Users can associate their phone number to an address. Others can see they’ve done that and can send transactions to that phone number without knowing the address.
Phone numbers are not visible on the blockchain, but the repeated use of an address can itself be a privacy issue.
Volatility hinders adoption, so Celo has two tokens:
- CELO - Utility & governance, with a variable price.
- Celo Dollar (cUSD) - Algorithmic stablecoin that uses CELO to keep the peg. This method is similar to the one other algorithmic stablecoins like UST (with LUNA) use. Anyone can create additional stablecoins.
The smart contract platform is compatible with the Ethereum Virtual Machine (EVM), so many developers can already build applications.
The Celo wallet is the first use case. It syncs immediately, even in high latency networks, and the user can pay fees in any token.
CELO has a fixed supply. Around 25% of that is already in circulation. Some big allocations with different vesting schedules will increase that to over 40% in a year.
The consensus is Proof of Stake (PoS), and full node operators get paid to provide the infrastructure for light clients.