To learn more about this project, check out our in-depth study on Celo. What is Celo (CELO)? Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users. of phones as public keys, Celo hopes to introduce billions of smartphone owners, including those without bank access, to cryptocurrency transactions in the world. The network also enables the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi). Its core network was launched in April 2020. The platform has two native tokens. CELO is a Proof-of-Stake (PoS) token used for transaction fees, government participation, and related activities. In the future, the platform aims to host several stablecoins, of which three, the Celo Dollar (CUSD), the Celo Euro (CEUR), and the Celo Brasileño Real (CREAL) are already in use. Who are the founders of Celo? Celo was originally founded by a team of people from MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, the World Bank, the Federal Reserve Bank, Harvard University, the University of Pennsylvania Law School, the University of Cambridge, the US Department of Justice, Bank Of America, Capital One, Twitter, Give Directly, and the Gates Foundation each have a separate goal of promoting and preserving Celo. The dedicated Celo Foundation is a non-profit organization launched alongside the mainnet, while the Celo Alliance for Prosperity is what the company describes as an "ecosystem of mission-aligned organizations." What makes Celo unique? Celo's main strength lies in its focus on smartphone users. The company claims that the number of smartphone owners is increasing exponentially, but the number of people using cryptocurrencies is increasing at a much slower rate. The cryptocurrency is also particularly suitable for regions where a large part of the population does not have access to banks in the sector, but still has a smartphone. Bridging the gap between the two technologies is what Celo intends to do, in addition to harnessing the benefits of DeFi by supporting the creation of DApps and smart contracts. Optimized for mobile devices, the Celo blockchain automatically calculates transaction fees and also allows users to pay gas fees that drive transactions in any currency. Related Pages: Read more about Facebook Libra here. Beginner in crypto? Find out everything you need to know about Alexandria, CoinMarketCap's dedicated educational resource. Click here to see the CoinMarketCap blog. How many Celo coins (CELO) are there in circulation? CELO and CUSD perform complementary functions within the Celo platform. CELO has a limited supply of 1 billion (1,000,000,000) tokens, of which 600 million were available when the core network launched in April 2020. The last 40% of the supply will be gradually released through fees and rewards and is being released. conducting various vesting programs. instead depending on how the initial investors received their tokens. In addition, up to 120 million CELOs will go into a reserve designed to maintain the currency and price stability of CUSD. As a stablecoin, CUSD is designed as a convenient payment method for Celo users who won't have to worry about fluctuations in the value of their holdings. How is the Celo network protected? Celo uses proof of stake to maintain security and has a complex election process to determine validators for its blockchain. CELO holders can use their holdings as a means to participate in elections by voting for pools of validators. Where can you buy Celo (CELO)? CELO is a freely tradeable cryptocurrency in the ERC -20 standard token, available on several major exchanges. These include Coinbase Pro and Bittrex, with cryptocurrency pairs, stablecoins, and fiat currency in use. New to cryptocurrencies? Check out our easy guide to buying Bitcoin (BTC) or any other token.