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What is Celo (CELO) currency?

The Celo blockchain is a mobile-focused platform designed to make decentralized finance applications (DApps) and cryptocurrency payments accessible to anyone with a smartphone. This platform is distinguished by its unique approach to blockchain technology, as it places great emphasis on ease of access for users and global coverage.

Instead of using traditional identity-based encryption methods that rely on a central authority to generate private keys, Celo offers a new approach called “address-based encryption.” This approach allows users to create their own private/public key pairs and register their public keys in a decentralized database that is used to generate addresses and link them directly to public keys, facilitating secure, private transactions without the need for central authorities.

Through a network of system validators, Celo aims to ensure the integrity and security of these registrations, making it possible to send CELO coin and tokens using only a phone number.

Celo is built around its focus on stable value currencies and social payments. The platform supports the creation and use of stablecoins, such as the Celo dollar, which are pegged to fiat currencies to reduce volatility and encourage the use of cryptocurrencies in everyday transactions.

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