- Category: Celo Ecosystem
- Coin Launched: May, 2017
- Resources: White Paper
- Official Website: Celo
- Reddit: Celo
Celo enables participation on the Platform, with the opportunity to earn rewards through network participation.
Celo’s stability mechanism and token economics are designed in such a way that demand for cGLD directly increases as demand for Celo Dollars (cUSD) and other stable value assets increases.
CELO History / Information / Buying / Staking
Celo was co-founded in 2017 by Rene Reinsberg and Marek Olszewski, who were executives at the web hosting firm GoDaddy, along with Sep Kamvar and Marek Olszewski, an MIT professor and Google executive. Between 2018 and 2020, Celo raised over $46.5 million by selling roughly 120 million CELO tokens in both private and public token sales.
HOW CELO WORKS
Celo is a blockchain protocol that aims to address some of the barriers to cryptoasset adoption (user experience and volatility) by using phone numbers as public keys and issuing a native stable-value token. The network supports the development of smart contracts and decentralized applications. Its first application, Celo Wallet, intends to be a social-payments system centered around mobile phones.
BENEFITS OF USING CELO
Some of the benefits of using Celo are:
LOW AND MULTI CURRENCY GAS FEES
Option to pay transaction fees in stablecoins means sending and spending crypto like everyday money.
STABLE VALUE CURRENCIES
A growing family of user-friendly stablecoins like cUSD, cEUR, cREAL, USDC, and more, accessible via mobile and desktop devices.
PHONE NUMBER MAPPING
Authenticate users by mapping their phone numbers to public keys to enable seamless mobile-first experiences.
PROOF OF STAKE
Permissionless consensus algorithm powered by decentralized, carbon-negative infrastructure.
CAN YOU STAKE CELO
Celo uses a Proof-of-Stake (PoS) algorithm, so you can stake your celo on many different platforms.
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