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June 22, 2022

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Aleph.im - A promising decentralised cloud solutions

Overview of Aleph.im

Aleph.im is a DePIN (Decentralised Physical Infrastructure) project founded in 2019 by Johnathan Schemoul and Claudio Pascariello with the goal of disrupting the current cloud storage model by leveraging the value proposition of blockchain technology. To achieve this, they have built a cross-chain layer-2 network that provides a fully decentralised and trustless infrastructure solution for data storage, indexing, and computing.

Source: Aleph.im

Product overview

The full tech stack of Aleph.im comprises various products:

Decentralised Storage: Aleph.im provides a fully decentralised storage solution that allows data to be stored across a distributed network of nodes. This feature provides a scalable and reliable solution for dApps that need robust data management capabilities.
Decentralised computing: This DePIN network also offers decentralised computing capabilities, allowing developers to run computations across the network's nodes. This is particularly useful for processing large datasets and executing complex algorithms in a trustless manner.
Decentralised indexing: Another key feature of Aleph.im is its ability to provide decentralised indexing, which is crucial for the efficient querying and retrieval of data in blockchain ecosystems. Additionally, the platform provides a decentralised database service, enabling developers to store and manage structured data in a decentralised manner. This service is particularly valuable for dApps requiring reliable and scalable data management solutions.
Confidential Virtual Machines: Aleph.im offers confidential virtual machines, which provide a secure and private environment for executing smart contracts and other computations. Confidential Virtual Machines ensure that sensitive data and operations remain confidential, enhancing privacy and security for users and developers.
Decentralised web hosting: Last but not least, this platform provides fully decentralised web hosting services similar to Vercel or Fleek. This service enables developers to host websites and web applications on a decentralised network, ensuring greater security, redundancy, and resistance to censorship.

Cross-chain compatibility

One significant aspect of Aleph.im is its focus on interoperability and cross-chain functionalities. As such, the network already integrates with various blockchains, including Ethereum, Solana, Avalanche, Cosmos, BNB chain, or Polkadot. This enables any project building on these platforms to integrate with the different components of Aleph.im in a seamless and efficient manner.

Twentysix cloud

In the beginning of 2024, Aleph.im launched its all in one decentralised cloud marketplace, Twentysix Cloud. This is the platform where all the tech stack of the Aleph.im network is available. From storage, to computing, or Indexing it aims to become the one stop shop of excellence for everything related to cloud services. Built on the Avalanche C-chain, Twentysix Cloud operates on a Pay-As-You-Go (PAYG) model, offering users the flexibility to pay only for the resources they use. This approach leads to lower costs due to the distributed nature of resources. Payments can be made in ALEPH, the native token of the network, or in stablecoins.

Source: Twentysix Cloud

State of the network

The biggest problem of a new blockchain project is to overcome the "cold start" problem. In other words, how to attract enough contributors and users to make the network intrinsically useful and self-sufficient. In this regard, Aleph.im is still relatively small and nascent, but it is slowly gaining traction.

Core node

Core nodes play a key role in network security, functionality, and governance. To run a node, a commitment of at least 200,000 ALEPH is required. As of writing, there are 107 nodes in total, with 95 active ones.

Source: Aleph.im

Compute node

Compute nodes are decentralised computing infrastructure components that form a vital part of the Aleph.im network. These nodes work collectively to provide distributed and secure computing power, storage, and other resources to users and applications on the platform. In return for their contributions, node operators are rewarded with ALEPH tokens, creating an incentive system for maintaining a healthy and robust ecosystem.

Currently, the total network resources are composed of 659 nodes, equivalent to 8,964 CPUs (Central Processing Units), 35.36 TB of RAM, and 450.73 TB of HDD (hard disk drive).

Source: Aleph.im

Team & Investors

The team behind Aleph.im comprises 14 core members and a group of advisors with strong backgrounds in tech, business development, and entrepreneurship. Here is a breakdown of the main leadership roles:

Jonathan Schemoul - Founder
Over 11+ years of experience in project development, technical leadership and blockchain technology.
Claudio Pascariello - Co-Founder
Over 17+ years of experience of design and UI in multiple ventures as well as entrepreneurship experience.
Hugo Herter - CTO
Over 10+ years of experience in software engineering.
Florian Le Goff - Advisor
CEO of Synaps.io and advisor for Aleph.im in DID solutions
Daniel Bar - Advisor
Venture builder and advisor for Alpeh.im on marketing and VC relationship.

Moreover, Aleph.im managed to raise $10 million in January 2022 in a funding round led by Stratos technologies and other investors such as NOIA capital, Rarestone capital or TRGC. It is also worth noting that Aleph.im even secured partnerships with industry giants like Ubisoft.

Source: Cryptorank

Tokenomics

Aleph.im's token, ALEPH, is central in the network's economy. The total supply of ALEPH tokens is fixed at 500 million, and this was the initial theoretical distribution of ALEPH:

Source: Aleph.im

The demand for ALEPH tokens is driven by the usage of the network’s services.

It is used to pay for services such as decentralised storage and computing. This ensures that users have a direct and straightforward means to access the platform's various functionalities.
Node operators are required to stake ALEPH tokens. This staking mechanism helps secure the network, as staked tokens act as a form of collateral, incentivizing operators to act honestly and maintain network integrity.
ALEPH tokens are also used to incentivize network participants for contributing computational power, storage capacity, and maintaining network operations. This helps to ensure a robust and active network of nodes.

As more developers and users engage with aleph.im for decentralised storage, computing, and other functionalities, the demand for ALEPH tokens increases, potentially driving up their value. Conversely, the staking and incentive mechanisms ensure a steady distribution of tokens within the ecosystem, promoting network stability and growth.

Token performance

As of writing, ALEPH fully diluted valuation (FDV) is around $105 million and with a current float of 37% of its total supply. In the beginning of the bull run, Aleph has had a strong performance, up over 600% from its October 2023 lows to reach a cycle high of $0.4575 in March 2024. Since then, ALEPH has been correcting in line with the general altcoins market, and it is near an important support level around the $0.136-0.142 zone.

Source: Tradingview (as of 02/08/2024)

Roadmap ahead

Aleph.im is a work in progress and the project roadmap is full. Here are some of the plans for the future:

Pay-as-you go: AWS, Google Cloud, and Azure typically operate on a pay-as-you-go model, where users pay for the resources they consume. This model offers flexibility and scalability, as costs are directly linked to usage.Our approach is to implement a similar structure in a decentralised environment to provide more transparency and lower costs due to the distributed nature of resources.
Oracle: Alpeh.im is developing its own oracle to improve the dApp ecosystem by providing reliable and efficient access to real-world data.
GPU support: More than just CPU, the next step for Alpeh.im is to integrate GPU (Graphic Processing Units) power to its network. This will make it a great addition to their tech stack, especially given that the current AI revolution is heavily dependent on GPU power.
GeoLocalisation for nodes: Centralised clouds offer region-specific data centres, allowing users to choose where their data is stored and processed for reasons like latency and legal compliance. Similarly, Alpeh.im is planning on doing the same by implementing geolocation for storage and compute nodes.
More chain integration: Aleph.im seeks to continuously expand its compatibility with other blockchain protocols, specifically EVM compatible ones.

The future of the cloud should be open, transparent, and community-driven. Decentralisation is the only way that makes that possible. This is what Alpeh.im aims to embody, and this is the “why” behind their roadmap.

Surfing the DePIN trend

Aleph.im is part of the DePIN (Decentralised Physical Infrastructure) narrative and on a longer timeframe, its performance is expected to be partly related to the hype generated by this sector. On that note, we see that DePIN has quietly had a huge growth in mindshare since the end of 2023, and this trend is expected to continue.

Source: Kaito

What does DePIN bring to the table?

At its core, DePIN promises to replace monopolised cloud institutions with a better model based on decentralised blockchain technology. For cloud storage, this brings numerous benefits to the table:

centralised vs decentralised storage system

Source: Binance Research

Reduces costs: Decentralisation and blockchain technology facilitates the distribution of cloud computing and storage making it more efficient. This enables DePIN projects to provide cheaper services.
Rewards network contributors: Incentive mechanisms of blockchain technology enable value to flow at the extremities of the network, to users, validators, and cloud providers, instead of stagnating to the middleman. Therefore, contributors that engage actively in the network have the possibility to be rewarded in a fair manner.
Scales easily: The architecture of DePIN makes scaling easier as there is no barrier to entry and less friction.
Enhances security and resilience: Decentralised nodes means that there are no central points of failure making the network much more robust.