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What is Celo?

Celo is a decentralised blockchain platform designed to provide financial services via mobile technology. Its mission is to make financial services more accessible, especially for people without traditional banking access. Celo allows transactions in various currencies, such as USDC and USDT, and supports stablecoins like cUSD and cEUR. It is a carbon-negative blockchain, meaning it offsets more CO2 than it emits.

How does Celo work?

Celo operates as a Layer 1 blockchain platform with a mobile-first focus, ensuring accessibility to over 6 billion smartphone users. It employs a Proof-of-Stake (PoS) consensus mechanism, which enables energy-efficient network operation and staking opportunities for token holders. Celo's infrastructure supports Ethereum Virtual Machine (EVM) compatibility, facilitating the development of decentralised applications (dApps). Additionally, Celo implements a phone number public key infrastructure allowing users to link their wallet addresses to their mobile numbers for seamless payments.

What are the potential use cases for Celo?

Celo's primary use cases include financial inclusion through mobile payments and remittances, particularly in underbanked regions. It supports DeFi applications like lending and borrowing, and stablecoins for reliable currency transactions worldwide. Celo also aids social impact initiatives, such as basic income projects and the distribution of charitable aid. Its environmentally sustainable framework supports projects geared towards carbon offsetting and sustainability.

What is the history of Celo?

Celo was founded by Rene Reinsberg, Marek Olszewski, and Sep Kamvar, leveraging their expertise in cryptography and global development. The project began in 2017, with its mainnet launching in 2020 on Earth Day. In 2021, Celo achieved a carbon-negative status. The platform has been evolving towards becoming a Layer 2 network on Ethereum to leverage its scalability and security features. Throughout its development, Celo has maintained its focus on mobile technology and inclusive finance.