Aleo announced that it will launch the Aleo Virtual Machine (AVM) to run privacy-focused applications.
Tier 1 blockchain Aleo will launch AVM, a computational platform to attract developers to its ecosystem and run privacy-focused applications.
Aleo announced that it will introduce the AVM next week. The testnet phase will be part of the “testnet 3” launch planned for August to October.
Aleo’s dev team sees this as an important opportunity to engage new developers before the mainnet launch takes place.
Howard Wu, CEO and co-founder of Aleo, said about the testnet 3 plan:
“Our focus is to create the best developer framework for decentralized private applications”
Developers will be rewarded with tokens for promoting the testnet. Similarly, during the testnet period, there will be rewards for those who find the bugs in the system.
Aleo uses zero-knowledge proofs for privacy. Aleo plans to offer a variety of applications in categories such as decentralized finance, identity management and gaming.
In February 2022, Aleo managed to raise $200 million in a Series B financing round jointly organized by Kora Management and SoftBank’s Vision Fund 2.
