Celo slammed in by April 2020 with the mission to enable smartphone users anywhere in the world to utilize financial services like sending money to mobile phone number and pay traders.
In fact for CELO the telephone numbers are the public keys for transacting in Cryptocurrency. The network supports the formulation of smart contracts and decentralized applications (DAPPS) as a component of the decentralized finance (DEFI).
The platform has two native tokens. The CELO is a proof-of-stake (PoS) token (also the primary digitalized asset coin or Token for transactions) and it is utilized for transaction fees, governance assistance, and other necessary operations. In the future, the platform intends to receive different stablecoins. It already uses the Celo Dollar (CUSD) stablecoin (Backed up by a stable-value).
How does it work?
Both Celo and CUSD works using the Celo platform, Celo comes with a capped supply of 1 B tokens, of which 600M were given out by the opening of the mainnet in April 2020. The remaining was and will be given out later as prices and awards.
Celo has a begin potential as a growing Token, but anyway it is thought rather to be a stable way for quick Crypto transaction and payments.
Celo costs about 5.35$, the 24-H trading volume of 46M$ and market Cap 1.2 B.
Where Can You Buy Celo Crypto?
Celo crypto coin is available on many major exchanges.
Is Celo really Carbon Neutral
"“For any technology to thrive, it cannot depend on limited resources. The future of human progress will require that we prosper with our planet, not at the expense of it. This is why the Celo community intends to be carbon neutral.” — Amy Slawson, Partner, Engineering at cLabs
That’s why we’re excited to work with the Celo Foundation to offset the carbon emissions of their blockchain. Since blockchains are decentralized and anyone can be running part of the Celo network, it would be impossible to enforce the blockchain to run only on renewable energy. So, as their blockchain increases demand for electricity and causes more fossil fuel to burn, the Celo platform will contribute to our community tree planting project to remove the emitted carbon from the air and make the blockchain carbon neutral."
Says Landon Brand
How it works
Decentralized systems typically incentivize participants to maintain the network through rewards in the form of crypto assets. For example, successful mining of a block may earn a miner a Bitcoin. Similarly at the end of every epoch (initialized to one day), Celo distributes Celo Gold (cGLD) to various network participants and funds, including the Carbon Offset Fund. The fraction of the rewards is based on the projected carbon emissions of the network, the estimated average value of the epoch rewards, and the offset project costs.
Let me know what do you think about Celo and if it could be an option in the future in the comments below :)
Ciao
