Celo – Blockchain With Fast, Cheap, and Secure Transactions

Celo is a blockchain that aims to deliver cryptocurrency directly to your phone through a user-friendly interface. Furthermore, Celo uses your phone number as your wallet’s public key to make it simple to send money to the contacts on your phone. There are billions of smartphone users worldwide, yet just a small percentage of them use cryptocurrency.

Celo hopes to introduce cryptocurrency transactions to the billions of smartphone owners, even those without banking access. Also, Celo has a ledger closing time of about five seconds and a transaction throughput of 1,000 transactions per second. Furthermore, the average transaction cost is $0.005405. This makes Celo one of the cheapest blockchains. For comparison, here is the transaction price for other blockchains:

  • Ethereum – $21.41
  • Bitcoin – $1.57
  • Loopring – $0.46
  • Avalanche – $0.45
  • Binance Smart Chain – $0.35
  • Bitcoin Cash – $0.01
  • Polygon – $0.00265
  • Solana – $0.00025

The Celo ecosystem consists of:

  • Decentralized, proof-of-stake blockchain technology stack (Celo Platform)
  • Native asset (CELO)
  • Stablecoins (cUSD, cEUR)
  • Celo Alliance for Prosperity

The Celo Alliance for Prosperity includes over 150 organizations from around the world, including:

  • Deutsche Telekom
  • PayU
  • Opera
  • Coinbase
  • GSMA

There are two native coins on the platform. Firstly, CELO is a proof-of-stake (PoS) coin that may be used to pay transaction fees, participate in governance, and other related activities. Also, the network intends to support a variety of stablecoins in the future, while already three are in use: the Celo Dollar (CUSD), the Celo Euro (CEUR), and the Celo Brazilian Real (CREAL).

Celo Milestones

Below are some of the key milestones of Celo:

  • The Valora App — This is the first mobile peer-to-peer (P2P) payments and remittance app. Also, it allows you to send money as easily as sending a text message. Furthermore, it is now used in over 120 countries.
  • Deutsche Telekom – Deutsche Telekom bought CELO and became the first mobile carrier to integrate all of its mobile products into the Celo ecosystem. In addition, it is a CELO validator.
  • Fastest EVM Chain – Celo, in collaboration with Mysten Labs, set out to become the fastest EVM chain. With up to 140,000 transactions per second, it improves the usability and scalability of the Celo platform.
  • Introducing Provo – Provo was established to allow central banks to explore and experiment with central bank digital currencies (CBDCs) and other risk-free permitted and permissionless digital assets.
  • Celo KickStarter — KickStarter is a leading crowdfunding site. It picked the Celo network to host its new decentralized protocol. It will enable a more open, collaborative, and decentralized approach to crowdfunding.

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