Celo is a blockchain ecosystem focused on increasing the adoption of cryptocurrency among smartphone users. By using phone numbers as public keys, Celo aims to introduce billions of smartphone owners around the world, including those without banking access, to cryptocurrency transactions.
What is Celo (CELO)?
Celo (CELO) is a proof-of-stake (PoS) token used for transaction fees, governance participation, and related activities. What sets Celo apart from other projects is its focus on smartphone users. The company argues that while the number of smartphone owners is growing exponentially, the number of cryptocurrency users is increasing at a much slower pace.
Celo’s goal is said to be creating a financial system that generates prosperous conditions for everyone. The Celo Foundation is described as a U.S.-based non-profit organization supporting the growth and development of the open-source Celo platform. Guided by the principles of the Celo community, the foundation contributes to education, technical research, environmental health, community engagement, and ecosystem outreach.
Moreover, according to statements, Celo is built on two core values:
- Unique Purpose: Celo believes everyone has their unique path of development and that personal fulfillment largely depends on reaching one’s potential along this path. With this aim, values that enable individuals to reach their full potential are embraced.
- Connection: The platform believes that people primarily live connected to each other. It is accepted that individuals are healthier and happier when they are members of a strong social community with meaningful relationships, living in a healthy and happy whole, and values that strengthen society are adopted.
In addition, the platform’s features are listed as follows:
- Stable currencies: It offers native support for multiple ERC20-like stable currencies.
- Phone number key structure: Addresses are matched with phone numbers to facilitate user experience.
- On-chain governance: Protocol changes are managed through on-chain governance.
- Personal custody: Users have access to and control over the private keys of their accounts.
- Proof of Stake: A consensus algorithm operating on decentralized infrastructure.
- Rapid synchronization: Fast mobile phone synchronization is provided.
- Transaction fees: An option to pay transaction fees in a stable currency is offered.
- Programmable: Designed as a programmable smart contract platform compatible with the Ethereum Virtual Machine.
CELO Coin Review
The Celo platform’s focus on smartphones is considered a positive feature by users, as it enhances adoption and ease of use.
However, while investors are positive about the future of CELO coin, a cautious approach is observed in short-term investments.
According to CoinMarketCap data, at the time of writing, Celo Coin is trading at $1.98 and also trading at 0.00005837 BTC in the CELO/BTC pair. It is also stated that there are currently 124,447,717 Celo Coins in circulation, with a total of 1,000,000,000 Celo Coins expected.
Additionally, it is worth noting that CELO hit a low of $0.7955 on May 22, 2020, and reached a record high of $4.73 on September 4, 2020.
How to Buy Celo Coin?
Celo Coin can be quickly and easily purchased through Binance, the largest cryptocurrency exchange in terms of trading volume. Binance, the world’s largest cryptocurrency trading platform by trading volume, listed Celo Coin on January 5, 201.
In addition, Binance users can currently perform CELO/BTC and CELO/USDT transactions.
