Review Celo ($CELO) – Mobile-first blockchain optimized for payments using only a mobile number

Celo is a blockchain that aims to deliver cryptocurrency directly to your phone through a user-friendly interface.

What is Celo ($CELO)?

https://www.youtube.com/watch?v=mkpTmbkRv4A

Celo uses your phone number as the public key for your wallet, making it simple to send money to your phone’s contacts. Although there are billions of smartphone users globally, just a small percentage of these individuals use cryptocurrency.

Banking and personal finance options are unstable or perhaps non-existent in many nations. Celo is a blockchain platform that supports smart contracts and decentralized apps that enable users to access decentralized finance (DeFi) and trustless transaction possibilities.

For network gas power costs, the platform employs the native token CELO, while Celo is used to regulate protocol votes. Celo’s previous proposal that was approved was carbon offsetting, which would make its proof-of-stake network the world’s first carbon-neutral blockchain.

How does Celo work?

On the Celo network, there are two types of nodes: Validator Nodes and Full Nodes. Consensus is maintained by Validator Nodes through voting by Full nodes. Users communicate with light clients, which communicate with Full nodes, which communicate with Validator nodes.

Celo’s open-source application includes a “light client” that connects to the network and is designed for low-power devices and connections with limited bandwidth. These light clients require nodes to process their account and transaction data queries and to send new transactions on their behalf.

Currently, there are minimal incentives in Ethereum to host a complete node that is not mining. Due to the limited number of nodes serving light clients, mobile wallets provide a terrible user experience.

As a result, Celo created a protocol that incentivizes users to run regular nodes. Celo charges full nodes a fee for each transaction. Clients enter the address of a node in each transaction that receives this charge after the transaction is executed. Full nodes advertise a minimum charge and may decline to execute transactions for which they will not be compensated or for which the fee is deemed insufficient.

What is the project trying to achieve?

Stable currency: It can use stablecoins that are linked to currencies like the US dollar, making it easier for people to use Celo as a payment method, like when they buy something. Accounts that are linked to a phone number It keeps a safe, hierarchical map of phone numbers that makes it easy for wallet users to send and receive money with their existing contacts.

Transaction fees: It lets people pay transaction fees in any stable currency, so they don’t have to keep track of multiple currencies.

Instant syncing even on slow connections: Even for wallet users with limited bandwidth, high latency, or high data rates, it enables exceptionally quick and secures mobile device synchronization.

Benefits for running nodes: Celo incentivizes mobile devices to regularly execute complete nodes.

Difference from other proof-of-stake platforms: Even if users do not stake any other cryptocurrency, they can earn coins or tokens by giving their computational power.

On-chain governance: It enables rapid protocol changes and improvements via on-chain governance, which is available to all bitcoin holders.

Fully EVM compatible: It features a completely compatible programmable smart contract platform with Ethereum. Celo is able to give extensive functionality to consumers while supporting a varied ecosystem of third-party apps and extensions.

Self-management: Users maintain complete control and access to their funds and private keys without relying on a third party to complete transactions.

What is the unique selling point?

https://www.youtube.com/watch?v=n1k1JcjTnp8

cUSD

Celo’s capacity to run stablecoins, such as cUSD, is a critical feature. Stablecoins provide the efficiency and transparency of crypto transactions while mitigating the volatility of these assets.

Celo automatically assures that the value of each cUSD is equivalent to one US dollar by utilizing what they refer to as a programmed reserve, which is an overcollateralized reserve comprised of CELO and additional cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH). This implies that cUSD can be exchanged for CELO.

Celo intends to allow CELO holders to propose and vote on the formation of stablecoins that mimic the value of other national currencies such as the Euro or Yen in the future.

Fast and Cheap Transactions

The primary benefit of trading Celo Coins is that it is far less expensive than making bank transactions. Bank transfers are sometimes subject to significant fees, particularly when they are international. Additionally, they may take a few business days to process. By comparison, using Celo to exchange money enables you to bypass the middlemen when transferring money to friends and relatives.

While Celo does charge transfer fees, they are far cheaper than those charged by the ordinary bank. Additionally, you may anticipate your payment to be processed within minutes.

High Secured

In order to protect you and your money from fraud, Celo does a lot of work. It has an encrypted blockchain system and a group of people who choose who gets to approve new users. There are a lot of steps in Celo’s many-step security procedures to make new cryptocurrency users feel safe. This is because they are afraid of being hacked.

People who run businesses could also use Celo to charge for goods and services both online and in-person, both for goods and services that are sold. When you send or receive a cryptocurrency, Celo’s fraud protection procedures will show both the merchant and the user that it isn’t going to be risky.

Do It All With Your Phone

Senders and receivers must download digital wallets, generate a public key or private key pairs, and communicate lengthy hexadecimal addresses in order to trade cryptocurrencies (derived from the public key).

Rather than requiring consumers to utilize lengthy, expensive cryptographic addresses, Celo simplifies this process by letting users transmit value to one another with only a phone number.

Currently, transferring cryptocurrencies with friends and family is sluggish, inconvenient, and sometimes prohibitively costly. In comparison, transmitting Celo Dollars or Celo Euros is simple, stress-free, and nearly instantaneous. Therefore, if you’re turned off by the intricacy of the most popular cryptocurrencies, Celo may be the ideal substitute.

Celo Ecosystem

Technical Data

Token Metrics

• Token Name: Celo
• Ticker: CELO
• Blockchain: Celo Blockchain
• Token Standard: Updating
• Contract: 0x471EcE3750Da237f93B8E339c536989b8978a438
• Token Type: Ultility, Governance
• Total Supply: 1,000,000,000
• Circulating Supply: 407,486,151

Token Allocation

• Staking & Validator Rewards: 30%.
• Community Grants: 19.5%.
• Protocol Contributors: 18.5%.
• Pre-launch Sales Purchasers: 12.5%.
• Initial Reserve: 12%.
• Operational Grants: 7.5%.

Token Sale

• Private Sale 1: $0.18/CELO.

• Private Sale 2: IDO on Coinlist on May 11 for $1/CELO, with a discount of 25% for investors who accept an additional 3-year lockup.

Token Release Schedule

All tokens will be fully unlocked until 2050, with three major time intervals. It is T+1 year, T+10 year, and 2050 year.

Token Use Case

CELO is a native token of the Celo blockchain and has these main roles: 

• Governance.
• Staking to become node validators.
• Paying for transaction fees.

Market and Community

Backers

Team

Celo was formed by a group of individuals from MIT, Stanford, Google, and Harvard University, among other notable universities.

Investors

Verdict

Celo is a new financial platform that is positioning itself as a significant player in the cryptocurrency space. Its objective is to provide everyone with the opportunity to trade money using cryptocurrency, regardless of their past knowledge or experience with digital money. In the future, Celo may help make the world’s digital economy more fair and accessible to all people.

Find more information about Celo:

Website: https://celo.org/

Twitter: https://twitter.com/CeloOrg

Telegram: https://t.me/celoplatform

Discord: https://discord.com/invite/atBpDfqQqX

Medium: https://medium.com/celoorg

Reddit: https://www.reddit.com/r/celo/

Youtube: https://www.youtube.com/channel/UCCZgos_YAJSXm5QX5D5Wkcw

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Marshall

Coincu Ventures