What is Celo Network?
's mission is to enable anybody in the globe with a smartphone to access financial services, send money to phone numbers, and pay merchants.
The project's objective is to create a decentralized platform that is not controlled by a single body but rather developed, upgraded, and maintained by a diverse community of individuals, organizations, and partners.
Celo is unique in that it is focused on offering the easiest experience possible for end customers who may be unfamiliar with cryptocurrencies and may be utilizing low-cost devices with inadequate connectivity. To do this, the project uses a full-stack approach, encompassing both the protocol and the apps that utilize it.
Celo is an open, distributed cryptographic protocol that enables programs to interact with and compute on a family of cryptocurrencies, including those tied to 'fiat' currencies such as the US Dollar. Celo Wallet, the first application in an ecosystem of applications, enables end users to manage accounts and make payments safely and easily by leveraging the Celo protocol's features.
Among the highlights are the following:
- Currencies with a Stable Value
Celo natively supports numerous ERC20-compliant stable currencies tied to 'fiat' currencies such as the US dollar, facilitating the usage of Celo as a payment method.
- Accounts Connected to Mobile Phone Numbers
Celo maintains a secure decentralized mapping of phone numbers that enables wallet users to send and receive payments with their existing connections easily and confidently.
- Fees for Transactions in Any Currency
Users can pay transaction fees in stable currencies, eliminating the need to monitor several currency balances.
Syncing is instantaneous, even over slow connections.
Due to the extremely rapid and safe synchronization between mobile devices and the Celo network, Celo can be used by wallet users with high latency, limited bandwidth, or high-cost data tariffs. Celo eliminates the requirement to verify each received header. Additional performance improvements will be made via BLS signature aggregation and succinct zero-knowledge proofs using zk-SNARKs.
Celo employs a consensus technique based on proof-of-stake. In comparison to Proof of Work systems such as Bitcoin and Ethereum, this avoids negative environmental impact and enables users to conduct transactions that are cheaper, faster, and irreversible once completed.
- Incentives for Complete Nodes
Celo rewards users that run complete nodes to service the light clients that run on each mobile device. Unlike previous proof-of-risk systems, users can earn cryptocurrency without needing to stake dollars.
- Governance on the blockchain
Celo offers quick upgrades and protocol changes via on-chain governance, which all cryptocurrency holders can participate in.
- Adaptable (Full EVM Compatibility)
Celo contains a programmable smart contract platform that is compatible with the Ethereum Virtual Machine, which is widely accepted, well-known to developers, and well-supported by tools. Celo is able to create rich user experiences and fast support a diverse ecosystem of third-party applications and extensions as a result of this.
Users retain complete control over their funds and account keys and are not reliant on other parties to make payments.