo blockchain, a decentralized and permissionless network of zero-knowledge validators.
Today, the Aleo team is allocating twenty-five (25) million credits to reward developers, provers, and validators on Aleo Testnet 3. Using its new hybrid consensus algorithm, Aleo Testnet 3 incentivizes validators and provers to produce blocks and earn coinbase rewards. The Aleo ecosystem is using this opportunity to onboard new developers as it prepares for its mainnet launch.
Unlike existing L1s, Aleo is the first blockchain to enable fully-private applications by designing the entire architecture for the zero-knowledge virtual machine. Aleo is built upon the latest developments in zero-knowledge cryptography, allowing it to offer an expressive and performant framework for developers. Applications built on Aleo are designed to protect user data and offer far greater scalability and privacy than existing platforms.
Aleo's architecture combines Ethereum's account model with Zcash's shielded transaction design to achieve fully-private applications in Web3. By using the latest innovations from zero-knowledge cryptography, the combination of these two ideas unlocks a world of new capabilities for Web3 developers. From private DeFi to real-time gaming, Aleo is building a powerful toolkit for developers seeking to deploy real-world applications, and enabling truly personalized experiences for Web3 users.
"The next generation of Web3 applications will allow developers to enable fully-private, real-time interactions for their users and offer in-app capabilities that early blockchains could only have dreamed of. Our focus is to build the absolute best developer framework for decentralized private applications," said Howard Wu, Co-Founder & CEO of Aleo. "Aleo is built from the ground up using zero-knowledge cryptography to deliver a level of scale and privacy that will finally bring real-world applications into Web3."
Aleo Testnet 3 will consist of three phases:
Phase 1 (August 2022): Web3 Developers Start Deploying and Executing on Aleo
- Anyone can run a snarkOS client node to participate on the Aleo network.
- Developers can build and deploy applications on Aleo.
- Developers will earn token rewards for deploying and executing Aleo programs.
Phase 2 (September 2022): Provers Earn Coinbase Rewards on Aleo
- Anyone can run a snarkOS prover node to solve coinbase puzzles.
- Provers will earn coinbase rewards for confirmed coinbase proofs.
- Launch of bug bounties for filing and fixing bugs in snarkOS and snarkVM.
- The most successful provers will earn sufficient rewards to become validators.
Phase 3 (October 2022): Validators Begin Staking on Aleo
- Launch of AleoBFT, a novel Proof of Stake consensus mechanism.
- Participants with 1 million credits or more can stake to become validators.
- Testnet users will be able to delegate their stake to earn staking rewards.
Anyone interested in building, proving, or validating on Aleo can get started here.
Aleo is the leading developer platform for building fully-private, scalable, and cost-effective decentralized applications. Using zero-knowledge cryptography, Aleo moves smart contract execution off-chain to enable new use cases like identity, finance, and gaming, scaling to thousands of transactions per second. Built on a decentralized and permissionless blockchain, Aleo brings the flexibility of Ethereum with a more scalable architecture that's designed from the ground up for privacy.
Press Contact
Aleo Team
[email protected]
415.689.8574
SOURCE Aleo
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