What is Celo (CELO)?
Celo is an open platform that facilitates the development of smart contracts and payments utilizing email addresses and phone numbers as public keys.
Celo’s mission is to enable anybody in the globe with a smartphone to access financial services, send money to a phone number, and pay sellers.
The goal of the project is to create a decentralized platform that is not controlled by a single body and is instead developed, upgraded, and maintained by a diverse group of individuals, organizations, and partners.
Outstanding features of the project
Stable value monetary unit
Numerous stable currencies tied to fiat currencies such as the USD are supported by Celo. Favorable to the usage of Celo as a payment method.
Accounts linked to telephone numbers
Allows wallet users to easily send and receive payments to and from their current contacts.
Expenses incurred in any currency
In stable currencies, transaction fees can be paid. Therefore, it is unnecessary to manage the balance of various currencies.
Instantaneous synchronization despite sluggish connections
Rapid and safe synchronization. Even users of wallets with high latency and poor bandwidth can utilize Celo.
Proof-of-Stake
Employ proof-of-stake (PoS). Users can conduct transactions that are less expensive and more expedient, and the results cannot be altered once they have been finalized.
Full Node
Celo offers incentives for running full-nodes to serve lightweight mobile clients. Without staking, users get cryptocurrency in exchange for supplying computer resources.
On-chain Administration
Through on-chain governance, quick upgrades and protocol modifications can be supported. All holders of cryptocurrencies can participate.
Full EVM compatible
Celo contains a platform for programmable smart contracts that is compatible with EVM. Enables Celo to give users with a wealth of functionality. Provide support for a wide ecosystem of third-party applications and extensions.
Self-management
Users have total control and access to finances and essential accounts. Do not rely on outside sources for payment.
Celo Assets
The objective of the project is to build a future in which financial systems are accessible and borderless, resulting in wealth for everybody.
Celo provides two cryptocurrencies: CELO and cUSD (Celo Dollar).
What does CELO mean?
CELO is the platform’s central asset and utility, governance, reserve, and staking mechanism. CELO enables users to influence the platform’s development and evolution throughout time.
CELO has a fixed supply and changeable value relative to the total value of stablecoins inside the ecosystem. CELO also plays a crucial part in the platform’s stability mechanism, automatically altering the supply of stablecoins in circulation to keep their prices as near as feasible to the goal value.
What does cUSD mean?
cUSD, also known as Celo Dollars, is a stablecoin that enables users to make purchases, send money to anyone, pay bills, and even borrow money as easy as sending text messages from their smartphones.
With Celo Dollars, consumers can give to causes that are important to them. Or offer small enterprises a little loan. As an open platform, any business or organization can access a vast array of mobile-first financial solutions with relative ease. enabling them to take payments from anyone worldwide.
Basic information about CELO coin
| Ticker | CELO |
|---|---|
| Blockchain | CELO blockchain |
| Token Standard | Governance, Unility |
| Token type | https://explorer.celo.org/blocks |
| Total Supply | 1,000,000,000 CELO |
| Circulation supply |
124,447,717 CELO
|
Token allocation
Following the launch of the mainnet, 600 million tokens will be distributed. Through epoch incentives, an extra 400 million will survive.
The total supply of 1 billion tokens consists of six distinct categories, with the following approximate amounts:
- Pre-launch sales purchasers: 12.5%
- Protocol contributors: 18.5%
- Staking & validator rewards, excluding on-chain community fund: 30%
- Community grants including on-chain community fund: 19.5%
- Operational grants: 7.5%
- Initial reserve: 12%
The breakdown below estimates each month between the launching of the mainnet and 2050. These amounts represent the best predicted and anticipated allocations.
CELO token issuance schedule
- Pre-launch sale: Unlock 52%
- Private sale round 1: $0.18/CELO with distributions planned for 24 monthly increases. There is the possibility of delaying any distribution by up to 1 year. But with the requirement that all the money will be distributed by the end of year 5 .
- Private sale round 2: 1 USD/CELO, with a 25% discount for those who buy an additional 3-year lock outside the 1-year lock period. It is possible to abandon the return of reserves in the event that the mainnet release has not occurred.
- Protocol contributors: Unlock 16%
- Staking & validator rewards, excluding on-chain community fund: Unlock 4%
- Community grants including on-chain community fund: Unlock 10%
- Operational grants: unlock 5%
- Initial reserve: 50%
For information on unlock tokens in the first year, please refer to the diagram below.
Which exchange is CELO traded on?
You can create an account on Bittrex, OKEx, and Hoo to purchase CELO.
In addition, on January 1, 2021, Binance will list CELO and begin trading. On Binance, purchasing is a straightforward process.
Secure storage wallet for CELO coins
You may store it on the floor where it was purchased. Remember to enable maximum security. Alternatively, Celo already has its own mobile wallet.
The future of Celo
Potential
Celo desires to be one of the first mobile-friendly, highly secure blockchain networks for obvious reasons. They are focused on enhancing financial inclusion in regions of the world that have been historically neglected. Mobile applications play a significant part in this network for this reason.
To begin with, it is common knowledge that many of the world’s poorest regions have turned to mobile phones to keep ahead of the technological curve. Additionally, the amount of value transmitted to mobile devices increases annually.
So Celo feels optimistic about the future.
Team
Work partners from throughout the globe. The collective experience spans the public and private sectors, technology, nonprofits, and nongovernmental organizations.
Early Backer
More than 80 companies and individuals are involved. This comprises renowned venture capitalists, C-level executives, academics, and specialists from a variety of industries.
There are notable companies like Coinbase and Lake star…
Contact
Website: https://celo.org/
Twitter: https://twitter.com/CeloOrg
Medium: https://medium.com/celoOrg
Github: https://github.com/celo-org
Discord: https://discord.com/invite/atBpDfqQqX
Summing up
Through the above article, CryptoChill has helped you know about the Celo and the highlights of the project.
Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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