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Crypto payments to phone numbers: Celo (CELO) in 5 🖐

Crypto payments to phone numbers: Celo (CELO) in 5 🖐
By Fernando Gutierrez • Issue #69 • View online

What is Celo (CELO)? 📲
Celo is a smart contract capable blockchain optimized to easily provide access to financial services with the lowest possible entry barriers.
The protocol includes stablecoins, on-chain governance, and uses phone numbers as addresses.
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.
A few links
Last few words
Of course, this is not financial advice yada yada yada.
Take care of your money like you take care of your phone.
Except if you are one of those that always lose the phone. If so, be more careful with your money.
I’m catching up with crypto concepts and projects daily for 50 days straight. Please reply to this email if there is something that you would like me to cover.
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Fernando Gutierrez

I'm catching up with crypto projects and concepts in a few paragraphs for at least 50 days straight.

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