Demox Labs has launched a new wallet for the privacy-oriented Aleo blockchain network, according to a June 1 announcement. The wallet, called "Leo," allows users to generate zero-knowledge (ZK) proofs in their browser, letting them interact with Aleo's ZK-based applications. Aleo is in a testnet phase, but is expected to launch its mainnet later this year.
According to the announcement, Demox has also raised $4.5 million from investors to further develop ZK proof technology through Aleo and other networks. More than 40,000 users signed up for the waiting list in the period leading up to the debut of the Leo wallet. The r sound was led by venture capital firm Hack VC, with participation from DCVC, Amplify Partners, Coinbase Ventures, CRV, OpenSea and CSquared. The funds will be used to make Leo compatible with other ZK proof blockchains and develop Web3 applications for enterprises. Demox Labs co -founder and CEO Barron Caster sees the wallet launch and fundraising as the beginning of a new privacy-focused era in Web3:“The Leo wallet is just one example of how [zero-knowledge proofs] can enable individuals to use modern technology and comply with laws and regulations without sacrificing personal privacy. Sharing sensitive data will soon become an option, while Not a requirement.”
In a conversation with Cointelegraph, Aleo CEO Alex Pruden echoed the same sentiment. He said zero-knowledge privacy technology is unique because it allows for "programmable privacy." "Everything you can do on Ethereum, you can do on Aleo, but in private ,” he added. Aleo raised $28 million in April 2021 and another $200 million in February 2022. It launched a testnet in August of the same year.
