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.

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