- What is Celo (CELO)?
- Who are the founders of Celo?
- How does Celo work?
- Key Attributes of CELO
- How to buy Celo (CELO) in India
What is Celo?
Celo is a global platform working towards including every smartphone user in the world within the crypto ecosystem. To state it more clearly, by using phone numbers as public keys, Celo aims to introduce billions of smartphone owners around the globe, which also includes smartphone users without banking access, to transacting in crypto.
In addition to Celo making basic payments accessible has also made a point to support the development of decentralized applications or Dapps on its blockchain. Since the initial days, these dapps on CELO allow anyone to contribute to a community’s universal basic income scheme along with a crowdfunding platform for social causes.
Apart from running the operations on its blockchain, the Celo network operates two native tokens. They are:
- CELO, a governance asset for voting on changes to the protocol
- Celo Dollars (cUSD), a stablecoin mirroring the value of the US dollar.
Who are the founders of Celo?
The original team that founded Celo was comprised of people from MIT, Google, GoDaddy. The Celo (CELO) was co-founded in 2017 by Rene Reinsberg and Marek Olszewski, who were executives at the web hosting firm GoDaddy, along with Sep Kamvar, an MIT professor and Marek Olszewski a Google executive.
The dedicated Celo Foundation is a non-profit that was launched along with the mainnet. The Celo Alliance for Prosperity is what the company describes as an “ecosystem of mission-aligned organizations.”
How does Celo work?
At its core, Celo has a Proof of Stake governance mechanism called the Byzantine Fault Tolerance (BFT) that keeps its distributed network of computers in sync. In the case of validator nodes powering the blockchain and taking a space to decide on the changes happening within the blockchain, one must first stake a minimum of 10,000 CELO tokens.
Anyone who owns CELO can help operate the network.
Apart from that Celo’s applications are easily equipped on users’ mobile devices, for example, Celo mobile wallet.
Key Features of Celo:
- A platform for Mobile DeFi: The Celo protocol provides a wholesome platform to the Celo community that can create stabilized value digital assets. Users get access to Public Key Infrastructure, On-chain Governance, Self Custody, Proof-of-Stake consensus mechanism, etc. to work around dapps as per their preference.
- Suitable for Financial Applications: Celo’s industry-leading decentralized phone number verification allows payment applications to get easily built. It also allows users to easily send or raise a request for digital assets from any mobile number around the world and is capable of offering their users features like: Non-custodial wallets, Ultra-low network transaction fees, QR Code Support, etc.
- Core Contracts: CELO, being designed to support the stable value currencies, the first stablecoin, cUSD, helps track the value of the US Dollar using an algorithmic reserve-backed stabilization mechanism, crypto-asset collateralized, and native support for multiple stablecoins
HOW TO BUY Celo (CELO)?
Use these three-step processes to buy your first Celo using the CoinDCX crypto investment app in India
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy XMR on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy Celo: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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