- Celo is a mobile-first, EVM-compatible blockchain platform.
- It aims to combine the decentralized financial system with the flexibility of mobile phones.
- It has launched Valora, Moola, and Ubeswap to strengthen its network.
It’s a fact that people like you and me still hesitate to use cryptocurrencies. We may be updated with all the latest technologies the recent news from the crypto industry, but if you ask us to invest some real money and buy a crypto token, we will run sideways.
Why is it that the mainstream public is still uncomfortable with crypto, and how does Celo, a rising platform address this question?
Hello Celo
Celo is a blockchain network launched in 2020 with a simple aim to create a financial system that looks after the prosperity of everyone.
Celo is compatible with Ethereum’s Virtual Machine (EVM) compatible and is based on a Proof of Stake consensus. Celo aims to combine the flexibility of mobile phones with the transparency and effectiveness of blockchain, to create a financial system accessible to all.
Mobile for an easy interface:
Many users presume that we need high-power computers to use cryptocurrency, and it is true in some sense. This keeps away many users from using crypto as a payment platform. The comfort traditional systems provide with transactions from a touch of a screen can be a possible reason for users not adopting it as a mainstream network.
Celo is working on integrating mobile phones and blockchain, providing users with the availability to link their mobile phones and wallet address.
Deutsche Telecom invested in Celo by purchasing CELO, the token of the Celo ecosystem. The company will open a SMS API through which validators can use text messages to send verification messages.
Instability in Crypto:
Purchase of crypto tokens is still done for the purpose of investing, and using them for payments still faces the challenge in market volatility.
A seller may refuse to sell an asset through Bitcoin in fear of its value falling after the sale, and a buyer may refuse to trade his tokens in the greed of rising value.
Celo has launched its two stablecoins, cEUR and cUSD, which track the value of EUR and USD, respectively. They are backed by Celo reserve. Users feel comfortable and financially secure with stablecoins and may use them for commerce.
Celo’s Growth Strategy
Real-time use cases:
Celo is providing a market or a place where people can use their celo stablecoins in the real world. Platforms like ImpactMarket, Moss and Doni are already using Celo network for payments.
DeFi Legos:
DeFi Legos are protocols with different purposes which can be stacked together to create a better DeFi protocol. Just as by using the same Legos in different arrangements we can get new designs, similarly using the different DeFi Legos ( AAVE, Yearn, Curve, Synthetic), we can create unique Defi protocols.
Celo is developing its own DeFi legos and attracts new ideas through various hackathons.
Cross-chain Collaboration:
Cross-chain collaboration means to interlink independent blockchains allowing easy flow of data and assets transfer.
Celo is working on connecting with Cosmos, Stacks, Kadena and Near in the coming future.
Celo’s Ecosystem:
Wallets:
Wallet Apps lie in the center of a decentralized mobile finance, and Celo has geared up to launch its native wallets. Valora is the wallet app launched by Celo with features like integrating phone numbers and contacts for crypto transactions. Along with its native app, it also allows the established wallets like MetaMask and Ledger to run on their system attracting more audience.
DEX:
Celo launched its mobile-first exchange platform, Ubeswap.
Lending:
The lending and borrowing platform native to Celo is Moola. Currently, it supports CELO, cUSD, and cEUR. MOO is the native token for the Moola network used for governance, voting, and paying gas fees.
Final Thoughts:
Celo has a noble vision. It wants to make crypto networks available to everyone regardless of their geographical location or economic status. This has enabled it to get a good reputation and recognition in the crypto community, however, the day users will buy their groceries through crypto tokens is still far.
