Celo is a permissionless, carbon-negative Layer 1 blockchain with a diverse ecosystem of global partners developing new Web3 applications to promote a more equitable financial system.
The Celo ecosystem consists of a decentralized proof-of-stake blockchain technology stack (Celo Platform), the CELO governance asset, and three stable mento assets (cUSD, cEUR, cREAL) that enable real users to distribute digital assets. The debut of the open-source Celo Mainnet took place on [Earth Day 2020]. Today, it supports more than a thousand startups in over 150 countries, helping to create the conditions for everyone to succeed.
Who Founded Celo?
Rene Reinsberg, President of Celo Foundation, Marek Olszewski, Chief Technology Officer at cLabs, and Sep Kamvar, computer scientist, artist and former professor at MIT Media Lab, founded Celo in 2017.
What Are The Features of Celo?
The Celo blockchain is a Layer 1 EVM-compliant platform that enables the CELO governance asset and other ERC-20 mento-stable assets that can be used to pay transaction fees. Through its interoperability, cross-chain compatibility, and mission to create the conditions for prosperity for all, Celo can build the regenerative finance (ReFi) movement by simultaneously accelerating global financial inclusion, collaborative commerce, and climate-friendly technologies across multiple ecosystems. More importantly, Celo is one of the world’s first [carbon-negative] blockchains. Its proof-of-stake consensus process consumes a fraction of the energy that proof-of-work chains require.
Celo is a key partner of the Climate Collective, a growing alliance of organizations working at the intersection of Web3 and climate action. Mento Reserve is built on the Mento protocol, which provides Celo blockchain users with access to a range of stable assets. Mento Reserve has a diversified portfolio of digital assets and intends to convert 40% of its reserve into assets backed by natural capital within four years.
Celo’s mobile design is an additional differentiator that allows you to reach billions of users worldwide. This includes Celo mobile and a lightweight client sync mechanism called Plumo, a zk-SNARK-based system that will enable users with limited resources to sync to the Celo blockchain faster while consuming only a few kilobytes of data, map encrypted phone numbers to wallet addresses (so users can send digital assets to contacts), or access a dapp ecosystem like Valora Wallet via low-power smartphone devices. Each of these components simplifies blockchain transactions for users with different skill sets.
You might check: Contrary to Expectations, Retail Sales Increased by 3%
