Celo Mobile-first DeFI platform using blockchain technology is unique. The blockchain functions as distributed ledger technology for digital assets and crypto.
Introduction: Do you know – Global population is around 7.7 billion; Mobile phones have touched 6 billion marks; Desktops in circulation crossed almost 2 billion marks; but Celo Mobile-first DeFI (Decentralised Finance) platform using blockchain technology is unique. The blockchain functions as distributed ledger technology for digital assets, including crypto assets. First of its kind mobile blockchain ecosystem promoting the use of smartphones. Celo is on a mission to bring DeFI tools, services and assets accessible to billions of smartphone users across the world. This is going to facilitate crypto as a payment option for everyone utilising a smartphone. Celo platform has taken a lead in establishing a consortium by making use of the DeFI protocol open-source, thereby building Mobile-first DeFi for everyone.
Let’s understand Celo Ecosystem
Celo platform looks at the world where founders and creators are instrumental in reshaping local economies. Consequently, growth of local economies will lead to regeneration of global ecological balances. The products created by Celo platform are conducive to creating value for everyone. Celo platform’s bouquet of tools facilitates developers to create decentralised applications (dApps) for smartphone devices throughout the world.
Celo platform is a fully Ethereum Virtual Machine (EVM) compatible blockchain having block generation time of 5-seconds and Proof-of-Stake (PoS) governance. PoS protocols, which are consensus mechanisms, functioning on the principles of selecting validators in proportion of their holdings in the concerned cryptocurrency. It also processes transactions and creates new blocks in a blockchain. The Celo platform has two native tokens of the Celo ecosystem. CELO token is used for transaction fees, governance participation and related activities. Celo platform has planned to host various user-friendly stable coins, in addition to the existing three, namely, Celo Dollar (cUSD), the Celo Euro (cEUR) and the Celo Brazilian Real (cREAL).
What is DeFI?
DeFI means financial applications developed on blockchain technology, enabling digital transactions between numerous users. It’s a new kind of alternative to conventional banking, which has been gaining popularity amongst millennials and cryptocurrency investors. It offers financial instruments without routing it through any of the intermediaries like Banks, Brokers, or Exchanges by making use of smart contracts on a blockchain. DeFI offers cryptocurrency transactions, namely, lending crypto, transferring crypto, or investing in crypto. Its objective is to enable the transfer of funds in an open, simple, efficient, transparent, and auditable way.
DeFI for the People
Celo, having forged an Ethereum partnership, makes it accessible to unbanked people who are out-of-reach in the crypto sector. The objective of the Celo ecosystem is to make available Mobile-first DeFi for everyone. Celo launched its first stable currency in August 2021. Celo’s network is going to adopt Optics, which is a new concept enabling cheaper Celo communication across the chain. Optics adoption is expected to save 90% of transaction costs on the Celo network.
It has a facility of authenticating users by mapping mobile numbers to public keys to ensure efficient mobile-first experiences. Celo is in the process of building applications that would offer interoperability features for cross-chain communication across an ever-increasing number of compatible chains. It also provides an option to pay transaction costs in multi-currency or stable coins. In other words, transferring and spending crypto is like daily-use currency.
Carbon emissions control and the Community formation
The Celo ecosystem created the world’s first carbon-neutral blockchain with a climate-change objective native to its currencies, design, and reserve. It has also formed a community of strong 40k Twitter followers on a renowned social media (NYSE: TWTR) platform. The Celo community has kept aside 0.5% of the Celo Reserve to MC02, a high-quality carbon credit asset, with Moss. Climate collective is a community effort to counter climate change by tokenising carbon isolating assets. The Celo ecosystem is ensuring to respond to the just suggestions or queries of the 40k+ strong Twitter community. A recent example is voting by the community to add cREAL to Celo’s growing digital assets’ family of platform-native stable coins, by and for the communities they serve.
CELO token price movement
CELO, the native token of the Celo ecosystem, was launched in April 2020. It has a coin supply of 407,486,151 and the ceiling restricts supply to 1,000,000,000 CELO coins. According to the market data – the ranking of the CELO coin is 76th, with a live market cap of more than 1 billion USD equivalent to INR 7,500 crore approximately.
CELO coin price is currently trading around USD 2.60 (Equivalent INR 195 approx.). CELO coin touched an all-time high of USD 10.66 (Equivalent INR 800 approx.) on August 30, 2021. The overall bearish sentiments in the cryptocurrency markets have resulted in CELO coin price correcting by more than three-fourths of the peak price. The correction offers an opportunity for long-term investments, which will be dependent upon the risk profile of the individual investors. The next question that arises in mind is where to buy a CELO token? You could commence investing or trading in CELO tokens by opening a digital wallet/account with the oldest crypto exchange, ZebPay, in India.
Conclusion
The Celo ecosystem has developed a unique application Mobile-first DeFi for everyone. With the formation of partnership with Ethereum, it’s possible to take the cryptocurrency within the reach of hitherto unbanked people, and billions of smartphone users. Further, optics adoption by Celo network is expected to curtail transaction costs by almost 90%, making it a cheaper one to trade. Since inception, Celo network has grown virtually unnoticed. It has formed a community of strong 40k Twitter followers on reputed social media (NYSE: TWTR) platform and answers community questions frequently. The recent meltdown in the cryptocurrency markets opens up the door for long-term investments in cryptos having unique features on its platform.
References:
2.https://thenewscrypto.com/everything-you-need-to-know-about-mobile first-defi-platform-celo-celo/
