Programmable privacy network Aleo announces the establishment of the Aleo Foundation

On December 21st, Aleo, a programmable privacy network, announced the establishment of the Aleo Foundation. The Aleo Foundation will help guide and support the network, with a focus on open source governance, developer participation, and promotion of zero-knowledge encryption applications. Aleo will also support innovative projects through the initial allocation of 1.5 billion tokens through the foundation. The foundation is an independent non-profit 501c4 organization in Wyoming and will operate independently from the commercial entity that has developed Aleo so far.

As previously reported by BlockBeats on October 23rd, Aleo, the programmable privacy network, stated on its official website that the Aleo mainnet is expected to launch by the end of 2023. After its launch, Aleo Systems will relinquish all control over the Aleo network, which will operate independently from its founding company and will be organized similarly to Ethereum's decentralized system.