Celo Latest Rundown >> Cryptocurrency, or cryptocurrency as it is more often referred to, is a kind of electronic money that can be used to conduct online transactions. Many of us are already acquainted with cryptocurrency. Since its inception a few years ago, the online currency has grown in popularity.
This digital asset may be kept in online digital wallets and used to make online purchases of products and services. The cryptocurrency market has grown in popularity over the years, and many individuals have profited from it.
We’ve seen a plethora of currencies emerge and gain popularity and success over the last few years, but not all of them have made it to the mainstream of the cryptocurrency industry and have subsequently collapsed.
Cryptocurrency stores and preserves transactional data through blockchain technology, and it is very secure owing to encryption. On the other hand, many people still lack a comprehensive understanding of the topic. Some individuals made a fortune, while others lost a fortune.
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It is critical to grasp a fundamental truth about the cryptocurrency industry: it is a very volatile and unpredictable market, and investors should be psychologically prepared to lose money if required. In recent years, a torrent of new currencies has entered the market, expanding our purchasing choices and allowing us to invest in the currency of our choice.
However, this option was not accessible when the industry was founded.
To mention a few, popular currencies that can be purchased via any cryptocurrency exchange include Dogecoin, Ethereum, Polygon, Cardano in addition to the industry-leading Bitcoin.
That is not the case, though. Celo is a relatively new cryptocurrency that has attracted a large number of investors from all around the world. Continue reading to learn more about Celo!
What is Celo?
Celo is a blockchain ecosystem that seeks to increase the acceptance of virtual money among smartphone users. Celo believes that by utilising phone numbers as public keys, it would expose billions of smartphone users worldwide to online currency trading.
The Celo network, as a component of decentralised finance (DeFi), enables the creation of decentralised apps (DApps) and smart contracts. The network’s mainnet was launched for the first time in April 2020.
Celo is a network that serves as a global infrastructure for bitcoin payments, with a particular emphasis on smartphone users worldwide. Due to the platform’s capacity to send and receive payments from any phone number on the planet, the platform’s objective is to make financial operations globally accessible to everyone.
Additionally, the platform features two native tokens: CELO, a Proof-of-Stake (PoS) token that is used for governance participation, transaction fees, and other platform-related activities, and CELO, a Proof-of-Stake (PoS) token that is used for governance participation, transaction fees, and other platform-related activities.
Apart from that, the business intends to host a number of stablecoins, including the already-established Celo Dollar (CUSD). Since the blockchain’s mainnet debut, it has grown by leaps and bounds. Celo is primarily a mobile solution consisting of almost three key components: governance and incentive rules, a lightweight design that provides a more pleasant user experience, and a stability tool that provides stable-value currencies.
Similarly to Ethereum, the network is built on the Celo protocol, which is backed by the Celo token, a main digital asset. It is ERC-20 compliant and may be used to facilitate token distribution through decentralised exchanges. Stablecoins, enhanced programmability, a unique payment infrastructure, and a custom-built blockchain are all features of the platform.
The platform was built in this manner to facilitate the creation of next-generation decentralised applications (dapps) and global payments for billions of users worldwide. Celo Wallet, the company’s initial application, seeks to create a social payment system centred on smartphones.
As a utility, the platform enables users to participate in network consensus, voting on governance decisions and making on-chain payments as a result.
Continue reading to learn more about what makes Celo so special. Permit me to assist you. Celo’s primary point of differentiation is its emphasis on smartphone users. According to the firm, although the number of smartphone users continues to grow at a fast pace, the number of individuals utilising virtual currency continues to grow at a far slower pace.
Celo’s mission is to bridge the crypto-to-mobile phone divide and to use DeFi’s advantages by helping in the development of smart contracts and decentralised applications (DApps). Because the Celo network is designed for mobile devices, it estimates transaction costs automatically and allows users to pay the gas charge that drives transactions in any online currency.
Celo was established by a group of individuals from prominent global organisations, including the World Bank, Google, Harvard University, Visa, MIT, the US Department of Justice, and Cambridge University, to mention a few. Numerous organisations work to preserve and promote Celo.
Along with the platform’s mainnet debut, the Celo Foundation was established, a non-profit organisation based in the United States dedicated to the development and expansion of the open-source platform. Additionally, the foundation promotes environmental health, technological research, education, community involvement, and ecosystem reach, all of which align with the Celo community’s values.
Additionally, Rene Reinsberg and Marek Olszewski established Celo almost four years ago in the 2017 model year. They were both employed at GoDaddy, an online hosting company.
Celo earned about $46.5 million in less than two years, from 2018 to 2020, via the sale of more over 120 million CELO tokens in both public and private sales. While it is stated that the Celo client developed from the Ethereum Go language client go-Ethereum, the Celo blockchain is entirely unrelated to the Ethereum network.
CELO, the platform’s underlying virtual money, is similar to Ethereum’s Ether. Celo is compatible with the Ethereum blockchain, and the answer is yes. Allow me to emphasise that Celo is a self-contained chain that is not dependent on the Ethereum network.
Celo Know How?
Celo is a decentralised social payment system built on a multi-asset encryption architecture. This crypto is claimed to be a fork of Ethereum that has been modified to allow mobile compatibility and increased scalability.
It’s worth noting that the whole network is compliant with the ERC-20 standard. In comparison, this categorization implies that you will have access to the whole Ethereum ecosystem, which includes DEXs, wallets, and DeFi apps.
Celo is claimed to be unique in that it combines stablecoins with a proprietary address-based encryption technique to produce a monetary ecosystem that is suited for use in a social setting. The main benefit of this platform is that users do not need to learn any new features or terminology, which simplifies the user experience.
To provide context, the platform works similarly to other money transfer smartphone apps such as CashApp and Venmo. Celo platform users may quickly transfer money to one another through phone numbers, emails, or a variety of other methods.
Additionally, the network is supported by three critical components: Light Clients, Validator Nodes, and Full Nodes. Light Clients are Celo network apps that run on users’ cellphones, such as Celo’s mobile wallet. On the other side, Validator Nodes are computers that are a part of Celo’s consensus process and assist in transaction validation.
Finally, Full Nodes are computer systems that serve as a conduit between mobile wallets and Validator Nodes, receiving Light Client requests and forwarding them to Validator Nodes.
As you are probably aware, both CELO and CUSD operate on the Celo platform. It is important to understand that CELO’s supply is restricted to one billion tokens. 600 million of the total 1 billion tokens were accessible at the time of the maine’s April 2020 debut. The remaining shares will be allocated over time via awards and price.
Coin’s price is currently $7.26 USD, with roughly $1,768,283,131 USD in 24-hour trading volume. Celo’s market capitalization has risen by about 77.73 percent during the last twenty-four hours. The currency now trades at around 2,080,914,607 US dollars, placing it 65th on CoinMarketCap. The currency’s maximum supply is 1,000,000,000 CELO coins, with a current circulating quantity of about 286,702,568 CELO coins.
Celo may be a lucrative investment if you’re searching for a long-term investment with a high rate of return. Celo prices are expected to rise in the long run, according to estimates. The currency is expected to recover about +534.12 percent during a five-year period. Additionally, if you spend $100 today, you will get about 31.707 CGLD, and this $100 investment has the potential to increase to $634.12 in 2026.
Where to Buy?
Where may interested parties buy Celo? Permit me to clarify matters for you. This asset is available on the majority of major cryptocurrency exchanges, but is particularly well-represented on Upbit, Binance, Coinbase, and OKEx. However, there are many exchanges to select from.