Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users.
By using phone numbers as public keys, Celo hopes to introduce the world’s billions of smartphone owners, including those without banking access, to transacting in cryptocurrency.
The network also allows for the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi). Its mainnet was launched in April 2020.
The platform has two native tokens. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In future, the platform aims to host various stablecoins, with one, the Celo Dollar (CUSD), already in use.
Attention. There is a risk that unverified members are not actually members of the team
While mobile money services have contributed to a significant increase in financial inclusion, they remain costly - more than 10% transaction fees in many cases—and fragmented, making cross-border transactions often challenging if not impossible. That is the key focus of Celo. They are going to build service with much less commissions and with greater opportunities for unbanked people. But, regulation is not ready for this project.
The value of new stable cryptocurrency is unclear.
The combination of Celo’s address-based encryption system and its stable-value tokens will enable a rich ecosystem of applications.
Celo has great seed investors. The initial funding round was $6.5M. Top-tier investment funds have took part in that stage: Andreessen Horowitz, General Catalyst, Polychain Capital, Coinbase, Social Capital, and Lakestar, among others. Also, a number of high-profile angel investors are also backing Celo, including LinkedIn cofounder Reid Hoffman, Twitter and Square cofounder and CEO Jack Dorsey, Venmo cofounder Andrew Kortina, and former Citigroup chairman Dick Parsons. That proves the world-class level of the project. The project is not going to conduct ICO. As a result, no token metrics is available. Moreover, tokens could be mined by simple phone connection and also it could be distributed through social subsidies. As a result, it is almost impossible to acquire tokens for investments purposes.
Celo has an extremely strong team of experienced engineers, entrepreneurs, designers, legal and policy experts, thinkers and researchers. Also, the project is supported by a great group of backers and advisors, including many C-level operators, investors, academics, and other experts across a wide range of fields, including finance, legal & regulatory, international payments, security, and cryptography.
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