The Celo Blockchain has assisted in simplifying the user experience by eliminating the clunky public keys associated with blockchains. Instead, it replaced these keys with mobile numbers, which most people are already familiar with. Using mobile numbers as addresses has led to the development of a blockchain with less resource usage than the others. Reduced resource use is crucial in helping to allocate resources to areas experiencing unexpected scarcities. Celo has also made an addition to the Celo network known as EigenTrust. It works as a decentralized algorithm that measures financial reputation and which mimics the functions of a credit score rating system.
Briefly about Celo
The team that helped create the Celo Blockchain is drawn from different parts of the world and encompasses multiple disciplines, such as finance, business, and blockchain engineering. Its broad experience base has helped it become a top project in the blockchain ecosystem. Celo network has three co-founders: Marek Olszewski, Rene Reinsberg, and Sep Kamvar. Last year, the Celo blockchain launched a $100 million incentive program as the first step toward creating the Celo ecosystem. The ecosystem is undergoing development, but notable projects include: +AMM with Ubeswap and Mobius in Puzzle pieces, +Mother Protocol and Moola Market in Lending.
Celo is a EVM compatible proof-of-stake layer-1 network built for mobile.CryptoLists.com
Although Celo appears simple for the end user, the Celo Blockchain remains technically sound. It’s built using a Proof-of-Stake consensus algorithm, also known as the Go implementation of Ethereum. Its creators chose the PoS mechanism because it doesn’t use too many resources. Celo network uses nodes and validators to verify transactions and maintain its security and integrity. And it’s believed to be using the Byzantine Fault Tolerant consensus algorithm.
Utility of Celo?
As a smartphone-based DeFi ecosystem, the Celo Blockchain is used by crypto holders to transfer Celo coins from one wallet to the other. Blockchain enthusiasts use it because it assists in eliminating the technical boundaries related to crypto onboarding and usage
Celo network has leveraged the existing global mobile infrastructure to make financial services available to all smartphone owners. By using this blockchain, you get to eliminate the need to memorize clunky public addresses as you only need to remember the recipient’s number.
Celo
Celo Consensus Method: Proof of Stake
Release Date: April 22, 2020
Advantages at Celo
+ CELO blockchain has a native dollar stablecoin called the CUSD.+ It’s reliable and designed to provide the best user experience possible.
+ CELO network has provided developers who want to create smart contracts with various tools.
+ It has a wide range of ongoing projects with its partners.
Disadvantages
- It’s not compatible with Ethereum and, therefore, lacks platform interoperability.- CELO has focused on developing economies at the expense of established ones.
- It continues to face many issues with its scalability.
- Celo has small annexes and a limited number of assets.
Costs
▪ Rated at 10/10All transactions occurring on the Celo Blockchain are bound to incur one or multiple fees. These fees go towards making it secure and maintaining the network. Often, the fees paid by a Celo user will depend on the overall demand on the network.
In most cases, its transaction fees are less than USD 0.001. You’ll need to pay an exchange fee when attempting to swap assets, e.g., between Celo and other Celo available Celo stablecoins. The amount charged will depend on the number of assets you want to exchange.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
Celo Blockchain is a global payment infrastructure for crypto assets targeting smartphone users. Since its launch, it has continued to play an essential role in the financial services sector, which has led to crypto enthusiasts worldwide rushing to invest in it.
The fact that it offers a combination of features that can accelerate crypto adoption in the coming months has made it a favorite with most users. Its increasing reputation has motivated its team to focus on getting into partnerships with mobile carriers.
It’s believed that such partnerships will ensure that their products get to customers’ hands much faster. As the developer concentrates on building an open Celo network, the chances are that its popularity and prices will only continue to rise with each passing day.
FAQ
Who created Celo Blockchain?
Celo Blockchain was co-founded in 2017 by three members, namely: Marek Olszewski and Rene Reinsberg, who worked as executives at GoDaddy, the web hosting firm, along with Sep Kamvar.
The platform raised roughly $46.5 million between 2018 and 2020 by selling 120 million CELO tokens in both private and public token sales. Its notable investors today include Social Capital, General Catalyst, and a16z Crypto venture capital firms.
Is Celo Blockchain proof of stake?
Yes, Celo is a Proof-of-Stake Blockchain. Compared to other popular blockchains such as Ethereum and Bitcoin, this staking mechanism enables it to eliminate the negative environmental impact.
It also means that CELO users can make faster and cheaper transactions than their counterparts using other platforms. Another advantage of using this mechanism is that it’s impossible to alter the outcome of a transaction once it’s complete.
Is CELO a good crypto investment?
CELO has a maximum supply of 1,000,000,000 tokens, which will assist in curbing inflation in the long term. Presently, one CELO coin is selling at around $3.12, with its highest all-time recorded value being $7.60, which was achieved in September 2021.
What is the CELO network used for?
Celo blockchain is a platform that acts as a global payment set-up for cryptos and which solely targets smartphone users. For this reason, its primary goal is to ensure that everyone in the world can access the financial services they need from their phones.
It has made it possible for its platform users to transfer payments using mobile phone numbers instead of chunky public addresses.
Is the CELO ecosystem carbon negative?
Yes, the CELO blockchain is carbon-negative. It’s an L1 permissionless protocol with a rich ecosystem of global partners. Its partners are actively building innovative Web3 applications within the NFT, ReFi, and DeFi sectors provided on CELO.
These partnerships aid in supporting its mission to build a more inclusive global financial system that’s accessible by everyone regardless of their geolocation.
Where can I get CELO funding?
Celo Camp by Upright can give funding to Celo blockchain projects. Apply and give it a try if you have something that can add value to the Celo ecosystem.
Screenshots from Celo
