Celo is a fully EVM compatible proof-of-stake Layer-1 protocol, featuring a fast ultralight client and built-in seigniorage stablecoins, collateralized by crypto and natural assets.
Celo is a mobile-first blockchain that makes decentralized financial (DeFi) tools and services accessible to anyone with a mobile phone. The company’s mission is to build a financial system that creates conditions of prosperity for everyone. Celo enables native and non-native digital assets–both cryptographic and Central Bank Digital Currencies (CBDCs)–to circulate freely across devices, carriers, and countries.
The platform has two native tokens. $CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation, and related activities. In the future, the platform aims to host various stablecoins, with three, the Celo Dollar ($CUSD), the Celo Euro ($CEUR), and the Celo Brazilian Real ($CREAL) already in use.
Celo’s main unique selling point lies in its focus on smartphone users. The company argues that the number of smartphone owners is increasing exponentially, but the number of people using cryptocurrency is rising at a much slower pace. Cryptocurrency is further highly suited to regions in which a large section of the population does not have access to the banking sector but still has a smartphone. Bridging the gap between the two technologies is what Celo aims to do, along with harnessing the benefits of DeFi by supporting the creation of DApps and smart contracts. Optimized for mobile, the Celo blockchain automatically calculates transaction fees, and also allows users to pay the gas fees which power transactions in any currency.
