Blockchain technology has spread to almost every field of the market, and many cryptocurrencies are taking advantage of the advancement of this technology to target a variety of fields. One of the most unique projects today is the Celo blockchain, as the area it targets are mobile phone users.
What Is Celo?
Celo is a mobile blockchain project optimized for mobile phones. Instead of using the complex alphanumerics of the blockchain as the blockchain address, Celo users can send and receive cryptocurrency using their mobile phone number as the public key. Through Celo, all operations of money transfer, payment, participation in DeFi protocols become convenient and easy to operate with just your mobile phone. Celo’s goal is to reach a customer base of 6 billion smartphone users, contributing to bringing blockchain and crypto closer to users around the world.
Salient Features Of Celo
- Mobile-First blockchain platform
Smartphones have become an indispensable item in human life. From being just a device to receive calls, today’s mobile phone can meet all the needs of users including entertainment, entertainment, search, Internet access, buying and selling goods or services,…
In the past 3 years, cryptocurrencies in particular and blockchain, in general, have made great progress, opening a new era with unlimited potential that can be applied in almost all areas of life. However, the expansion of blockchain is still limited due to difficulties in accessing users.
Celo is the world’s first blockchain platform built to be optimized for mobile devices, as a bridge between modern blockchain technology and people. If successful, Celo could extend the connection to more than two-thirds of the world’s population.
- Lightweight Identity technology
Instead of having to copy or remember long wallet addresses, Celo has simplified by allowing assets to be sent through very familiar wallet addresses such as phone numbers, personal emails, even IP addresses or Bank account numbers.
Of course, these wallet addresses will be encrypted on public platforms to ensure the security and ownership of users.
- Focus on stablecoins development
Stablecoins have always been a very important factor in the development of an ecosystem, because of that Celo is one of the ecosystems that pay great attention to the development of its native stablecoin. Celo offers a variety of stablecoins with stable value as an actual fiat currency like cUSD, cEuro backed by high-value assets (BTC, ETH, Celo, DAI..) in Celo’s Reserve Holdings (one of the largest BTC holders in the world).
In addition, users can pay transaction fees in any currency. This feature helps users not have to worry about always having to maintain the balance of the native token to only pay fees like other blockchains.
- EVM compatibility
Celo includes a programmable smart contract platform that is compatible with the Ethereum virtual server. This allows Celo to deliver rich features to users, while rapidly supporting a diverse ecosystem of third-party apps and extensions.
Celo has two different coins: CELO and Celo Dollars.
CELO coin is a native asset of the platform, which plays the role of:
- Core Utility: Payment for on-chain transactions
- Governance: Voting for governance decisions
- Reserve and Staking for Celo platform
The CELO coin allows users to contribute their voices to the development of the platform.
CELO has a fixed supply and a variable value relative to the total value of stablecoins in circulation throughout the Celo ecosystem. CELO also plays a core role in the Celo platform’s stability mechanism, automatically adjusting the circulating supply of stablecoins to help keep prices as close to the target value as possible.
Celo Dollars (cUSD) is a stable asset in US Dollar prices. With cUSD, users can transfer money faster, cheaper and easier on their mobile phones.
- Token Name: Celo
- Ticker: CELO
- Blockchain: Celo Blockchain
- Token Type: Utility, Governance
- Total Supply: 1.000.000.000 CELO
- Staking & Validator: 30%
- Community: 19.5%
- Contributors: 18.5%
- Pre-launch Sales: 12.5%
- Reserve: 12%
- Operations: 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 in an additional 3 years beyond the initial 1-year lock-in period, and/or forgo the return of the reserve in case the mainnet is not released
Token Release Schedule
Celo has developed a token allocation plan that spans through 2050, depicted in the image below:
All tokens will be unlocked until 2050 with 3 important milestones: 2021, 2030 and 2050 with the following specific figures:
Celo’s team of more than 100 members are professionals from all over the world with a wide range of experience working in public and private sectors, technology, non-profits and organizations and non-government. The entire Celo team is publicly available on their website.
Celo is one of the blockchains that has proven its potential and strength through a list of more than 80 large individual and institutional investors such as a16z, Coinbase, Polychain Capital or Jack Dorsey CEO of Twitter.
Celo is an active partner of many large organizations operating in many fields such as technology, finance, environment, society, etc. Among them are Laboratoria, World Food Program, cLabs.
In addition, Celo also cooperates with many organizations operating in the blockchain field from many different fields: expansion, construction, education, payment, community,…
- Website: https://celo.org/
- Medium: https://medium.com/celoorg
- Github: https://github.com/celo-org/celo-monorepo
- Twitter: https://twitter.com/CeloOrg
- Youtube: https://www.youtube.com/c/CeloOrg
- Instagram: https://www.instagram.com/celoorg/
- Telegram: https://t.me/celoplatform
Celo is a very special platform due to the goal of bringing the blockchain technology experience to users through mobile devices. Thanks to its unique and highly practical idea, and the advantage of being the first, it can be seen that Celo’s potential is still very large, worthy of being in the long-term investment.
Although it is still in the early stages of development, Celo’s vision and goals are long-term, with the desire to reach more than 6 billion mobile phone users globally. What is more, the community behind Celo is huge, diverse and full of enthusiasm, they will surely make Celo step by step become an indispensable platform for everyone.
Disclaimer: This is not financial advice. This article is for informational and sharing purposes only.