Celo

Celo is a mainnet blockchain focused on providing decentralized finance (DeFi) capabilities to mobile phone users around the world. The blockchain revamp should allow for fewer user requests and higher speeds. The Celo mainnet blockchain, launched in 2020, uses its native asset CELO (formerly known as Celo Gold) for multiple purposes.

In many countries, banking and personal finance opportunities are unreliable or even non-existent. Celo is a blockchain that hosts smart contracts and decentralized applications, enabling users to access decentralized finance (DeFi) functionality and trustless transactions. The platform uses the CELO native token for voting on network electrification fees and the Celo governance protocol. One of Celo’s early proposals that was voted into effect was carbon offsets to make its proof-of-stake network the first carbon-neutral blockchain.

There will be more than 7 billion smartphone users by 2025, but currently there are less than 100 million crypto users. According to the Celo Foundation, availability and price stability remain two factors hindering cryptocurrency adoption. Celo’s mobile-first approach aims to bridge this gap.

How Does Celo Work?

Celo is an open-source proof-of-stake (PoS) blockchain with cross-chain compatibility, including compatibility with the Ethereum Virtual Machine (EVM). The Celo blockchain claims to be carbon negative, with an average block time of 5 seconds.

Celo Blockchain focuses on mobile usability. To make this focus work, the PoS blockchain has a specific addition to the light client technology called Plumo, designed to make it more functional. Essentially, Plumo combines with light client technology to increase speed while lowering the barriers to interaction with the Celo blockchain in terms of hardware and data requirements. This makes the experience mobile-friendly. Plumo uses zk-SNARK technology. Zero-knowledge succinct non-interactive knowledge arguments (zk-SNARKs) essentially allow information to be verified without looking at the information itself. The Celo blockchain, which powers smart contracts, is also home to a number of algorithmic stablecoins that rely on CELO and other assets for stability.

While Celo is very user-friendly to use, it is technically the same as other competing blockchain projects. Celo is built using Ethereum’s Go implementation, using a proof-of-stake consensus algorithm. The founders chose PoS because of its light resource usage. The system can verify transactions while also using a combination of validators and nodes to keep the network secure.

Currently, the use of PoS consensus algorithm is becoming more and more popular, and many other famous blockchain projects work very efficiently based on this algorithm. We can consider Cosmos, Tezos, and Algorand as typical blockchains using this algorithm. In the near future, Ethereum will also transition to a proof-of-stake blockchain.

What Is CELO Coin?

CELO Coin is the native governance token of the Celo blockchain and is primarily designed for payments via mobile or desktop applications. It is a volatile governance token that you can hold to exert influence on the network. In addition to using CELO coins as voting chips, you can stake your coins to earn more CELO coins from the network’s proof-of-stake consensus mechanism, or trade on cryptocurrency exchanges and brokers.

How to Buy CELO Coins?

1. Open an Account Online

When investing in a cryptocurrency like Celo, the first step is to open an account with a broker. Cryptocurrency brokers are similar to stock brokers. It allows you to buy and sell cryptocurrencies and tokens using a specific investment platform.

2. Set Up a Crypto Wallet

If you want to store your Celo for the long term, you must invest in a crypto wallet. Cryptocurrency wallets provide important security for your investments. You can get a hardware (physical device) or software (computer or mobile app) wallet to protect your cryptocurrency.

3. Buy CELO Coins

After you open your account and choose where you want to store your funds, you can place an order to purchase CELO. The exact process you go through to purchase Celo will depend on the type of exchange you use, here are the steps you can take when making your purchase.

4. Add Money to Your Account

As with any type of brokerage account, you need to add a funding source to your cryptocurrency trading account before you can buy or sell assets. Link your bank account and set up transfers. Many cryptocurrency brokers also allow you to buy and sell cryptocurrencies using a credit card.

5. Observe the Current Market Price of CELO Coins

Market prices are constantly changing and the amount you pay for each CELO token will depend on current demand conditions. First, you need to decide how much you want to invest in Celo, based on how much of the token you want to buy at the current market price.

6. Check Your Account

Once you submit an order to your broker, you can rest assured that your broker will execute it according to your instructions. If your broker is unable to execute your order, it may remain open or may be canceled at the end of the trading day.