In order to enable the creation of numerous products for the privacy-focused Aleo blockchain, Demox Labs has raised $4.5 million in funding led by HackVC. Demox‘s goal is to create a next-generation wallet.
Demox Labs Raises $4.5 Million for New Private Crypto Wallet
Demox wants to establish itself as the leading wallet among Aleo users since Aleo is a completely different kind of blockchain that largely relies on zero-knowledge-proof technology. With privacy safeguards in place so that others cannot see what you are doing, Aleo intends to offer the kinds of services that blockchains like Ethereum and Avalanche can offer.
We’re skeptical of a lot of value propositions that people put out there. I think the privacy one is pretty clear,
Evan Marshall, A Co-Founder Of Demox
Aloe to Launch Later This Year
A Series B early in 2022 secured $200 million for Aleo. Aiming to launch this year is the team behind the upcoming blockchain.
Users can do calculations with Aleo and then validate them on-chain. It is also easier to conceal user activity as a result, which lessens the pressure on the chain.
About Demox Labs
The platform enables businesses and people to regain control of their data. Their products revolutionize privacy and data management by enabling others to take advantage of zero-knowledge proofs to their fullest potential.
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