Launched in 2019, Celo (CELO) focuses on providing a platform for building decentralized applications (DApps) and facilitating fast, secure, and low-cost transactions. Celo aims to promote financial inclusion by making cryptocurrency accessible to users through mobile phone numbers instead of public key addresses.
Celo leverages a combination of blockchain technology and a stablecoin called Celo Dollar (cUSD), pegged to the US dollar and backed by a reserve of crypto assets, to enable users to transact and store value without the volatility often associated with other cryptocurrencies.
Celo's architecture supports the creation of smart contracts, enabling developers to build decentralized applications on the platform. This flexibility opens the door to various use cases, including remittances, micro-lending, and other financial services.
CELO, the native token for the Celo platform, is used for governance, paying for on-chain transactions, and staking to secure the network.
