Aleo Testnet 3, the First Layer-1 for Decentralized Private Applications, Is Being Launched
Aleo, the first Layer-1 (L1) platform for decentralized private applications, has announced the release of Aleo Testnet 3. For the first time, developers can create and run fully private applications on the Aleo Virtual Machine (AVM) and host them on the Aleo blockchain, a permissionless network of zero-knowledge validators.
The Aleo team is allocating twenty-five (25) million credits today to reward Aleo Testnet 3 developers, provers, and validators. Aleo Testnet 3 incentivizes validators and provers to produce blocks and earn coinbase rewards by utilizing its new hybrid consensus algorithm. As it prepares for the launch of its mainnet, the Aleo ecosystem is taking advantage of this opportunity to onboard new developers.
In contrast to other L1 blockchains, Aleo is the first to enable fully-private applications by designing the entire architecture for the zero-knowledge virtual machine. Aleo is based on the most recent advances in zero-knowledge cryptography, allowing it to provide developers with an expressive and performant framework. Aleo-based applications are intended to protect user data while also providing far greater scalability and privacy than existing platforms.
Aleo’s architecture combines Ethereum’s account model and Zcash’s shielded transaction design to create Web3 applications that are fully private. The combination of these two ideas unlocks a world of new capabilities for Web3 developers by utilizing the most recent advances in zero-knowledge cryptography. Aleo is developing a powerful toolkit for developers looking to deploy real-world applications, as well as enabling truly personalized experiences for Web3 users, ranging from private DeFi to real-time gaming.
“The next generation of Web3 applications will enable developers to provide their users with fully private, real-time interactions and in-app capabilities that early blockchains could only dream of. Our primary goal is to create the best developer framework for decentralized private applications “Howard Wu, Co-Founder and CEO of Aleo, stated “Aleo is designed from the ground up to deliver a level of scale and privacy that will finally bring real-world applications into Web3.”
Aleo Testnet 3 will be divided into three phases:
Web3 Developers Begin Deploying and Executing on Aleo in Phase 1 (August 2022)
- To participate in the Aleo network, anyone can run a snarkOS client node.
- Aleo allows developers to create and deploy applications.
- Developers will be rewarded with tokens for deploying and executing Aleo programs.
Provers Earn Coinbase Rewards on Aleo in Phase 2 (September 2022)
- To solve coinbase puzzles, anyone can run a snarkOS prover node.
- For confirmed coinbase proofs, provers will receive coinbase rewards.
- Bug bounties for reporting and fixing bugs in snarkOS and snarkVM are now available.
- The most successful provers will be rewarded enough to become validators.
Validators Begin Stalking on Aleo in Phase 3 (October 2022)
- AleoBFT, a novel Proof of Stake consensus mechanism, is launched.
- Participants with a stake of one million credits or more can become validators.
Users on the testnet will be able to delegate their stake in order to earn staking rewards.