Celo CELO

1. Summary

Ranks

Liquidity

98

Developer

58

Social

99

Momentum (beta)

72

Stack Rank™

83

Price

$0.82 +0.3%

Market Cap

$439.12M (#166)

Supply

524.76M / 1.00B

Tags

Celo Ecosystem DWF Labs Portfolio

More Metrics

Price
52W High price	$0.90
52W High date	21st Feb 2023 (1 year ago)
All Time High (ATH) Date	30th Aug 2021 (2 years ago)
ATH Price	$9.82
% From ATH	-92.41%
All Time Low (ATL) Date	10th Jun 2023 (10 months ago)
ATL Price	$0.38
% From ATL	97.9%

Supply & Trading Volume
Trading Volume (24h)	$19.69M
Total Supply	1.00B
Max Supply	1.00B
Circulating Supply	524.76M

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Description

Celo is essentially this platform that fills the role of global payment infrastructure for cryptocurrencies with attention to mobile users. The idea it has is simple, to make payments accessible by anyone on a global scale through any phone number in the world.

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Celo is essentially this platform that fills the role of global payment infrastructure for cryptocurrencies with attention to mobile users. The idea it has is simple, to make payments accessible by anyone on a global scale through any phone number in the world.

Celo also supports the development of decentralized applications (dApps) on its blockchain.

To do this, it has two native tokens, such as CELO which is used as a governance asset for voting on changes on the protocol, and Celo Dollars or cUSD which is a stablecoin that mirrors the value of the U.S. dollar.

It was founded in 2017 and between 2018 and 2020 it raised over $46 million through selling 120 million CELO tokens.

The CELO Token Explained

The CELO cryptocurrency is intended for the maintenance as well as the operation of the Celo platform and can be used for sending, receiving as well as holding and staking. Through owning and staking a CELO token, a user gets the ability to vote on the upgrades of the network, where each vote is proportional to the amount of CELO tokens that specific user stakes. The participants here can earn rewards this way.

An interesting part about CELO is the fact that the supply itself is limited which means that there will only ever be 1 billion CELO ever made. An important thing to note here is that Cleo’s system has a requirement where the validator nodes can be voted in by CLEO token holders.

Features of Celo

When it comes to the features and the functionality of the Celo network, it is reliant on three contributors. First, you have what is known as light clients, who are the Cleo Network applications running on user’s mobile devices, such as Cleo’s mobile wallets.

Then you have the validator nodes, which are the computers that participate in the consensus mechanism of Cleo in order to validate the transactions and produce new blocks in the process. Last but not least you have the full nodes that are the computers that act as a bridge between the Validator nodes as well as the mobile wallets and take requests from light clients and forwarding the transactions to validator nodes.

Discussing the governance mechanism, it is known as Byzantine Fault Tolerance (BFT) and it is intended to keep the distributed network of computers in sync. In order for the validator nodes to power the blockchain as well as vote on the changes that can occur, they have to actually stake a minimum of 10,000 CELO tokens which means that anyone that owns CELO can help operate the network. You also have Celo’s ability to operate stable coins such as cUSD which offers efficiency alongside transparency when it comes to making crypto transactions. It automatically ensures that the value of each cUSD token is equal to one U.S. dollar through what is called a programmatic reserve, which is an overcollateralized reserve consisting of CELO and other cryptocurrencies.

Founders of Celo (CELO)

Discussing the founders of Celo, it was originally created by a team of people from Google, Visa, GoDaddy, World Bank, Federal Reserve Bank, Harvard University, as well as other impressive locations and portfolios.

You also have the dedicated Celo Foundation which is a non-profit that launched with its mainnet, and you also have the Celo Alliance for Prosperity which is described as the ecosystem of mission-aligned organizations.

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