CELO is an open blockchain platform that allows mobile phone users to make crypto payments. The project was designed to simplify the crypto transaction process. It allows users to send and receive money using their phone numbers as their wallet public key. Your phone number serves as your wallet address (or, in other words, is linked to a specific wallet address of yours), which means you don't have to worry about dealing with complex cryptographic addresses. The CELO blockchain will then store a cryptographic hash of the user's phone number. In addition, users can link more than one phone number to a single CELO address.
Most mobile phone users turn to applications such as Venmo and Cash App to transfer value. And although these platforms are easy to use they are also highly centralized. CELO aims to combine the simplicity of these applications with the benefits of cryptocurrency. This will allow smartphone users to send value easily on a decentralized network. The CELO governance protocol allows token holders to implement changes to the platform.
The CELO mainnet went live in 2020 but even before that the platform had attracted users who believed in the project. The platform also attracted notable angel investors and venture capitalists. The venture capitalists include 9YardCapital, a16z Crypto, General Catalyst, and Social Capital. It managed to raise an impressive $46.5 million, which includes the money raised from its initial token offering. The platform sold about 120 million CELO tokens.
CELO was founded by Sep Kamvar, Rene Reinsberg, and Marek Olszewski. All three co-founders have backgrounds in the tech and finance industry. Reinsberg and Olszewski are former executives at GoDaddy. They later sold their machine learning startup to the web hosting giant before starting the CELO project. Kamvar is an MIT professor and the creator of EigenTrust, an algorithm for reputation management.
CELO operates using a proof of stake consensus mechanism known as Byzantine Fault Tolerance (BFT). BFT is used to align all the computers in the distributed network.
CELO aims to promote user participation through a three-tiered system that consists of:
Light Clients: This refers to applications running on the CELO network that can be downloaded on a user's device. A direct example of a light client is CELO's mobile application. When a user wants to make a transaction with the app, the light client will choose the cheapest full node in the vicinity.
Full Nodes: This refers to computers that connect CELO mobile app users to validator nodes. The full nodes receive requests from light clients and then send the transactions to validator nodes. Full nodes are allowed to choose the minimum fee they can accept to process a transaction.
Validator nodes: These are the computers that validate transactions and create new blocks in the CELO blockchain. Unlike full nodes that are unlimited, CELO only permits 100 validators at a time. CELO token holders can vote for computers that want to become validator nodes. CELO validators must have at least 10,000 CELO tokens. CELO operates a governance protocol that allows validators to vote on changes to the platform. While full nodes are paid with fees from light clients, validators receive a fraction of the block reward.
The native token on the blockchain is the CELO coin. This token powers the blockchain and is used to pay transaction fees. CELO tokens are also used for staking and voting for change on the platform. Users who hold the minimum amount of CELO tokens can vote on changes to the network by staking their tokens. Each vote directly corresponds to the amount of CELO tokens that the user stakes. This means that the users who stake the highest CELO tokens hold the highest voting power. CELO tokens have a limited supply of 1 billion. There are currently over 450 million CELO tokens in circulation.
CELO also issues a stablecoin known as Celo Dollars (cUSD). This stablecoin is an Ethereum-based (ERC-20) token that is pegged to the U.S. dollar. The CELO reserve holds CELO tokens and other cryptocurrencies, such as Bitcoin and Ethereum. These assets serve as collateral for the cUSD holders. cUSD holders can exchange their tokens for CELO tokens whenever they want. The platform uses its native token, CELO, to stabilize the price of its stablecoin, cUSD. The stablecoin has an unlimited supply.
The CELO platform also hopes to explore new stablecoins that are pegged to other fiat currencies. This new feature will be put to vote and users who stake their CELO tokens can choose the outcome.
As the native token on the CELO blockchain, the CELO coin is used to pay transaction fees and power the blockchain. The transaction fee is then used to reward full nodes. With enough CELO coins, a user can make important changes to the platform. CELO operates a governance protocol and the CELO coins are used to vote for changes. Users with high amounts of CELO coins have more voting power than users with low amounts.
CELO's price decreased considerably at the time of writing and like other cryptocurrencies, it fluctuates often. However, this could serve as a good phase for reaccumulating the token.
CELO's stablecoin has become the first integrated stable coin for Opera. Opera may have a limited user base when compared to bigger web browsers but its over 380 million global users will be introduced to CELO through the platform. This is a significant milestone for CELO and it will help the coin become a more widely accepted and accessible cryptocurrency.
The CELO protocol also allows developers to create decentralized applications on its blockchain. The blockchain is also smart contract compatible. Developers can create decentralized finance apps on the CELO blockchain.
A few projects running on the blockchain are:
CELO's technology is built to attract users who want to explore the crypto space but are not familiar with it. The platform targets mobile phone users and simplifies the crypto transaction process using an ultra-light client. The company behind CELO, cLabs conducted a survey that revealed that many mobile phone users suffer data constraints that do not allow them to use blockchain networks like Bitcoin and Ethereum.
In an attempt to solve this problem and bridge the gap between these smartphone users and cryptocurrency, CELO integrated a new cryptographic system. This system allows users to access the Celo network with little to no data usage by using an “ultra-light” client. In comparison to other blockchain networks, Celo requires a lot fewer data. The platform offers users over 10,000 times a reduction in the quantity of data required to access the network.
Light clients create a way for anyone to use blockchain networks. They serve as the bridge between the people and the blockchain. It is software that links mobile devices with full nodes. The full nodes, as stated earlier, then connect the transactions to a validator. Another responsibility of a full node is to manage the transaction history of the network. To link a device to a full node, the light client will download a fraction of the data from the full node.
CELO's technology simplifies crypto transactions thereby allowing the average smartphone user to connect to the network. Other crypto platforms use long complex cryptographic addresses to send and receive funds. While the CELO protocol uses a process known as “address-based encryption" to simplify the wallet address.
CELO users can link their phone numbers to their cryptographic wallet address by following a quick verification process. This allows users to send and receive money to their mobile phone numbers, eliminating the need for complex wallet addresses that often frustrate most users. CELO uses the mobile number of a user to represent the user's digital identity.
CELO also allows users to send money to anyone on their contact list even if that person has not downloaded the application. When a user sends money to an unregistered number, CELO stores the money and delivers it to the recipient once they have linked their number to a cryptographic address.
CELO attracts new users every day with its easy-to-use layout and transaction process. Users who want to buy, sell, or swap CELO tokens can do so on a cryptocurrency exchange. Many exchanges list the CELO token and as the platform continues to gain recognition, more exchanges are listing the token. CELO is slowly being accepted as the global payment infrastructure for the crypto industry. The platform focuses on mobile phone users who constitute a huge percentage of the population. This allows people to explore the crypto space without forfeiting the comforts and simplicity that regular mobile applications offer them. The CELO token is used on the CELO mobile app to pay for transactions but users who do not have the app can still trade the token. You can swap your CELO tokens on Swapzone.
To swap BTC or other coins for CELO, follow the steps below:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.