Celo

Celo

CELO
$0.865391941%-0.93

Key Metrics

Price$0.865391941
Real Volume (24H)$23,879,439.7
Marketcap$461,961,648.68
Fully Diluted Valuation$100,000,000
ATH$9.82
ATH Date8/30/2021, 5:25:09 PM
ATL$0.404104
ATL Date11/14/2022, 7:33:02 AM
Circulating Supply479M
Total Supply1B
WebsiteN/A
WhitepaperN/A
Popularity Rank151
Chart
What is Celo?

Celo is an open-source platform that aims to make financial tools accessible to anyone with a mobile phone. The Celo Platform is distributed, programmable, and adaptable, and it aims to create an ecosystem of organizations, validators, and developers that work together to establish an open financial system that helps their communities grow and thrive.

Celo operates several native tokens, including CELO, its governance token, and a family of stablecoins, including Celo Dollar (cUSD), cEUR, and cREAL, which are pegged to the US dollar, Euro, and Brazilian real, respectively.

The history of Celo began in 2017 when it was founded by Rene Reinsberg, Marek Olszewski, and Sep Kamvar. The company is a fully Ethereum virtual machine (EVM) compatible, proof of stake (PoS), Layer-1 protocol. Celo raised around $46.5 million between 2018 and 2020 by selling over 120 million CELO tokens in private and public token sales. Notable investors include venture capital firms like a16z Crypto, General Catalyst, and Social Capital.

Celo believes that blockchain technology can address real-world issues such as lack of access to solid money or friction for cash-transfer schemes to relieve poverty. The company's mission is to bring DeFi to 1 billion people, including those in developing nations who are currently unbanked without access to financial services. Celo also advertises itself as the first carbon-negative blockchain, and it supports environmental initiatives. The company works on a theory-of-change framework, which defines how short-term activity may lead to long-term societal effects.

At the mainnet launch in April 2020, 600 million CELO (previously called cGLD) were released. The remaining 400 million CELO are set to be distributed through epoch rewards to network validators and the Community Fund. CELO has a total supply limit of 1 billion tokens.

In February 2021, Celo raised an additional $20 million from partners such as Andreessen Horowitz, Greenfield One, and Electric Capital.

Celo is a blockchain that aims to bring crypto directly to people's phones with a user-friendly interface. The Celo blockchain is capable of supporting the development of decentralized applications. Celo's goal is to make financial activities accessible to everyone, wherever they are in the world, by allowing payments to and from any phone number on the planet.

The Celo network depends on three contributors to run its platform: light clients, validator nodes, and full nodes. Light clients are Celo network applications that run on users' mobile devices, such as Celo's mobile wallet. Validator nodes are operating systems that participate in Celo's consensus mechanism, validating transactions, and generating new blocks. Full nodes are computers that serve as a bridge between validator nodes and mobile wallets, taking requests from light clients and transmitting transactions to validator nodes.

Celo uses a PoS governance mechanism known as Byzantine fault tolerance (BFT), which keeps a distributed network of computers in sync. Celo's ability to run stablecoins, such as cUSD, offers the efficiency and transparency of cryptocurrency transactions while mitigating the volatility of these assets.

In summary, CELO tokens can be used for various activities within the Celo blockchain, such as sending, receiving, holding, and staking, all of which support the maintenance and operations of the platform. CELO users can vote on network upgrades, and the size of their holdings determines the number of votes they have on the platform. This enables the holders to have a say in the direction and governance of the platform, making it more decentralized and democratic.

Additionally, staking CELO tokens can also generate rewards for users, providing an additional incentive for users to participate in the network's governance and contribute to its security and stability. Overall, Celo's mission to bring financial tools to anyone with a mobile phone and its focus on decentralization, stability, and environmental initiatives, set it apart from other blockchain projects and make it a unique player in the DeFi space.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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