Celo (CELO)

Overview & History

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. Celo features two primary cryptoassets: Celo and Celo Dollars. Celo (CELO) is the protocol's native asset. It serves as a utility that enables users to participate in network consensus (through its Proof-of-Stake system) pay for on-chain transactions, and vote on governance decisions. Celo Dollars (cUSD) are a stable asset that follows the US Dollar.

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History

There will be more than seven billion smartphone subscribers by 2025 but there is currently less than 0.1 billion cryptocurrency users. According to the Celo Foundation, useability and price stability remain two of the main inhibitors of cryptocurrency adoption. Celo's mobile-first approach aims to bridge this gap.

Key technology innovations to drive adoption include:

1. Fast & light transactions (block headers optimized for fast mobile phone synchronization).
2. The ability to send currency to phone numbers (lightweight identity protocol that maps hashes of phones numbers to public keys-- making it easier for anyone with a mobile phone to send and receive digital currencies to anyone in the world)
3. Automatic deduction of transaction fees and the option to pay gas (as low as $0.01) in stable currencies.
4. Stable coins, starting with cUSD, backed by a decentralized reserve to help provide stability, transparency, and auditability.

Celo was founded in 2017.

 

Roadmap

Aljafores Testnet

Date: July 2019. Type: Testnet Launch

The first open prototype of the Celo network launched in Jul. 2019. It's launch coincided with the Celo team open-sourcing its code as well as the release of the Celo Wallet.

Learn more: Introducing Alfajores by Celo

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Baklava Testnet Phase 1.0 (The Great Celo Stakeoff)

Date: December 2019. Type: Testnet Launch & Event

cLabs designed the Baklava testnet to support the project's incentivized testnet competition, dubbed The Great Celo Stakeoff, and validator staking. The team intends for Phase 1.0 to help developers and aspiring validators learn how to use the platform and gain experience as a network staker. The testnet also features a token, called BTU, which does not have any monetary value or competition value.

Within a week, the team discovered a few critical bugs and opted to reset the network, launching Phase 1.1 in the process. The decision to reset the network pushed all testnet version timelines back by about ten days, with Phase 1.1 scheduled to end on Jan. 7, 2020.

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Baklava Testnet Phase 2.0 (The Great Celo Stakeoff)

Date: January 2020. Type: Testnet Launch & Event

cLabs designed the second Baklava testnet phase to help test attestations. Originally scheduled to launch on Jan. 8, the new version added a few last-minute fixes to help stabilize the network, which delayed its release by a few days. Once live, the BTUs in Phase 2.0 will count towards the competition's scoring system and potentially secure future financial rewards.

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Baklava Testnet Phase 3.0 (The Great Celo Stakeoff)

Date: January 2020. Type: Testnet Launch & Event

cLabs designed the final testnet phase to help test OPSEC and governance. The team plans to launch Phase 3.0 on Jan. 22 and run the last leg of the competition until Feb. 4. Similar to the previous phase, BTUs will continue to count towards the leaderboard.

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SDK Release

Date: February 2020. Type: Software Release

Celo release ContractKit and DAppKit to help simplify the development of dApps on its blockchain.

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