If you often do financial transactions over the phone, you cannot ignore the CELO coin. So what is the CELO coin and how is the Celo ecosystem developing?
What is CELO Coin?
Celo is a blockchain for mobile devices.
Celo's goal is to deliver decentralized finance (DeFi) services to 6 billion mobile phone users worldwide.
Celo makes paying as easy as texting on your phone, as long as you have an internet connection.
Celo encrypts the user's phone number and email into a wallet address. Users can get rewards by securing and maintaining the network.
Celo is compatible with the Ethereum virtual machine but uses the Byzantine Fault Tolerance (BFT) consensus mechanism (PoS) instead of the proof-of-work (PoW) mechanism like Ethereum.
Celo released the white paper in 2017. Launched the first testnet called Alfajores (an Argentinian cake) in July 2019.
Launched a reward hunting testnet called Baklava (a type of Turkish dessert) in December 2019. The official Celo network (mainnet) launched on Earth day 20/04/2020.
Currently, it is still a testnet for developers, while Baklava is a testnet for node operators.
The platform includes 4 native tokens: CELO, Celo Dollar, Celo Euro and Celo Brazilian Real.
Some highlights of Celo:
- Compatible with Ethereum Virtual Machine (EVM) => you can add Celo network to Metamask
- Using proof-of-stake (PoS), carbon neutral
- Gas tolls can be paid in different currencies
See more: What coins does the Celo ecosystem include??
Detailed information about CELO coin coin
CELO key metric
|Token Type||Utilities + administration|
|Total supply||1,000,000,000 (1 billion coins)|
CELO Token Allocation
There are 600,000,000 CELOs when the network officially launches.
The remaining 400 million CELO will be distributed as rewards for network validators and Community Funds.
The first 600,000,000 CELOs are distributed as follows:
- Staking and block validation: 30%
- Community Fund: 19.5%
- Protocol Contributors: 18.5%
- For pre-launch buyers (two private rounds and public auction): 12.5%
- Initial reserve used to maintain the exchange rate of cUSD: 12%
- Operational fund and other expenses for cLabs and Celo Foundation: 7.5%
CELO Token Sale
- Private sales 2018: $0.18 / CELO earned 6 million dollars, 24 months vesting
- Private sales 2019: $1 / CELO earned 30 million dollars in vesting within 4 years
- Sell through Coinlist 2020: $10 million
CELO Token Release Schedule
The allocation table of CELO coins within 360 months (30 years) from 2020 to 2050 is calculated according to the following table:
If you want to see the details of the CELO token payment schedule, you can see the Google Sheet here.
CELO Token Use Case
The CELO Coin is used to:
- Staking to become a node
- Transaction fees on the Celo . network
Wallet & Coin Exchange CELO
You can store CELO coins on official wallets of this platform such as Valora, Celo Wallet, CeloExtensionWallet…
Or you can use wallets compatible with Celo like Metamask, Wallet Connect…
In addition, you can also use other non-custodial personal wallets such as Coin98 Wallet, Trust Wallet...
You can buy CELO coins on exchanges like Binance, MEXC Global…
Celo's founding team comes from major organizations such as MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, Federal Reserve Bank, Harvard University, University of Pennsylvania Law School, Cambridge University, US Department of Justice, Bank Of America, Capital One, Twitter, Give Directly and the Gates Foundation.
Investors in Celo are all big investment funds like a16z, coinbase, Dragonfly Capital or Jack Dorsey…
So I just came across what is CELO coin and some information about CELO coin.
Wish you success!