What is CELO?
Celo is a blockchain platform designed to make financial tools and services accessible to people around the world through their mobile phones. Here are some key points about Celo:
Mobile-first:Â Celo aims to simplify crypto transactions by allowing users to send and receive cryptocurrency using phone numbers instead of complex crypto addresses.
Decentralized finance (DeFi):Â Celo supports the development of DeFi applications, which are financial applications built on blockchain technology. These applications can provide users with a wider range of financial services, such as lending, borrowing, and investing.
Stablecoins:Â Celo uses stablecoins, which are cryptocurrencies pegged to the value of real-world assets like the US dollar. This helps to reduce the volatility that is often associated with cryptocurrencies.
Proof-of-stake:Â Celo uses a proof-of-stake consensus mechanism, which is a more energy-efficient alternative to the proof-of-work mechanism used by Bitcoin.
Carbon-negative:Â Celo is one of the world's first carbon-negative blockchains, meaning that it offsets more carbon emissions than it produces.
Celo has its own cryptocurrency, also called CELO. CELO tokens are used for a variety of purposes on the Celo network, including:
Transaction fees:Â Users pay CELO tokens to cover the cost of transactions on the Celo network.
Governance:Â CELO token holders can vote on proposed changes to the Celo network.
Staking:Â Users can stake their CELO tokens to earn rewards and help to secure the Celo network.
