Celo is a blockchain ecosystem that aims to increase the use and adoption of crypto among smartphone users. Targeting billions of smartphone users, Celo aims to simplify crypto transfers by sharing a phone number.
While cryptocurrencies are gaining more attention in mainstream media, technical details may still be complex for some investors. For example, information such as private and public keys of crypto wallets can be confusing for many new investors. However, Celo aims to enable secure crypto transfers using only phone numbers.
Celo’s network also allows for the use of smart contracts. Decentralized applications (DApps) can be created and utilized through the use of smart contracts. Launched in April 2020, Celo is a decentralized finance (DeFi) focused initiative. The platform has two types of cryptocurrencies, with the first one being CELO, which is focused on Proof-of-Stake.
CELO is used for transaction fees on the network, governance mechanisms, and other activities. The platform aims to introduce many new stable coins, in addition to Celo Dollar (CUSD), in the future. Currently, CUSD is seen as the second type of cryptocurrency.
CELO is the native cryptocurrency of the related blockchain. It has been developed by a team of individuals from institutions such as MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, FED, Harvard University, University of Pennsylvania Law School, Cambridge University, US Department of Justice, Bank of America, Capital One, Twitter, and the Gate Foundation.