Everything you need to know about Celo
What Is Celo?
Celo was founded in 2018 and is located in the San Francisco Bay Area, California, USA. Its three founders are Marek Olszewski, Rene Reinsberg, and Sep Kamvar. Celo, also known as cLabs, is a mobile-first platform that facilitates access to financial dApps and crypto payments. A decentralised PoS blockchain technology stack, a native asset, a stablecoin, and the Celo’s Alliance for Prosperity compose the ecosystem.
Celo has received $66.5 million in investment to date. Polychain, DTCP, and a16z crypto are among its early investors. Other investors in Celo include Andreesen Horowitz, Electric Capital, Greenfield One, Valor Capital Group, and others.
Celo has had six financing rounds so far, with the most recent round taking place on April 20th, 2021. Celo’s single purchase was Summa, one of the leading producers of cross-chain architecture and interoperability as a service solution for the blockchain sector.
In terms of platform statistics, Celo has processed over 38 million transactions so far, with an average block time of five seconds. To understand what makes Celo such a pop
Celo was founded with the goal of developing a financial system that would benefit everyone. It believes in the values of one-of-a-kind purpose and community.
The value of individual purpose asserts that everyone follows their own path of development, whereas the value of connectivity asserts that people live largely in relation to one another.
Celo’s solutions are healthy and full since they bring together originality and connectivity and a well-liked platform, we must go further into its solutions.
Celo assets were created with mobile devices in mind. Celo is generally regarded as the forerunner of the mobile-first trend for this reason. Its lightweight mobile client and phone verification protocol let users transmit, spend, stake, and earn cryptocurrency from their phones.
CELO, the company’s native token, is traded on more than 20 exchanges across the world. CELO confers the ability to earn money as well as the capacity to participate in the platform’s decision-making process.
CELO features two stablecoins in addition to its native token: Celo Dollars (cUSD) and Celo Euro (cEUR). These stablecoins, as their names imply, are algorithmically linked to the US Dollar and Euro. These stablecoins are backed by a number of well-known crypto assets, including BTC, ETH, DAI, and CELO. Both of these are offered on a number of exchanges throughout the world.
Celo makes it simple to create decentralised smartphone apps and assets that can move effortlessly between chains, networks, and nations. Celo’s EVM compatibility makes developing and porting dApps much easier. Solidity allows you to programme.
Celo is not only compatible with native mobile dApps, but it is also compatible with MetaMask and other popular Ethereum developer tools. Many-to-many cross-chain communication is also possible. You have the ability to construct the necessary bridges.
DeFi and Celo dApps
Celo allows you to send cryptocurrency to friends and family without having to worry about the typical 42-character lengthy crypto wallet addresses. Ubeswap and Moola are two examples of Defi solutions based on Celo. Moola is a mobile-first platform for borrowing and lending assets on Celo, while Ubeswap wants to democratise access to DeFi with its mobile-first decentralised exchange.
Celo is a network wallet that is both free and open-source. On Github, anybody may access the source code.
The Celo Terminal, which is available for Mac, Windows, and Linux, aids in the management of all things Celo. You can access dApps and manage your accounts.
The Celo Platform’s Unique Selling Proposition
Celo’s benefits as a platform are numerous and diverse. The platform offers cell phone number mapping to public keys for accessible peer-to-peer payments and financial dApps, in addition to a variety of platform-native stablecoins that are fully supported by several ERC-20 tokens. Its mobile phone synchronisation is extremely efficient, with lightweight clients benefiting from quick syncing.
The smart contract platform may be completely customised. Stablecoins may be used to pay for petrol.
The CELO Consensus
The Istanbul implementation, or IBFT, is followed by CELO’s consensus mechanism. The platform has spent a lot of time updating IBFT to meet the requirements of the most recent go-Ethereum releases. It has also increased the accuracy and responsiveness of the system, as well as its scalability and security. Validator nodes are chosen to conduct the consensus mechanism.
Although governance proposals can adjust the maximum number of active validators, it is presently set at 100. The platform uses the PoS protocol to identify the current validator set, and it also refreshes it at the end of each epoch, which is around one day.
A formal on-chain governance framework is used. For different reasons, such as smart contract updates, the incorporation of new stable currencies, or the revision of the reserve goal asset allocation, the governance process becomes beneficial in administering and updating the protocol.
To determine the number of votes required to advance a proposal, the platform employs a quorum threshold mechanism. Celo Governance Smart Contract, which works as an “owner” for making changes to other smart contracts on the protocol, is responsible for the adjustments.
Tokens for the Celo Ecosystem
The maximum supply of CELO tokens is one billion. While 60% of the supply was already accessible at the time of the mainnet’s debut in April 2020, the other 40% was subject to progressive release via fees and awards, as well as various vesting dates. 120 million CELO tokens are used to fund a reserve that ensures the currency’s authenticity and price stability.
To decide its validators, CELO coins use the PoS consensus method and astringently organised election process. CELO adheres to the ERC-20 standard. It may be purchased on a variety of exchanges, including Binance, Coinbase Exchange, Gate.io, KuCoin, and others.
The CELO dollar is also accessible on a variety of exchanges, including KuCoin, Bittrex, OkCoin, and others. USDT, BTC, USD, and other currencies are among the CUSD trading pairings.
The CELO Euro may be purchased on KuCoin and Ubeswap. CELO, USDT, and BTC are among its trading pairings.
The CELO alliance believes that people on the network can learn from one another and work together to solve real-world problems. Laboratoria, one of the alliance initiatives, sponsored a design-a-thon with young female coding students in Mexico, who investigated the notion of Blockchain firsthand.
The alliance also works with the World Food Programme to provide financial resources to refugees. There are several advantages to joining the CELO Alliance for Prosperity.
For example, you may connect with like-minded folks to help your concept expand. You may take an active role in developing and influencing the CELO platform. You may participate in unique programmes and events, gain access to education and assistance, and broaden your reach to assist additional communities.