Celo update: CELO Live price, price chart, news and markets

Celo is a blockchain protocol that aims to address some of the barriers to cryptoasset adoption (user experience and volatility) by utilizing phone numbers as public keys and introducing a native stable-value token. The network supports the development of smart contracts and decentralized applications. Its primary application, Celo Wallet, aims to create a social-payments system centered around mobile phones. Celo offers two main cryptoassets: Celo and Celo Dollars. Celo (CELO) serves as the protocol's native asset, enabling 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 stable assets pegged to the US Dollar.

By 2025, there will be over seven billion smartphone subscribers, yet the number of cryptocurrency users is currently less than 0.1 billion. The Celo Foundation identifies usability and price stability as the main obstacles to cryptocurrency adoption. Celo's mobile-first approach aims to bridge this gap.

Key technology innovations driving adoption include:

1. Fast & light transactions (optimized block headers for fast mobile phone synchronization).
2. The ability to send currency to phone numbers (lightweight identity protocol that maps hashes of phone numbers to public keys, making it easier for anyone with a mobile phone to send and receive digital currencies worldwide).
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 provide stability, transparency, and auditability.

Celo was established in 2017.

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