What is Celo? Expanding my crypto wallet

By RFereru | CryptoStory | 14 Oct 2020

Another of the Coinbase Earn courses that I have been able to do and get US $6 is the CELO coin. This course is 3 videos of about 2-3 minutes each, each of which gives you US $2 to complete and answer a simple question.

99d266e304c181b62158f4dbf952b75d61a59de18578c3d053ef4037da4a8181.png

Access to Celo Coinbase course (font: Coinbase)

But what is CELO?

As we can read on the CELO website:

Celo is an open platform that makes financial tools accessible to anyone with a mobile phone.

That is, the objective of CELO is to be a blockchain platform that allows having financial tools directly on the mobile, without the need to have a bank account. In this way, we can send CELO dollars (a stablecoin) to other users directly to their mobile through their phone number. This is done by 'converting' phone numbers into electronic wallet addresses by means of an encryption algorithm.

0177a9d2cbb02669fb1817f04c26a7befa5c4807604be9a3845311392d57e22f.png

Phone number to Celo Adress assignement (font: Celo)

This system allows transfers even to people who do not have the Celo application, although, yes, they should download it at that time.

Celo Gold (cGLD) and Celo dollars (cUSD)

Celo offers two native crypto assets as a platform:

Celo Gold (cGLD). It is the governance currency of the platform, of which there is a limited amount. A first part of this amount of coins was initially released as a reserve, while the rest will be minted over time.
Celo Dollars (cUSD). CUSD is an ERC-20 stablecoin that is pegged to the US dollar. To maintain this relationship with the USD, the platform supplies more cUSD or buys cUSD.

Conclusion

Celo is a mobile-first protocol designed to facilitate both the adoption of cryptocurrencies and their use and transfer among all users.

It is based on a social use, trying to reduce the difficulties and barriers of access of many people to this type of new economy.

Its growth will depend on the option it has on the part of the community.

If you liked this post, upvote it! And, if you want to know how I evolved in the crypto world: Stay tuned!

In some of the courses, Coinbase allows you to send invitations to other Coinbase users to take them. Here are a couple of links to the EOS and XLM courses: