Tuesday, May 21, 2024

Crypto for all smartphones – CELO ($celo) defi coin introduction & analysis | ZT Global


Celo is a blockchain ecosystem focused on increasing cryptocurrency adoption among smartphone users.

By using phone numbers as public keys, Celo hopes to introduce the world’s billions of smartphone owners, including those without banking access, to transacting in cryptocurrency.

The network also allows for the creation of smart contracts and decentralized applications (DApps) as part of decentralized finance (DeFi). Its mainnet was launched in April 2020.

The platform has two native tokens. CELO is a proof-of-stake (PoS) token used for transaction fees, governance participation and related activities. In future, the platform aims to host various stablecoins, with three, the Celo Dollar (CUSD), the Celo Euro (CEUR) and the Celo Brazilian Real (CREAL) already in use.

Celo’s main unique selling point lies in its focus on smartphone users. The company argues that the number of smartphone owners is increasing exponentially, but the number of people using cryptocurrency is rising at a much slower pace.

Cryptocurrency is further highly suited to regions in which a large section of the population does not have access to the banking sector, but still has a smartphone.

Bridging the gap between the two technologies is what Celo aims to do, along with harnessing the benefits of DeFi by supporting the creation of DApps and smart contracts.

Optimized for mobile, the Celo blockchain automatically calculates transaction fees, and also allows users to pay the gas fees which power transactions in any currency.

💎Celo ($CELO) is available in ZT Global exchange
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