Celo is a very hot name in recent times when the project has an impressive growth. Celo is oriented around providing the simplest possible experience for end-users who may not yet have access to cryptocurrency and may be using low-cost devices with limited connectivity. So CELO what? Is CELO letting you guys include it in its portfolio? Brothers and sisters with GTA learn about the ecosystem CELO Check out the article below.
What is Celo (CELO)?
Celo is an open platform that supports a variety of distributed applications, smart contract development, and payments using e-mail addresses and phone numbers as public keys.
Celo’s aim is to empower anyone with a smartphone anywhere in the world to have access to financial services, send money to phone numbers and pay merchants – on one platform. Decentralized platform operated by a community of users.
The project aims to be a decentralized platform that is not controlled by any single entity but is instead developed, upgraded and operated by a large community of individuals, organizations and partners.
How to solve the problem of CELO
Cryptocurrencies offer many benefits for the transfer of value over fiat currencies. It enables faster payments at lower costs with 24/7 global access. In addition, these new digital assets can be programmed to enable new and more efficient forms of financial services. The challenge, however, is that crypto assets are highly volatile and require long hexadecimal cryptographic addresses to transfer value – making it difficult for cryptocurrencies to be used as a medium of exchange.
Highlights of CELO
Currency with stable value
Celo supports a variety of stablecoins pegged to fiat currencies such as the US dollar to facilitate its use as a means of payment.
Accounts linked to phone numbers
Celo allows wallet users to send and receive payments with addresses associated with their phone numbers simply and quickly.
Transaction fees can be paid in any currency
Users can pay transaction fees in any currency, so they don’t need to manage balances of different currencies.
Incredibly fast, secure synchronization between mobile devices and the Celo network, meaning that even users of low-bandwidth, high-latency wallets can use Celo.
Proof-of-Stake consensus mechanism
Celo uses a proof-of-stake consensus algorithm. Compared to Proof of Work systems like Bitcoin and Ethereum, this eliminates the negative impact on the environment and makes it possible for users to make cheaper, faster transactions.
Full Node Incentives
The Celo protocol provides incentives for running full nodes to serve lightweight clients on mobile devices. Unlike other proof-of-stake systems, users can still earn money by providing computing resources with no deposit required.
Because great user experience requires constant iteration, Celo supports rapid upgrades and protocol changes through on-chain governance that all crypto holders can participate in.
Compatible with EVM
Celo includes a programmable smart contract platform compatible with the Ethereum Virtual Machine, which is already widely adopted using a toolkit familiar to developers. This allows Celo to deliver rich features to users and rapidly support a diverse ecosystem of third-party apps and extensions.
How does CELO reach smart users
Celo is oriented around providing the simplest possible experience for end users, who may not yet have access to cryptocurrency and may be using low-cost devices with limited connectivity. To achieve this, Celo takes a holistic approach, where each layer of the Celo Stack is designed with end-users in mind while considering other stakeholders (e.g. people operating nodes in the network). ) involved in enabling end-user experience.
Celo Stack is structured from the following classes
Celo Blockchain : An open cryptographic protocol that allows applications to transact and run smart contracts in a secure and decentralized manner. Celo Blockchain has the same origin as Ethereum so EVM compatibility is very good. However, the difference from Ethereum is that Celo uses the Byzantine Fault Tolerant (BFT) consensus mechanism, which differs from POW in that it has block format, transaction format, client synchronization protocol. different gas pricing and payment mechanisms.
Celo Core Contracts : A set of smart contracts running on the Celo Blockchain that includes many foundational features including stablecoins written according to ERC-20 standards, identity attestation, proof of stake, and governance. These smart contracts are upgradeable and managed by a decentralized governance process.
Application: Celo Wallet is the first application in the ecosystem that allows end-users to manage accounts and pay securely and simply by leveraging the improvements in the Celo protocol. Applications that take the form of mobile software or external backends that interact with Celo Blockchain to issue transactions and call code form the Celo Core Contracts API. Third parties can also implement custom smart contracts that their own applications can invoke. In addition, other applications may use centralized cloud services to provide some of their own functionality.
When was the project established?
The project was established in Q2/2018.
The project’s Twitter was established in June 2018 and currently has 51.3K Followers.
Roadmap – Project Roadmap
Team – Project team
CELO is a collective of collaborators working from all over the world. The collective experience ranges from the public and private sectors, technology, nonprofits and NGOs.
Investors & Partners
CELO is supported by more than 80 companies and individuals. Including famous venture funds, C-level executives, academics and experts in many fields.
The funds currently investing in CELO include many prominent names such as Coinbase, a16Z…
- Token Name: Celo
- Ticker: CELO
- Blockchain: Celo Blockchain
- Token Type: Utility, Governance
- Total Supply: 1,000,000,000 CELO
- Circulating Supply: 94,981,931 CELO
- Pre-launch sales purchasers: 12.5%
- Protocol contributors: 18.5%
- Staking & validator rewards, excluding on-chain community fund: 30%
- Community grants including on-chain community fund: 19.5%
- Operational grants: 7.5%
- Initial reserve: 12%
Token Release Schedule
Token Use Case
CELO is the native token of Celo, this token is used for the following purposes:
- Administration: vote on network governance decisions through staking.
- Network security: staking CELO to secure the network, participate in consensus and earn rewards.
- Transaction fee: payment for on-chain transactions.
Where to buy and sell CELO tokens?
Currently, you can buy and sell CELO tokens on exchanges like Binance, Coinbase Exchange, OKEx…
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Current CELO token rate
Celo is paving the way for a more equitable and accessible global digital economy. With a mission to design a more inclusive financial ecosystem, blockchain technology is helping Celo connect people around the world with the financial tools they need to conduct financial transactions. Smarter, faster and cheaper.
Above is all the information that GTA has researched about the project CELO and is not investment advice. Hope this article will help you get the necessary information and give your personal opinion about the project.
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