What Is Celo (CELO)?
Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. By using phone numbers as public keys, This hopes to introduce the world’s billions of smartphone owners, including those without banking access, to transacting in cryptocurrency.
The network also allows for the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi). Its mainnet was launched in April 2020.
The platform has two native tokens.is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In future, the platform aims to host various stablecoins, with three, the Dollar (CUSD), the Euro (CEUR) and the Brazilian Real (CREAL) already in use.
Important Points Table Of Celo
| Basic | Points |
|---|---|
| Coin Name | Celo |
| Short Name | CELO |
| Circulating Supply | 407,486,151.00 |
| Explorer | Click Here To View |
| Documentation | View Document |
| Website | Click Here To Visit |
How to Buy the CELO Coin & Trade On Exchange?
Who Are the Founders of Celo?
Celo Coin was originally founded by a team comprised of people from MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, Federal Reserve Bank, Harvard University, University of Pennsylvania Law School, Cambridge University, U.S. Department of Justice, Bank Of America, Capital One, Twitter, Give Directly, and the Gates Foundation
Separate entities are aimed at promotion and preservation. The dedicated Foundation is a non-profit which launched along with the mainnet, while the Alliance for Prosperity is what the company describes as an “ecosystem of mission-aligned organizations.”
Public Sector on Celo
Whether you’re exploring options for issuance in permissioned environments or already processing social payments in the real world, they invite governments, agencies, and central banking authorities to get started on Celo.
Explore
Explore what’s possible when central banks and governments build on blockchain
Experience
Gain insights from engineers, economists, public policy and compliance specialists
Experiment
Start testing with Provo, a free sandbox for public sector experimentation on.
Industry Partnerships
The team working on is proudly engaged in pilots, committees, and working groups, all of which are focused on helping to create the conditions of prosperity–for everyone.
What Makes Celo Unique?
The main unique selling point lies in its focus on smartphone users. The company argues that the number of smartphone owners is increasing exponentially, but the number of people using cryptocurrency is rising at a much slower pace.
Cryptocurrency is further highly suited to regions in which a large section of the population does not have access to the banking sector, but still has a smartphone.
Bridging the gap between the two technologies is what aims to do, along with harnessing the benefits of DeFi by supporting the creation of DApps and smart contracts.
Optimized for mobile, the blockchain automatically calculates transaction fees, and also allows users to pay the gas fees which power transactions in any currency.
Value Proposition
Trust
Reduce corruption, eliminate fraud
Transparency
Increase transparency, improve analytics
Programmability
Celo Smart contracts, conditional transfers
Security
Secure, stable environment
Efficiency
Low-cost, high-speed transfers
Identity
Portable, private, persistent financial identity
Inclusivity
Access to additional financial tools and services
Interoperability
Build bridges for seamless cross-chain functionality
How Many Celo (CELO) Coins Are There in Circulation?
The and CUSD perform complementary functions within the platform.
It has a capped supply of 1 billion (1,000,000,000) tokens, of which 600 million were available when the mainnet launched in April 2020.
The last 40% of the supply will be released gradually via fees and rewards, and various vesting schedules are in place depending on how initial investors received their tokens.
In addition, up to 120 million CELO will go towards a reserve designed to maintain the validity and price stability of CUSD. As a stablecoin, CUSD is envisioned as a convenient payment method for users who will not have to worry about their holdings fluctuating in value.
How Is the Celo Network Secured?
Celo uses proof-of-stake to maintain security, and has a complex election process to determine validators of its blockchain.
Holders of are able to use their holdings as a means of participating in elections by voting for groups of validators.
Where Can You Buy Celo (CELO)?
The is a freely tradable cryptocurrency on the ERC-20 token standard, available at various major exchanges. These include Coinbase Pro and Bittrex, with cryptocurrency, stablecoin and fiat pairs in use. New to cryptocurrency? Check out our easy guide to buying Bitcoin (BTC) or any other token.