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Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
About Celo (CELO)
Celo is a layer-1 blockchain protocol designed to increase cryptocurrency adoption amongst smartphone users.
The protocol’s approach is billed as mobile-first. Phone numbers act as public keys on the network, allowing the simple and secure transfer of value across domestic and international borders. Moreover, Celo supports the issuance of various fiat pegged stablecoins including cUSD, cEUR and cREAL. All stable-value assets on the protocol are crypto-collateralized. A proof-of-stake (PoS) consensus mechanism works to validate these transactions at scale. Finality is achieved in a few seconds or less at minimal cost to the end user, protocol documentation explained.
Like other layer-1 projects, Celo facilitates the creation/implementation of smart contracts and decentralized applications. The Celo ledger is also Ethereum Virtual Machine (EVM) compatible allowing for the seamless integration on Ethereum-based products.
Celo has an eponymous native asset, CELO, that’s used to pay transaction fees and facilitate governance across the network. CELO also helps to stabilize fiat-tracking assets operating on the protocol. A dollar’s worth of CELO can always be swapped for exactly 1 cUSD, no matter the price, the network’s whitepaper said.
Often deemed a green blockchain, Celo is carbon negative and uses high-quality MCO2 carbon credits to completely negate their emissions. As of June 2022, the protocol had offset some 2,285 tons of carbon waste.
How is the price of CELO determined?
CELO is a deflationary asset with a hard cap of 1 billion tokens. According to Messari, 600 million CELO were minted prior to the launch of the protocol’s mainnet.
Some 128 million tokens were distributed via a series of private/public sales, while an additional 193 million CELO went to the project’s founders and earlier advisors. Moreover, a sizeable portion on CELO (120 million tokens) was initially allocated to back the protocol’s fiat tracking assets.
The remaining 400 million CELO will be distributed in the form of tokenized rewards given to node operators and the Celo Community Fund. As of early June of 2022, there were 445 million CELO in circulation.
Why does CELO have value?
Celo’s value proposition lies in its mobile-first approach to blockchain. The network enables digital assets to circulate across both domestic and international boarder at high speed and low cost, creating convenient financial opportunities for smartphone users worldwide.
What are the main benefits of CELO?
- Celo is a mobile-first blockchain designed to cater to the 6 billion smartphone users worldwide.
- Celo supports the issuance of fiat-tracking assets including cUSD, sEUR, and cREAL.
- Celo is a carbon-negative blockchain. The network actively purchases carbon credits to offset their emissions.
- Within the Celo ecosystem, user phone numbers act as their public keys, streamlining the process of peer-to-peer transfers.
How to buy Celo (CELO)
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Here’s how fast it is to get started:
1. Go to Uphold.com and click sign up.
2. Enter your email address and personal details.
3. Click the link we send you and create a password
… and you’re off to the races!
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