Celo (CELO) - cryptocurrency for mobile payments

Marek Olszewski is the former director of W. Googleand Seep Kamvar is a professor at the prestigious Massachusetts Institute of Technology (MIT). No wonder that the cryptocurrency they created is doing better and better. We check how it works Zeal - cryptocurrency intended for mobile payments. 

We are continuing the cycle of the Forex Club portal in which we analyze and describe the largest, highest-valued, most interesting, most developing, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Celo - a cryptocurrency that is to revolutionize mobile payments.

Who created the Celo cryptocurrency?

The Celo cryptocurrency was established in 2017. Its creators are considered to be Rene Reinsberg, who was a director at the hosting company GoDaddy, as well as Seep Kamvar - a professor at the Massachusetts Institute of Technology (MIT) and Marek Olszewski, a director at Google.

It started with the public and private sale of 120 million tokens in 2018-2020. At that time, the project raised over USD 46,5 million from the market. The idea was supported by, among others famous venture capitalists: General Catalyst, a16z Crypto and Social Capital.

Why was the Celo platform created?

Both the platform and the Celo cryptocurrency have the ambition to create a global payment infrastructure for cryptocurrencies, focusing on mobile payments. The main goal is to provide access to easy cryptocurrency payments to anyone with a mobile phone.

Decentralized applications can also be placed on the Celo blockchain. Everything is supported by two tokens: CELO, which is used, inter alia, to vote on network development and Celo Dollars (cUSD) which is with stablecoin based on the US dollar. CELO holders will be able to decide in the future whether they want to create stablecoins based also on other fiat currencies.

How does the Celo cryptocurrency work?

Validator nodes, i.e. computers that also verify transactions in the network, are responsible for the production of new blocks. There are still so-called full knots that act as intermediaries. They receive remuneration, which is part of the transaction fees. 

The whole thing is based on Byzantine Fault Tolerance (BFT)which ensures synchronization of a distributed computer network. Thanks to this, it is possible to use the network without specialized equipment. Virtually everyone who has a smartphone has access to it. Especially since there are more and more different payment infrastructures dedicated to mobile phones.

- We believe that blockchain technology is one of the most exciting innovations in recent world history and as a team we strive to push the boundaries of what is possible with it today. Even more importantly, we are driven by a specific goal: solving real problems such as not having access to a "healthy" currency. We also want to help with money transfers to alleviate poverty - the founders of the cryptocurrency write on their website.

They also add that their goal is to revolutionize mobile payments by ultimately implementing cryptocurrencies in daily settlements.

Celo cryptocurrency quotes

As of December 27, 2021, 367 204 495 are traded out of the target 1 units. Each token is valued at $ 000, which translates into a capitalization of over $ 000 billion. They can be traded on 21 cryptocurrency exchanges from all over the world, including the most popular of them - Binance. The peak of trading was August 30, 2021, when you had to pay $ 10,02 for each Celo.