What is Celo Euro?
Celo Euro (cEUR) is a stablecoin that is designed to track the value of the Euro (EUR) and operates within the Celo ecosystem. The Celo platform is a mobile-first blockchain that aims to make decentralized finance (DeFi) accessible to anyone with a mobile phone. The platform was developed to create a new payment market for the European Union where users can quickly transfer their digital assets between countries using just a phone number.
Celo uses an Ethereum Virtual Machine (EVM) compatible technology to convert cryptocurrency into a usable currency with a multi-asset system. This system includes a governance and staking token called CELO, and a basket of stablecoins including cUSD, cEUR, and cREAL. The Celo protocol addresses the two main challenges facing the widespread adoption of cryptocurrencies as a payment method: ease-of-use and purchasing-power volatility. The platform achieves this by incorporating an address-based encryption scheme and stable-value assets.
The address-based encryption allows participants to use their phone numbers as public keys, while the stable-value assets are backed by a variable-value reserve and stabilized by an elastic supply-based monetary policy. The Celo Reserve is the platform's variable-value reserve and helps maintain the stability of the platform's stabilized assets. The Celo platform uses several different cryptocurrencies, including CELO, ETH, BTC, and DAI, to support its elastic supply policy.
All transactions on the Celo platform are on-chain with high levels of decentralization, ensuring security and privacy. The Celo team is a diverse group of experts from the public and private sector, technology, and nonprofit organizations from around the world. The platform mainnet was launched in 2020.
Celo Euro (cEUR) is an integral part of the Celo ecosystem, designed to provide a stable digital asset that tracks the value of the Euro (EUR). The Celo platform was created to bring the benefits of decentralized finance (DeFi) to a wider audience, with a focus on making it accessible to anyone with a mobile phone.
The purpose of cEUR is to facilitate fast and secure cross-border payments within the European Union. By using a mobile-first blockchain technology that is compatible with the Ethereum Virtual Machine (EVM), Celo makes it possible to convert cryptocurrencies into usable currencies with a multi-asset system. The multi-asset system includes the governance and staking token CELO, as well as a basket of stablecoins, including cUSD, cEUR, and cREAL.
According to the Celo whitepaper, the main hurdles to large-scale adoption of cryptocurrencies as a payment method are ease-of-use and purchasing power volatility. The Celo protocol aims to overcome these challenges by implementing an ecosystem of address-based encryption schemes and stable-value assets. The address-based encryption enables participants to associate a public key with a phone number, which they can then use to receive payments from friends or family members. The stable-value assets are stabilized through an elastic supply-based monetary policy and backed by a variable-value reserve.
The variable-value reserve is known as the Celo Reserve and plays a crucial role in ensuring the stability of the stable-value assets on the platform. The Celo Reserve is supported by a variety of cryptocurrencies, including CELO, ETH, BTC, and DAI. To ensure maximum decentralization, all transactions on the Celo platform are executed on-chain.
The Celo team is a global network of experts from the public and private sectors, technology companies, and nonprofit organizations. The platform mainnet was launched in 2020 and has been growing ever since. The Celo team’s goal is to build a decentralized finance ecosystem that is accessible, easy-to-use, and can provide stability to its users.
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