An open-source, decentralised blockchain ecosystem called CELO promises to give individuals all over the world easy access to financial tools. It is an Ethereum-based, mobile-first platform where programmers may use the Solidity programming language to create decentralised applications (dApps) and smart contracts.
A group of businesspeople and developers founded CELO in 2017 with the goal of harnessing blockchain technology to establish a more open financial system. Celo Gold was the original name before being changed to CELO. In April 2020, the CELO network went live, and its native cryptocurrency, CELO, became tradeable on a number of cryptocurrency exchanges.
The purpose of CELO is to make a more inclusive financial system possible by allowing mobile phone access to digital assets and payment networks. Users can participate in decentralised applications and governance systems, transfer and receive money, and earn prizes.
The "Proof of Stake with Identity" (PoS-I) proof-of-stake consensus technique is used by the CELO network to protect the network and validate transactions. By requiring network users to validate their identities and place CELO tokens as collateral, this consensus mechanism improves the system's security and transparency.
A stablecoin dubbed cUSD, which is linked to the US dollar and usable for payments and remittances, is also part of the CELO network. The stablecoin's issuance and management are decentralised and transparent since it is backed by a cryptocurrency reserve held by a decentralised set of validators.
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