blog posts

The diversity of digital currencies added daily is confusing for those interested in this field, especially novices. To be successful in this field, you must have sufficient knowledge of planned and valuable projects.

One of these worthwhile projects is related to Celo digital currency. This currency aims to simplify the payment process for people so that Celo users can send and receive their passwords using their mobile phone numbers instead of using complex and long strings of letters and numbers as blockchain addresses.

This big goal has led to this currency becoming widespread in a short period and attracting a lot of people. This article will examine the Celo digital currency with the CELO symbol and examine how this currency will make you rich.

Digital CELO Currency?

Cello is a Chinese bloc focused on increasing the compatibility of smartphones with digital currencies.

Using cell phone numbers as public keys, Cello is trying to introduce billions of users of these devices, including those without a bank account, to conduct transactions in currency encryption.

The network also allows the creation of smart contracts and decentralized applications (DApps) as components of Decentralized Finance (DeFi). The main network of this project was launched in April 2020.

This platform has two tokens. The CELO token uses the PoS Proof Mechanism, which is used to pay for transactions, participate in network administration, etc.

The platform plans to host various Stablecoin coins in the future. One of them currently in use is the dollar cello with the symbol CUSD.

Cellular Network depends on three participants to implement this platform:

The first category is Light Client, which are applications of this network installed on mobile devices. One of these programs is the cello wallet.

The second category is Validator Nodes, which are computers that participate in the consensus mechanism of this network and approve transactions and create new blocks in the Chinese block.

The third category is Full Nodes. These computers act as a bridge between confirmation nodes and light clients (e-wallets), receiving requests from the light client and transmitting transactions to confirmation nodes. Remember that in the cello system, holders of CELO tokens must select confirming nodes by voting.

Also, confirmation nodes must share at least 10,000 cell tokens to keep the blockchain active and vote on changes, which means that anyone with cellular tokens can help keep the network running.

Currently, there are only 100 confirmers in the network at a time, selected by voting by full nodes. Each node receives a reward for each block in exchange for helping to confirm transactions. Full Nodes receive their rewards from the fees paid by Light Clients.

Who are the founders of Selo?

A team founded cello. The team includes people from MIT, Stanford, Harvard, Cambridge, and the University of Pennsylvania and Google, Square, Circle, Visa, GoDaddy, the World Bank, the Federal Reserve, the US Department of Justice, Capital One, and Twitter. Give Directly is the Gates Foundation and Bank of America.

Separate entities operate to promote and protect Celo. The dedicated cello foundation is a non-profit and was introduced in April 2020 at the same time as the main network of this project.

What makes a cello unique?

The strength of this project is its focus on smartphone users. The company claims that smartphone owners are growing rapidly, while the number of people using digital currencies is growing at a much slower pace.

Digital currencies are very useful and convenient in places where a large part of the population does not have access to banks, but people have smart devices.

Establishing a bridge between these two technologies is the goal of the cello. Of course, take advantage of DeFi by supporting the construction of DApps and smart contracts.

Optimized for mobile phones, Blockchain automatically calculates transaction fees and allows users to pay the gas fee and the energy cost consumed in the transaction approval process.

How many CELO are in circulation?

CELO and CUSD tokens complement each other on the cello platform.

There will be one billion CELO tokens, 600 million of which were available at the time of the introduction of its core network.

The other 40 percent will eventually be released through commissions and bonuses, and there will be gradual stock allocation programs, depending on how early investors receive their tokens.

In addition, a maximum of 120 million cello tokens have been reserved to maintain CUSD credit and price stability.

As a stable coin, CUSD is assumed to be a convenient payment method for cello users so that they do not have to worry about changing the price of their assets.

How can a cellular network be secured?

Cello uses a stock-proof mechanism for S-network security and has a complex selection process to determine the verifiers in its blockchain.

Holders of cell tokens can use their assets to participate in the selection of Validators by voting.

Tokens CELO?

It is possible to trade this digital currency freely on ERC-20 and various exchange offices. These exchanges include Coinbase Pro and Bittrex and can be purchased as currency pairs with other digital currencies, stable coins, and even common currencies such as the dollar.

Conclusion

The Celo project has a comprehensive plan and workable roadmap that puts us in the category of items worth considering and investing in. With the implementation of the programs of this project and creating easy access for the public to the digital currency market, we will see more significant progress in this area, and the value of digital currencies will increase even more. So it is wise to consider this project and digital currency for investment.