CELO Blockchain Key Characteristics

For a cryptographic payment to be smooth, systematic, and successful, transaction processing should be as rapid and simple as sending messages. The CELO protocol tackles existing concerns with cryptographic social payments, such as payment complications and coin value volatility. Furthermore, the protocol enables transactional users to become validators via a mobile block incentive mechanism. By introducing an appealing DeFi protocol, CELO presents a feasible answer to the issues of social payment.

Features of CELO:

Stable-value assets

Supports the generation of several stablecoins such as USDC, cUSD, and cEUR. It also enables users to access the protocol's stable-value assets via mobile devices.

Number mapping

Maps users' phone numbers to public keys in order to validate their identity and provide them with a smooth mobile experience. This phone number mapping approach is also handy for making payments on CELO because the sender may verify the receiver's address simply by using the phone number.

Interoperability between chains

Allows for the creation of decentralised applications with cross-chain capabilities that can interact with other dApps operating on distinct, independent chains.

Full EVM compatibility

Complete support for Ethereum-based tools, smart contract capabilities, and EVM (ethereum virtual machine) to let users simply develop ERC tokens and move their existing Ethereum dApps to the CELO ecosystem.

Gas payments in many currencies

Accepts gas fees in several Stablecoins, making transmitting and spending on its ecosystem easier and more cost-effective for everyone.

Who are the founders of CELO?

The founders of CELO are Rene Reinsberg, Marek Olszewski, and Sep Kamvar. Reinsberg worked at GoDaddy, Olszewski worked for Google, and Kamvar is an MIT professor. They launched the initiative in 2017 with the goal of creating a completely decentralized and inclusive global financial system.

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