And with over 6 billion mobile devices globally it was also made to be scalable. Celo’s focus on supporting a great mobile experience sets it up to drive adoption of the payment system in emerging markets. This could massively expand the stablecoin market — to date, stablecoins have primarily been used as trading instruments in crypto markets. This market is large and growing and we believe the Celo Platform can significantly expand it. The recently announced Alliance for Prosperity, with over 50 organizations committed to supporting the Celo Platform, has a reach of over 400 million people. To exchange cryptocurrencies today a receiver has to download a wallet, generate a public/private key pair, and then share the long hexadecimal address (derived from the public key) with the sender.
If you would like to know where to buy Celo at the current rate, the top cryptocurrency exchanges for trading in Celo stock are currently Binance, OKX, Bybit, DigiFinex, and Bitget. This type of adoption is going to be necessary to celogold see growth in the CELO token, which has been sadly resistant to the December rally in Bitcoin and other large cryptocurrencies. The overriding objective of Celo is driven by the mission and goals of the Alliance of Prosperity.
While Celo appears very simple for the users, on the backend it is just as technically sound as any competing blockchain project. Built using the Go implementation of Ethereum, Celo uses a Proof-of-Stake consensus algorithm. The system uses both validators and nodes to verify transactions and to ensure the network remains secure. To make use of mobile phones the Celo protocol was created to be lightweight and fast.
- Celo’s ecosystem ensures seamless composability across systems, so you never have to worry about fragmented systems or sharded chains.
- In many of the poorest regions of the world the mobile phone has unintentionally become a “leapfrog” technology.
- Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 750 exchanges.
- It’s quite complicated to explain but in short EigenTrust is a decentralized algorithm where a phone number’s score is defined by the number of other phones who trust it weighted by their reputation scores (similar to how PageRank works).
Details about this underlying core layer will be shared in a separate whitepaper. One of the biggest barriers to adoption of cryptocurrencies as a medium of exchange is volatility. Stable-value currencies address this barrier whilst also removing price risk from financial contracts denominated in those currencies. One of the blockchain projects that’s been working on making cryptocurrencies available to everyone by simplifying the payment process is Celo.
CGLD is a utility and governance asset required to participate on the Celo Platform, a new Proof of Stake layer-1 blockchain. CoinList will be the only place to purchase cGLD ahead of Mainnet release, including on any exchanges. Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies. While Celo hasn’t gained mainstream acceptance yet, it has gained massive adoption in the cryptocurrency community, with nearly 100 companies sponsoring or supporting the project in some way.
A regenerative path towards prosperity
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Celo Gold
Part of the cGLD will be activated at launch and the rest minted by the network over time. The majority of cGLD launch supply will be used to fund the reserve where it’s anticipated that 50% of cGLD will go to the reserve and 50% of cGLD will be used to buy crypto-assets (e.g. Bitcoin and Ether) to also be placed in the reserve. In the future, the reserve could also include natural-capital-backed assets such as tokenized forests.
A Consumer-Focused Strategy for Wide Stablecoin Adoption
This would support the creation of local and functional currencies backed by collateral specifically tailored to each environment. For example, one such possibility is that some of the local reserve currency could get distributed to local inhabitants, which would allow them to benefit from the adoption of the local stablecoin, acting like a social dividend in the process. The decentralized nature of Celo means that different communities can use it as a foundation for many different projects.
It’s easy to see that Celo is an extremely ambitious project, considering its mission is to create prosperity for everyone. In many of the poorest regions of the world the mobile phone has unintentionally become a “leapfrog” technology. For example, even though many of these areas have never had fixed line telephones, or dial-up internet, they are now saturated by cell phones and other mobile devices. As with other stablecoins, arbitrageurs are a key component of keeping the peg. So, when the price of cUSD is above $1 arbitrageurs are expected to purchase CELO and exchange it for cUSD, then sell the cUSD to collect the profit.
CGLD Price
Celo is currently using a Byzantine Fault Tolerant consensus algorithm where a defined set of validator nodes are used to reach agreement on the validity of transactions posted to the network. This consensus method can reach agreement on the validity of transactions even when one-third of the nodes are malicious, faulty, or offline. When the wallet is created the mobile number is linked to a wallet address and a cryptographic hash of the phone number is stored on the blockchain. It’s really a simple process, and you can even try it out for yourself using the Celo developers wallet and the Alfajores Testnet.
Celo enables mobile phone payments using something called “address-based encryption” (which is a variant of “identity-based encryption”). Address-based encryption ties a phone number to a Celo address (similar to an Ethereum address) so that when a payment is initiated the phone number can be used instead of the address, which simplifies the user experience. To preserve privacy, a hash of the phone number is stored on the blockchain rather than the phone number itself.
CoinList is laser-focused on helping the best crypto projects succeed, and as such we’re always excited to see the launch of a project with which we’ve partnered closely. We enjoyed working with https://cryptolisting.org/ the growing Celo community and look forward to further collaboration. An overview showing the statistics of Celo Gold, such as the base and quote currency, the rank, and trading volume.
Each of these makes transacting on the blockchain easier for real world users of all experience levels. To learn more about Celo’s uniqueness, visit the Celo library of technical documentation and Github. These types of purchases involve a high degree of risk (including risk of total loss), and potential purchasers should consult with their own advisors. For a small submission fee anyone can propose protocol improvements along with an implementation fee.