CELO
Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users.
By using the phone number as a public key, Celo hopes to introduce billions of smartphone owners around the world, including those without access to banking services, to cryptocurrency transactions. The network also facilitates the creation of smart contracts and decentralized applications (DApps) in the framework of decentralized finance (DeFi). Its mainnet was launched in April 2020. The platform has two bottoms. CELO is a proof-of-stake (PoS) token used for transaction fees, government participation and related activities. Going forward, the platform wants to accept different types of coins, three of them, Celo Dollar (CUSD), Celo Euro (CEUR), and Brazilian Celo Real (CREAL) have been used.
What makes Celo (CELO) unique?
Celo’s unique marketing point is mainly based on its target and mobile users. CELO said mobile users are growing rapidly worldwide, but the number of users using digital signals is growing at a slower pace.
Cryptocurrency is suitable for people who do not have access to central bank control but still hold a mobile phone. Celo bridges the gap between cryptocurrency and mobile technology. On the other hand, CELO provides amazing benefits to its users by helping them create seamless applications, smart contracts and more. Celo is the best for smartphones. This means that the CELO blockchain will automatically calculate transaction fees. Also, allowing investors to pay their gas bills, it has the ability to pay in local and national currencies.
Celo Coin History
Celo was made by a gathering of experts from different notable establishments all through the world, including the World Bank, Google, Harvard College, Visa, MIT, the US Branch of Equity, and Cambridge College, to specify a couple. Celo is safeguarded and advanced by a few associations.
Alongside the stage’s mainnet debut, the Celo Establishment, a US-based non-benefit association that guides in creating and extending the open-source stage, was likewise declared. The establishment additionally sticks to Celo people group beliefs and adds to ecological wellbeing, innovative exploration, schooling, local area support, and biological system reach. Moreover, Celo was shaped by Rene Reinsberg and Marek Olszewski in the 2017 model year, roughly a long time back.
Key Celo Plans
Mobile-friendly: capturing mobile phone numbers and account addresses for a seamless user experience with native dApps like impactMarket or Valora.
Open: Celo uses Proof-of-Stake (PoS) contracts. Due to its interoperability, Celo will be able to facilitate transactions between other layer-1 blockchains enabled smart contracts such as Ethereum, Cosmos, Solana, near and others thanks to optics, the new gas-efficient standard Connect Celo to Ethereum.
Ultralight can be accessed on the Ultralight Mobile Client: The Ultralight Client is a zk-SNARK-based system that allows Celo network mobile devices and devices to interact with the Celo blockchain quickly and with minimal data. Gas is paid in multiple stablecoins: Users can pay for transactions in stablecoins. As a result, it helps to eliminate the need to store multiple blockchain coins.
Using the Celo platform
Although the Celo app is the best way to send Celo Dollars (cUSD), the platform’s stakecoin, it is not necessary. Users can send cUSD through WhatsApp if they want, but to receive cUSD, the recipient will need to download and install Celo Wallet (currently available for Android only). When the wallet is created, the mobile number is linked to the wallet address and the cryptographic hash of the phone number is stored on the blockchain. It’s really a simple process, and you can test it yourself using Celo developer wallet and Alfajores testnet. We tested it to see if it really works as advertised by the Celo team and found that it is indeed a simple way to interact with blockchain and cryptocurrency. When you install the wallet and connect the phone number, the app sends a code via SMS to the phone number. The user enters this code in the wallet app and the system starts syncing the wallet with the mobile device.
The Celo team also said that multiple phone numbers can be linked to a single Celo address, which can be helpful when changing phone numbers. Wallet numbers and addresses can be added or removed at any time.
A small fee is charged to the account to verify the phone number, but this is not a big deal in testnet since 10 cUSD is charged to the wallet. And if you continue to use the wallet, you can always upgrade it with the Celo ring. Each request for a pipe delivers 10 cUSD and 5 CELO. We will discuss cUSD and CELO in depth later in the article.
How does Celo work?
How does Celo (CELO) work?
Now, let’s take a look at CELO’s work style. The Celo Network (CELO) relies on three contributors to run its program.
Important customers: The Celo network application (CELO) runs on the user’s mobile phone, as a “Celo smartphone wallet”. Validation Nodes: Computers or desktops that participate in Celo’s consensus system, validate each transaction, and create new blocks accordingly.
Full Edge: Full edge is a computer that acts as a link or bridge between the hardware and the mobile wallet. Simply put, the full node will accept the request from the thin client and then send the transaction to the validator node.
Coping with Byzantine errors
“Central to Celo (CELO)” is a proof-of-concept governance system commonly known as “Byzantine Fault Tolerance (BFT)”. Simply put, BFT helps keep a distributed computer network in sync.
As mentioned above, validator nodes will create the power for the blockchain and vote corresponding to the currency exchange. To implement such a system, the active nodes must have at least 10,000 CELO coins. This means that users with the Celo token (CELO) can help when working on the network. According to research, there are 100 supporting nodes in the network, qualified by the total number. Each door will be rewarded with a small amount of money or a stoppage of work each time it successfully completes the transaction. The full price will be rewarded by paying the thin customers made.
Celo Dollar (cUSD)
Another interesting feature of Celo (CELO) is the ability to manage stablecoins i.e. cUSD. CELO provides the efficiency and transparency of cryptocurrency payments.
The CELO platform will automatically detect that the price of 1 cUSD equals one US dollar. In simple terms, you can sell cUSD for the same price as Celo (CELO). On the other hand, the value of Celo is equal to cUSD. According to research, CELO plans to allow Celo users to vote on the production of stablecoins that reflect the value of popular currencies in the region such as the Euro, Yen and others.
Transfer Crypto Assets with Phone Number
To exchange cryptocurrency, senders and receivers must download a digital wallet, generate a public key or private key pair, and share a long hexadecimal address (derived from the public key).
Instead of using a long and complicated crypto address, Celo has simplified this by allowing users to send benefits to each other with just a phone number. If someone is not registered in the Celo network (and cannot confirm ownership of their phone number), the system holds the crypto assets until verified.
Complete Price Analysis
Celo fell below the ICO price as the market continues to post red candles and blue chip activity is down 80% on average. However, many top analysts believe that Celo can return even after breaking the $1.3 level. Going forward, the market opportunity will remain neutral and Celo’s price may return to its strong support.
Celo is attracting everyone’s attention after it shot up 45% in just 24 hours and now enters the list of top 100 cryptos. it receives a daily sales volume of up to $ 30 million and the beginning of the promotion is about to begin. Celo enters the market at a price of $0.80 and the next day it crosses the $1 mark. However, since the end of May 2020, Celo has been neutral at an average price of $1.70 and now in August 2020, it is close to breaking the $5 mark. In the last 20 days, Celo has grown 158% and 350% time all ROI.
Benefits and Valuable open doors
Quick Synchronization
As per the designers, Celo offers incredibly quick and secure synchronization. Clients can synchronize the blockchain in the most brief conceivable time (“very quickly”) and question the status. This implies that even clients with high inertness, low transfer speed, or costly information levies can utilize Celo.
By examination, in Ethereum, checking that information got from an untrusted full hub is right requires recovering each block header at any point created. This is the best way to affirm that they structure a cryptographically solid chain. Celo utilizes an alternate agreement calculation.
Portable First
Celo’s most significant special selling point: the attention on cell phone clients. As indicated by the CELO group, while the quantity of cell phone proprietors is developing dramatically — the quantity of crypto clients is developing at a lot more slow rate.
Sending Cash
The Celo environment likewise has stablecoins, as referenced. These address the worth of any resource — including government issued types of money, products, or normal assets. Upheld stablecoins incorporate the Celo Dollar (cUSD) and the Celo Euro (cEUR). These track the worth of the U.S. dollar and the euro, individually. Security for these stablecoins is CELO and a container of different resources, including BTC and ETH. Clients can recover stablecoins for CELO.
