What Is Celo?
Celo is an mobile first EVM-compatible PoS blockchain protocol that supports DApps, payments, and smart contracts. It utilizes a decentralized address-based identity layer to map phone numbers to wallet addresses in a privacy-preserving manner.
Background
Rene Reinsberg and Marek Olszewski founded Celo in 2017. Celo aims to create a blockchain platform that enables financial inclusion and accessibility, particularly for individuals with limited access to traditional banking services. Celo aims to provide a secure and decentralized financial infrastructure by leveraging mobile phones and a novel identity layer.
How It Works
Celo’s EVM-compatible PoS blockchain protocol enables the execution of DApps, smart contracts, and payments. The system also allows mobile participants to earn rewards for securing and maintaining it. Phone numbers are mapped to wallet addresses through its decentralized address-based identity layer, ensuring privacy. The protocol also introduces localized algorithmic stablecoins, such as cUSD, cEUR, and cREAL, which can be utilized for transaction fees on the Celo blockchain.
Key Takeaways
- Celo is an EVM-compatible PoS blockchain protocol.
- It supports DApps, payments, and smart contracts.
- Celo utilizes a decentralized address-based identity layer.
- The protocol aims to provide financial inclusion and accessibility.
- Celo introduces localized algorithmic stablecoins.
