Celo: Making Crypto Accessible to Everyone

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Over 4 billion smartphone users worldwide. Less than 400 million (<10%) use & trade cryptocurrencies. Here's how Celo solves this. 🧵↓

✨So, what is Celo?✨ Celo is a mobile-first EVM-compatible blockchain ecosystem, that unlocks the power of crypto for everyone with a mobile device and allows over 4 billion smartphone users to make simple cryptocurrency transactions.

It aims to create an open financial system by empowering anyone with a smartphone to have access to financial services.

Celo is focused on providing the simplest possible experience for end-users having little familiarity with cryptocurrencies, limited connectivity, & low-cost devices. Simply stated, Celo is a mobile-first blockchain for the average Joe.

✨So, how does it work?✨ Celo makes making transactions as easy as sending a text message to anyone with an internet connection anywhere in the world.

It maps each user’s wallet address to their phone number, so they don’t need to deal with long addresses while making transactions.

So, let’s say Bob wants to send 10 Celo Dollars to Alice. All he needs to do is put Alice’s phone number as the address, enter 10 cUSD as the amount, hit send, and voila! 🎉

✨The Celo Platform Stack✨ To enable end-users to make payments on limited hardware & connectivity, Celo takes a full-stack approach.

1️⃣ The Celo Blockchain The Celo blockchain is an EVM-compatible L1 blockchain. It adopts a PoS Byzantine Fault Tolerance (BFT) consensus mechanism.

2️⃣ Celo Core Contracts A set of smart contracts containing most of the platform features logic. This includes ERC-20 tokens, identity attestations, PoS, and governance logic. These contracts are upgradeable and are governed by a decentralized governance process.

3️⃣ Applications Applications, like the Celo Wallet app, for the end users are built on the Application layer of the Celo stack. Applications interact with the Celo blockchain to issue txns and invoke code that forms the Celo Core Contracts’ API.

✨What is the CELO token?✨ $CELO is Celo’s native asset (an ERC-20 token) that supports the growth and development of the Celo ecosystem.

$CELO token is used for various functions such as staking, consensus validation, and governance, allowing CELO holders to vote on proposals that shape the future of Celo.

With a fixed supply of 1Bn, it acts as a reserve asset for stablecoins like the Celo Dollar and provides a stability mechanism to keep their price as close to the target value as possible.

✨Celo's Stablecoins:✨ Price volatility can be one of the main obstacles for people to make crypto transactions. Stablecoins offer a practical solution for day-to-day payments since the value of the stablecoin Bob sends will be exactly what Alice will receive.

Some of the existing stable coins can have slower networks, higher txn fees, or higher barrier-to-entry for the average user. The Celo platform has a bunch of stablecoins that are practical, accessible & cost-efficient for the day-to-day use of average users. ↓

✨Stablecoins that Celo offers:✨ 1️⃣ $cUSD: pegged to the US Dollar. 2️⃣ $cEUR: pegged to the Euro. 3️⃣ $cREAL: pegged to the Brazilian Real.

✨Conclusion✨ By providing a platform that is open to anyone with a smartphone, Celo is paving the way for a more open and accessible financial system.

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