Celo (CELO)

Celo is a blockchain ecosystem that aims to get more smartphone users to use cryptocurrency.

By using phone numbers as public keys, Celo hopes to introduce cryptocurrency transactions to the billions of smartphone users around the world, even those who don't have bank accounts.

As part of decentralised finance, the network also makes it possible to make smart contracts and decentralised applications (DApps). In April 2020, its mainnet went live.

There are two native tokens on the platform. CELO is a proof-of-stake (PoS) token that is used to pay transaction fees, participate in governance, and do other similar things. In the future, the platform plans to host a number of stablecoins. At the moment, three are already in use: the Celo Dollar (CUSD), the Celo Euro (CEUR), and the Celo Brazilian Real (CREAL).

Celo was started by a group of people from MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, the World Bank, the Federal Reserve Bank, Harvard University, the University of Pennsylvania Law School, Cambridge University, the United States Department of Justice, Bank of America, Capital One, Twitter, Give Directly, and also the Gates Foundation.

Promotion and preservation of Celo are the focus of distinct organisations. The Celo Foundation is a non-profit that started up at the same time as the mainnet. The Celo Alliance for Prosperity is what the company calls a "ecosystem of organisations with similar goals."

To know more about the Celo price prediction, install the top cryptocurrency app CoinGabbar today!