Layer-1 Zero-Knowledge Platform Leaps After Sudden Surprise Coinbase Listing
The native token of Aleo, a privacy-focused zero-knowledge layer-1 blockchain, surged after its listing on Coinbase, a leading US crypto exchange. The token, labeled as experimental, is designed for high volatility and has seen a 6% increase in value, trading at $0.39. Aleo's protocol emphasizes privacy and scalability through zero-knowledge proofs, allowing users to verify transactions without disclosing specific details. The network also announced future partnerships with Coinbase, as stated by CEO Alex Pruden.
The native token of a privacy-focused zero-knowledge layer-1 blockchain is on the rise after being listed on the top US crypto exchange by trading volume.
Less than 24 hours ago, Coinbase listed Aleo (ALEO) under the experimental label.
The experimental label indicates a high-volatility asset that is new to the platform. These assets typically have a low trading volume compared to more established cryptocurrencies.
According to its website, Aleo’s protocol prioritizes privacy and scalability by leveraging zero-knowledge proofs to help ensure user privacy. Zero-knowledge proofs enable one party (the prover) to prove to another party (the verifier) that it possesses a certain value without revealing its actual value. According to Aleo, its network utilizes zero-knowledge proofs so that users can prove that they have the necessary funds to complete a transaction without revealing their specific balance or transaction details.
In a tweet, the network announced it will be partnering with Coinbase in other ways as well.
Says Aleo CEO Alex Pruden,
Aleo is trading for $3.39 at time of writing, up about 6% from its launch less than 24 hours ago.