Celo is a decentralized blockchain focused on providing financial services to underserved populations (unbanked/underbanked) worldwide through mobile applications. Celo uses phone numbers as account identities and leverages the Byzantine Fault Tolerance (BFT) algorithm to achieve consensus in its network.
Celo is an open-source blockchain platform aimed at creating an inclusive and open financial ecosystem for anyone using a smartphone. Some key features of Celo include:
Using a more efficient Proof-of-Stake (PoS) consensus mechanism compared to Proof-of-Work.
Having two native assets: CELO (utility token) and cUSD (stablecoin pegged to the US dollar).
CELO allows its owners to participate in governance and decision-making about the Celo platform.
cUSD provides stable value for daily financial operations and maintains value stability.
Supporting smart contracts and decentralized applications (DApp) built on Celo.
Using mobile identity and phone number as account address for easier access.
Having incentive structures and mechanisms to involve the community in securing the network.
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