$ALEO I took a look at Aleo’s history. Howard Wu was mostly used as a scapegoat. The overall design of the economic model was decided on by the foundation. The foundation’s representative is the investment institution behind it. In the early days, the representative was Alex. Their goal was to have Aleo serve enterprises, banks, and large institutions—privacy transactions, with a more centralized approach. The purpose of retail investors was simply to be the ones to take over the bag.

But Howard Wu’s original intention was to build an open-source community, to serve retail investors, and to be as decentralized as possible so that everyone could participate. Early participants all knew that at that time, miners were clearly the main force. Later on, when it came to staking mining and the like, Howard Wu had also opposed it, but he couldn’t twist the arm of the big players.

Step by step, it ended up in the form it is today. In my view, a chain that can’t win support from retail investors won’t last long. If one day the institutions behind Aleo suddenly step away, this chain will immediately come to a halt. The current development trend of Aleo also shows this: the core consensus clearly doesn’t plan to let retail investors participate. The entire community is becoming more and more isolated, and you can almost no longer hear the voices of retail investors.