What is CELO? Everything about CELO you need to know - Market247.io

Celo is a result of the popularity of mobile phones combined with Defi - Decentralized finance system. The platform aims to provide a convenient, user-friendly, and international financial instrument. What is Celo? What makes this platform special and how does it operate? In this essay, let's explore Celo with Market247.io.

What is Celo?

Before delving into the deeper aspects of the Celo cryptocurrency, we need to answer the question "what is Celo?".

Celo is a mobile blockchain that can help Anyone with a phone to easily access dApps or make cryptocurrency payments. With Celo, users may transfer and receive cryptocurrency using their cell phone number rather than the complicated alphanumerics of the blockchain as a blockchain address.

Celo intends to create a decentralized financial platform by building an open platform that makes financial services available over the phone, removing all authority from individuals or organizations. Instead, a huge community of people, groups, and partners collaborate to build, improve, and run Celo.

That's a simple interpretation of the question “What is Celo platform?”

Highlights of Celo

With different ideas, what is the mission of CELO?

What is Celo’s mission?

With a unique idea and a drive to improve user-friendliness, Celo's goal is to make it possible for smartphone users all over the world to profit from blockchain technology and stablecoins. In order to improve opportunities to create, connect with, and secure new financial services applications, Celo has now established a strong collaboration.

Highlights of Celo

So What is Celo’s highlight that makes it different? Some outstanding features of Celo can be mentioned as:

• Stable Currency Price: Celo supports a variety of Stablecoins tied to fiat money, making it easier to use Celo as a form of payment.
• Pay transaction fees in any currency: Users do not need to manage their currency balances because they can pay transaction fees in stable currencies.
• Accounts connected to phone numbers: Celo maintains a safe hierarchical map of phone numbers that wallet users can use to easily make and receive payments from their current connections.
• Instant sync even on slow connections: Extremely fast, secure sync between mobile devices even for wallet users with high latency, low bandwidth, or high data rates Can also use Celo.
• On-chain governance: Celo enables rapid protocol updates and changes through participatory on-chain governance open to all crypto holders.
• Programmable (Full EVM Compatible): The Ethereum-compatible smart contract platform included with Celo is programmable. This enables Celo to quickly support a varied ecosystem of third-party apps and extensions while providing users with rich functionality.
• Self-Management: Without having to rely on a third party for payment, users have total access to and control over their funds and private keys.

What is Celo’s coin?

Celo has 2 coins used in the ecosystem: CELO and Celo's Stable coin (Celo Dollar (CUSD) and Celo Euro (CEUR))

CELO coin

CELO coin is a native asset that serves the following purposes:

• Core Utility: Paying for on-chain transactions
• Governance: Used to vote on governance decisions
• Reserve and Staking for Celo Platform

CUSD and CEUR

Users can create these stablecoins by depositing CELO into the Celo Foundation's reserve fund for stablecoins. They can also destroy stablecoins by converting it back to CELO. As such, CELO has a variable value relative to the total value of stablecoins in circulation throughout the Celo ecosystem.

Detailed information about CELO coin

Key Metrics CELO

Token Name: CELO.

Ticker: CELO.

Blockchain: Celo Blockchain.

Token type: Utility + Governance.

Token Standard: Updating…

Total Supply: 1,000,000,000 CELO.

Circulating Supply: 141,166,010 CELO.

CELO 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%.

CELO Token Sale

• Private Sale 1: $0.18/CELO.
• Private Sale 2: $1/CELO, with a 25% discount for buyers who agree to lock up for an additional 3 years beyond the initial 1-year lockout period, and/or forgo the return of reserves in the event the mainnet is not released.

CELO Token Use Case

• Governance: voting on network governance decisions through staking.
• Cybersecurity: staking to secure the network, participate in consensus and earn rewards.
• Transaction fees: payments for on-chain transactions.

How to buy CELO?

Currently, you can own CELO coin by:

• Staking CELO to get CELO.
• Buy on supported exchanges.

Roadmap

Q3 2017: Celo was started and the whitepaper was first published.

July 2019: The first test network, called Alfajores, launched thereafter.

December 2019: The incentivized testnet, called Baklava, was launched.

Mainnet launched on Earth Day Apr 22, 2020.

August 30, 2021: Launched DeFi for the people program with the total grants of more than $100M.

September 29, 2021: Announced $2.5M Crypto Mobile Hackathon.

October 28, 2021: Announced the Celo Foundation’s Wave IV Grant Recipients.

Team, Investors and partners

Team

Celo was founded by a team of people from MIT, Stanford, Google, Harvard University, and many other prestigious institutions. Numerous people from all over the world and from a range of backgrounds, including software development, blockchain engineering, marketing, business, finance, and more, help compensate Celo's founding and operations team. This broad range of experience is what has elevated Celo to the top of the list of blockchain projects to follow.

Investors

More than 80 organizations and individuals, including well-known venture firms, C-level executives, researchers, and specialists in numerous industries, have backed Celo specifically.

Partners

Celo has partnered with and integrated some of the most well-known DeFi Dapps, including Sushi, AAVE, Curve, Chainlink, the Graph, and many others, to help kickstart this blockchain at its early stages. Currently, Celo has a large number of reliable investors and partners, including: Coinbase Ventures, a16z, Polychain, Ledn...

Conclusion

With a combination of DeFi technology trends and technology devices, along with remarkable efforts in improving user experience, Celo is a name chosen by many investors. Market 247.io hope this article has helped you understand What is Celo clearly. The advantages and uses of Celo in payments. For the most recent information on the Crypto market, make sure to subscribe to Market247's channels.

What is CELO? FAQs

Is Celo a coin or token?

CELO is the native token that powers Celo's platform. According to a company blog post, Celo's supply is limited to a total of 1 billion CELO native tokens.

Is Celo built on Ethereum?

Celo is a layer 1 protocol and blockchain platform, and the Celo Mainnet is entirely separate from the Ethereum network.

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