What is Celo?
Celo is a blockchain ecosystem focused on increasing cryptocurrency
adoption among smartphone users.
Celo hopes to introduce the world's billions of smartphone owners by using phone numbers as public keys, especially for those without banking access, to transacting in cryptocurrency.
The network also allows for smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi
The platform has two native tokens. CELO is a proof-of-stake (PoS
) token used for transaction fees, governance participation and related activities. Celo aims to host various stablecoins, with one, the Celo Dollar (CUSD), already in use.
Who founded Celo
Celo was originally founded by a team comprised of people from prestigious companies and universities like Stanford, Google, Square, Circle, Visa, Federal Reserve Bank, Harvard University and Twitter
Separate entities are aimed at Celo's promotion and preservation. The Celo Foundation is a non-profit which launched along with the mainnet, while the Celo Alliance for Prosperity is what the company describes as an "ecosystem of mission-aligned organizations.".
How Celo works
Celo's 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 Celo aims to do, along with harnessing the benefits of DeFi by supporting the creation of DApps and smart contracts.
Optimized for mobile, the Celo blockchain automatically calculates transaction fees and allows users to pay the gas fees that power transactions in any currency.
Can I make money with Celo (CELO)?
Yes, you can make money by trading Celo (CELO
). Buy low, sell high. Celo can be used to trade against other cryptocurrencies. Always trade responsibly. Often the price is influenced by Celo news. Buy Celo at Coinmerce.