What is Celo?
Their claim reads “Send money to contacts, not characters”. Celo is an ecosystem intended to spread the use of blockchain technology on smartphones. The innovative feature is the use of mobile phone numbers as public keys for transactions. This could speed up the mass adoption process and simplify sending and receiving money between users. Celo leverages one of the most cherished virtues of cryptocurrencies: giving access to financial services even to people without bank accounts.
Why follow Celo?
The platform has two native tokens. The first is CELO, a governance token that serves the protocol. The second is Celo Dollars (cUSD), a stablecoin pegged to the price of the US dollar. Consensus is achieved via Proof-of-Stake, which is based on the Byzantine Fault Tolerance (BFT) mechanism. This is an interesting project to follow, especially because of the Celo Foundation’s commitment to various interests such as third world matters and environmental protection.
How was it created?
The name Celo comes from Esperanto and means “Purpose”. The project was founded by Rene Reinsberg in 2017. It launched its mainnet in 2020 and became fully operational a few months later. The team consists of more than 50 professionals, and the network can boast contributions from top venture capital funds. These include General Catalyst, Reid Hoffman, Jack Dorsey and R&R Ventures.
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Young Platform is the European exchange that blends simplicity with security, already chosen by over 2 million people for buying and selling cryptocurrencies. Backed by significant entities such as Azimut, United Ventures, and Banca Sella, Young Platform eases your entry into the world of cryptocurrencies with a user-friendly interface, easy-to-use trading tools, educational courses, and up-to-date news, all designed to be accessible to everyone. And the best part? It's completely free.
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