Aleo joins forces with Bitmain to detonate the cryptocurrency market!
On November 10, 2023, Aleo’s official Twitter announced the news of cooperating with @BITMAINtech to host the SNARK TANK competition. The competition, which will be held on @EFDevconnect, is the largest ZK competition ever, open to all ZK projects from all ecosystems, with prizes up to $200,000.
Bitmain’s recognition of the Aleo project and its future potential are evident!
In fact, from Bitmain’s earlier announcement of plans to launch Aleo dedicated mining machines to its subsequent participation in Aleo’s official events in Turkey, it shows its recognition of the Aleo project relative to other ZK projects.
In the field of cryptocurrency, some industry leaders firmly believe that Aleo has great growth potential and is expected to enter the top 20 by market capitalization , or even challenge the top 10.
Bitmain’s series of initiatives have injected vitality into the Aleo market and reflected its recognition of the Aleo project. As an established top manufacturer, joining the company will undoubtedly have a positive impact on the market. We firmly believe that the Aleo project will achieve brilliant achievements in the future!
However, we still stick to our previous view that Bitmain’s advantage on the Aleo project is not obvious. Although some people think that they have rich experience in the chip field and their status as a leading ASIC manufacturer, this does not mean that they will definitely have an advantage in the Aleo project.
These opinions are likely due to insufficient understanding of the ASIC industry and the Aleo project, and are not from veterans in the mining circle. In fact, everyone in this industry knows that Bitmain’s past advantages were mainly based on Bitcoin-like algorithms, such as KAS. However, have they ever achieved significant success on non-Bitcoin-like algorithms? For example, during the Ethereum era, they did not!
The main reason is that Aleo’s algorithm is much more complex than the Bitcoin algorithm. In addition, judging from the internal structure of large companies, Bitcoin’s status within Bitmain is unshakable, so most of the company’s internal resources will naturally be inclined towards Bitcoin projects . Judging from past projects, such as KAS, etc., they tend to move slower. On algorithms like Bitcoin, slow movement is acceptable because they have rich technical experience and high process technology barriers, and even latecomers can quickly win. However, the Aleo project uses a completely different algorithm that is far more complex than the Bitcoin algorithm.
In summary, ASIC manufacturers that participate in the Aleo project early will have a significant first-mover advantage. Especially for companies that are in the first echelon in terms of PoSW algorithm computing power, their overall competitiveness will be very strong. As the project develops, these companies will also use their first-mover advantages to continuously update and iterate technology.
