Celo (CELO) - a platform that acts as a global payment infrastructure for cryptocurrencies, designed to reach mobile users.
Contents:
What is Celo (CELO)?
Celo's goal - to make financial activity accessible to everyone around the world, thanks to the ability to send payments to and from any phone number in the world. In addition to the main payments, $Celo can support the development of decentralized applications on its blockchain. By using phone numbers as public keys, $Celo hopes to introduce the world's billions of smartphone owners, including those without bank access, to cryptocurrency transactions.
The platform has two native tokens. $CELO - a Proof of Stake (PoS) token, used for transaction fees, governance participation and related activities. In the future, the platform plans to list various stablecoins, three of which are already in use by $Celo Dollar (CUSD), $Celo Euro (CEUR) and Celo Brazilian Real (CREAL).
What is the uniqueness of the project?
Celo's main unique selling point - its focus on smartphone users. The company claims that the number of smartphone owners is growing exponentially, but the number of people, using the cryptocurrency, is growing much more slowly.
Project advantages:
| 1 | Cryptocurrency is also very suitable for regions where a large part of the population does not have access to the banking sector, but still has a smartphone. |
| 2 | Bridging the gap between the two technologies is what $Celo aims to do, along with taking advantage of DeFi by supporting the creation of DApps and smart contracts. |
The mobile-optimized $Celo blockchain automatically calculates transaction fees and also allows users to pay gas fees that enable transactions in any currency. $Celo uses proof of stake to maintain security and has a complex election process to determine the validators of its blockchain. Coin holders can use their assets as a means of participating in elections by voting for groups of validators.
Buying and selling cryptocurrency
The cryptocurrency has a limited supply of 1 billion tokens, of which 600 million were available when the mainnet was launched in April 2020. $CELO is a freely traded cryptocurrency, based on the ERC-20 token standard, available on various major exchanges. These include:
- Coinbase Pro;
- Bittrex.
The key feature of the coin is its ability to trade stablecoins such as cUSD. This ensures the efficiency and transparency of crypto transactions while ensuring that the volatility of these assets is reduced. The value of each cUSD is equal to one US dollar, using the so-called software reserve, which consists of CELO and other cryptocurrencies. This means that cUSD can be sold for the equivalent of CELO and vice versa. In the future, Celo plans to allow token holders to propose and vote on the creation of stablecoins that reflect the value of other national currencies.