What is Celo? Celo an L1 blockchain designed to enable mobile users to access a range of new financial solutions, creating a global financial ecosystem where end users can participate in the Celo ecosystem with just a mobile phone number. So what makes Celo stand out? Let’s find out with Weakhand.
To learn more about Celo, please read the articles below:
- What is Blockchain Layer 1? The Importance of Layer 1 in the Crypto Market
- Crypto Panorama 101 | Episode 3: What is Ethereum?
- What is Solana (SOL)? Solana Cryptocurrency Overview
- What is Layer 0? Overview of Layer 0 Platforms in the Crypto Market
What is Celo?
Overview of Celo
Celo is a completely decentralized L1 blockchain or Mobile Blockchain, Celo is designed to allow mobile users to access new financial solutions by using phone numbers as public keys and generating them. tokens have their own stable value.
Celo makes sending payments easy for anyone with an internet connection, anywhere in the world.
Celo can process and reach consensus on blocks extremely fast, high throughput, fast transaction completion time (5s), low latency and security. This is possible because Celo uses a POS consensus algorithm based on pBFT.
Celo is fully compatible with EVM making it easy to transfer crypto assets between chains.
Celo uses 2 different tokens: CELO token and Celo Dollars
- CELO tokens: is the native asset of the platform used: Utilities, administration, staking, ..
- Celo Dollars: are Mento stablecoins (Celo Dollars (cUSD), Celo Euros (cEUR) and Celo Reals (cREAL)) that are pegged to Fiat currencies, allowing users to share value faster, cheaper and easier than on mobile.
Highlights of Celo
- Fast & light transaction.
- Account linked to phone number: lightweight identity protocol that maps the hash of a phone number to a public key – helping anyone with a mobile phone send and receive digital money to anyone in the world easier.
- Pay transaction fees in any currency: Automatic transaction fee deduction and gas payment option (as low as $0.01) in stable currency.
- Currency with stable value: Celo supports a variety of Stablecoins pegged to fiat currencies such as the US dollar, to facilitate the use of Celo as a means of payment.
Celo’s architecture
Celo is oriented around providing the simplest possible experience for the end user. To achieve this, Celo takes a full-stack approach, where each layer of the stack is designed with the end user in mind while considering other stakeholders.
- Celo Blockchain: An open source protocol that allows applications to perform transactions and run smart contracts in a secure and decentralized way, fully compatible with EVM for smart contracts.
- Celo Core Contracts: A set of smart contracts running on the Celo blockchain, including ERC-20 stable currency, identity authentication, proof of stake, and governance. These smart contracts can be upgraded and managed according to a decentralized governance process.
- Applications: Build dApps for Celo users, allowing interaction with the Celo blockchain to issue transactions and call code that makes up the API of the Celo Core Contract.
Celo Development Roadmap
- Semi close Ethereum Script.
- Develop Celo into a Rollup-friendly Chain for horizontal scalability.
- Celo development becoming the fastest EVM L1.
- Cabbage improve Celo Tokenomics for more impact.
- Carry the best experience for Celo builders.
- Enables seamless wallet and application development.
Core Team
Sepandar Kamvar
- Kamvar earned a bachelor’s degree in Chemistry from Princeton University in 1999; take Ph.D in Scientific Computing and Computational Mathematics from Stanford University in 2004.
- Kamvar’s main contributions to computer science are at the intersection of computer science and mathematics, especially in the areas of: personalized search, peer-to-peer networks, social search and data mining.
Marek Olszewski – CTO at cLabs; President at Valora
- Marek Olszewski has a PhD in Computer Science Massachusetts Institute of Technology (MIT).
- Marek Olszewski has participated and held positions: MIT Research Assistant; Founder/CTO Locu, Inc based in San Francisco; Deputy Head of Technology, Information and Internet Engineering Department GoDaddy; CTO cLabs; President of Valora Crypto Wallet.
Rene Reinsberg – President Celo Foundation
- Rene Reinsberg studied for a Master’s degree in International Studies at Korea University; Graduated with a Master’s degree in Finance, Accounting and Entrepreneurship from Otto Beisheim School of Management (WHU) – Germany; Participate in the Massachusetts Institute of Technology (MIT) MBA program.
- Rene Reinsberg worked and held the following positions: CEO and Co-Founder a company specializing in Locu Information Services, Inc; Technology, As GM Get Found & VP, Emerging Products Information and Internet GoDaddy; As a partner of Entrepreneur in Residence (EIR), a company specializing in venture capital; Partner with cLabs; Chairman of Celo Foundation.
Anna Kazlauskas
- Anna K. graduated with a Bachelor’s degree in Computer Science and Economics from the Massachusetts Institute of Technology (MIT).
- Anna K. worked and held the following positions: As an economic researcher at the World Bank, Federal Reserve and European Central Bank; Cofounder and CTO of Iambiq Company specializes in machine learning; Technician at Celo; Cofounder and CEO at internet company Vana.
Amy Arlin
- Amy Arlin earned her Bachelor’s degree in Computer Science Dartmouth College.
- Amy Arlin has worked and held the following positions: Software design engineer at Microsoft Corporation; Software engineer at CELO; Principal software engineer at VidMob.
Asa Oines
- Asa Oines holds a Bachelor of Science in Computer Science, Master of Engineering in Computer Science from Massachusetts Institute of Technology (MIT).
- Asa Oines worked and held the following positions: Hardware engineering intern at Apple; Software engineering intern at Google; Software engineer at Google; Technician at cLabs; Co-Founder at Hyperlane.
Investor/backer
Celo Successfully Raised $61.5M from Major Investors, led by A16Z, in addition to other investors: Polychain Capital, CoinBase Ventures, Greenfield One, Elictric Capital, SV Angel and Public sales Coinlist.
Tokenomics
Information about Celo Token
- Token Name: Celo
- Ticker: CELO
- Blockchain: Celo Blockchain
- Total Supply: 1,000,000,000 CELO
CELO Token Allocation
- Private 1 Round: 3.61%
- Private 2 Round: 3.8%
- Venture Round: 3.89%
- Public Round Coinlist: 1%
- Team & Advisors: 19.4%
- Staking: 24.5%
- Reserves: 19.3%
- Operations: 7.4%
- Grants: 17.1%
CELO Token Release
- Private 1 Round: Vesting 4.17% monthly.
- Private 2 Round: 12-month lock, vesting 2.08% monthly.
- Venture Round: 12-month lock-in, vesting 2.08% monthly.
- Public Round Coinlist: Lock 2 months, vesting 10.0% monthly.
- Team & Advisors: Vesting 1.67% monthly.
- Staking: Vesting 0.278% monthly.
- Reserves: Vesting 100%.
- Operations: Vesting 0.758% monthly.
- Grants: Vesting 0.278% monthly.
CELO Token Use Case
- Administration
- Staking secures the network (Node)
- Pay transaction fees to the Celo network.
CELO Token Exchange
CELO is currently traded on major exchanges: Binance, CoinBase, Kucoin, Gate, Coinlist, OKX, MEXC, …
Summary
Celo blockchain is compatible with EVM, a platform for fast, secure, stable digital payments to any mobile number at low cost.
Hopefully this article provides useful information for readers about Celo and CELO tokens.