Celo is developing a blockchain-based ecosystem that is focused on increasing cryptocurrency adoption among smartphone users. The platform uses phone numbers as public keys where users without banking access to transacting in cryptocurrency. Celo aims to include users without bank access to using cryptocurrency to pay for goods and services. The team aims to include users who have no bank account access to trading in the currency using the public key to make money. Celos is developing an ecosystem that aims to increase cryptocurrency adoption.
What is Celo?
Celo is developing a blockchain-based ecosystem that is focused on increasing cryptocurrency adoption among smartphone users. The platform uses phone numbers as public keys where users without banking access to transacting in cryptocurrency. Celo aims to include users without bank access to trading in the currency using the public key to make money. Celos is developing an ecosystem that aims to increase cryptocurrency adoption. Celo aims to integrate the internet of things with cryptocurrency. Users can purchase cryptocurrencies through their phones with the use of Celo's wallet app. Users can earn cryptocurrency through consuming, consuming with a special reward earned for their purchases. Celo is working to develop a blockchain-based ecosystem.
How does Celo work?
Celo launched in July 2018, as part of a new ecosystem called the Parity1, the first blockchain-based mobile banking platform designed to create an economy of users without access to bank accounts or credit cards. Celo uses a different blockchain to do this as opposed to the Bitcoin and Ethereum networks which provide platforms for most blockchain-based cryptocurrency applications. The Celo blockchain is based on the EOS project. The Celo team is developing the next generation of public key infrastructure for cryptocurrency trading. CELO’s public keys, or addresses, can be used to acquire and exchange cryptocurrency using a mobile wallet. This allows users to store their private keys on the phone, such as a mobile phone.
Benefits of Using Celo
The platform has a built-in wallet that enables users to send and receive money from other users using the platform. The team explains that the wallet is an integrated one that works in a similar fashion to a typical app on a smartphone where users have to enter login details for each transaction. Moreover, the platform connects the user to an online merchant who accepts cryptocurrency. The users are paid for their purchases using cryptocurrency and are free to send the payment to their bank accounts. Users can earn loyalty points for each transaction which can then be used to buy products that can be sent to their Celo wallets. Celo has partnered with 22,000 merchants across the globe to become one of the largest cryptocurrency payment providers.
The Team
Celo is led by Tomás Pinto, Founder & CEO. In 2016, Tomás graduated from Miami Dade College with a Bachelors’s degree in Computer Science. He co-founded Celo with Omar Santoyo, the Co-Founder of DEVPoint in May 2018. Omar Santoyo co-founded the company with Tomás Pinto and started working as a product consultant in 2012. In 2014, Omar joined Groupwize, Inc. and became a member of the Strategic Planning team where he contributed to the development of the Sales and Marketing Automation platform, in June 2015 Omar co-founded DEVPoint, and became the Chief Technical Officer of the company.
Conclusion
I think it’s quite obvious why these coins are gaining so much interest. Just a week ago, bitcoin was in the midst of the worst drop it has seen in two years. To make matters worse, Bitcoin prices have been on a constant slide since March and the current price is about 50% below its all-time high. So as the market has changed dramatically over the past few months, altcoins have been a great shield. Prices of these altcoins are stable and people that didn’t know about cryptocurrency three months ago or even three weeks ago have now become aware. Moreover, you might also want to think about bitcoin. Yes, bitcoin is cheaper right now. Yes, some say that it isn’t going anywhere anytime soon. But those that have invested in bitcoin see the potential.