Celo

Celo is a developer of a mobile-first blockchain platform that offers financial tools to anyone with a mobile phone. The Celo ecosystem includes a decentralized, proof-of-stake blockchain technology stack, a native asset, a stablecoin, and the Celo Alliance for Prosperity. Since the 2020 introduction of Mainnet, Celo's network has supported over 1,000 projects from builders, developers, and even artists, who are able to create new applications and issue digital currencies in over one hundred countries.

Celo was founded on the belief that blockchain technology can solve real-world problems, such as lack of access to sound currency or friction for cash-transfer programs to alleviate poverty. The company operates on a theory of change framework, which describes how short-term action can lead to long-term social impact. In this framework, Celo aims to create the conditions for prosperity.

Celo is a mobile-first, carbon-neutral blockchain that offers decentralized finance tools and services intended to be accessible to anyone with a mobile phone. The blockchain is developed to be interoperable and cross-chain compatible to support Celo's vision for inclusivity. This is done in part by mapping wallet addresses to phone numbers to allow anyone to send payments as easily as sending a text. This uses a decentralized address-based identity layer to maintain security. Mobile participants can earn rewards for securing and maintaining the system.

CELO is a platform-native asset that supports the growth and development of the Celo blockchain and ecosystem. CELO is a utility, reserve, governance, and staking asset and part of Celo's multi-asset system. CELO holders can earn rewards, stake with validators, and vote on proposals to shape the future of Celo. CELO has a fixed supply and variable value that is connected to the use of the platform, governance, and the number of stablecoins in use.

CELO's primary function is stabilization, serving as the primary reserve asset in Celo's stability mechanism. Further, CELO plays a role in the governance of the Celo platform and technology. The CELO asset is used to stake as a signal of participation in confirming transactions on the blockchain, as part of Celo's proof-of-stake (PoS) consensus protocol.

Named for the currencies they follow, Celo Dollars (cUSD) and Celo Euros (cEUR) are stablecoins that allow users to share value on their mobile phones. These stablecoins unlock access for everyday uses, like remittances and cross-border payments, paying online, and transferring value within exchanges and in markets. These coins use an algorithmic stabilization mechanism, are publicly verifiable in that stability, and offer an average network transaction fee of less than $.01.

Using the payment applications and mobile solutions built on Celo, users can transfer stable value globally using only a mobile number, while retailers can accept either cUSD and cEUR as stable forms in payment online or in-person. The stablecoins are designed to not have high transaction fees or expensive third-party intermediaries for peer-to-peer payments. Further, these coins allow users of Celo's payment applications to send and receive money internationally or locally on a mobile phone.

The Celo Wallet is a desktop cryptocurrency wallet offered by Celo for use on Celo's network. The wallet, like other cryptocurrency wallets, allows users to manage funds, either in-browser or as a desktop application. Further, the Celo Wallet supports ledger and staking. Celo's coins are compatible with other wallets, including Valora, MetaMask, Abra, and Opera. They are also available in cryptocurrency exchange wallets, including Coinbase, Coinbase Pro, Binance, CoinList, OkCoin, and Bittex.

The Celo Terminal is a single place to manage accounts and access to Celo's decentralized applications. The terminal is available for download on MacOS, Windows, and Linux. It supports Celo applications and Celo cryptocurrencies. The Mento exchange is built into the Celo Terminal, allowing users to exchange assets. Further, it offers automatic staking with Celovote. Users can vote on governance through the Celo Terminal, and it offers ledger wallet support.

Moola is a mobile-first platform for borrowing and lending assets on Celo. This application, developed by Celo, is intended to democratize access to credit and yield and allow users to start earning interest on CELO, cUSD, and cEUR, while offering lending services to other Celo participants.

Celo offers a program for central banking authorities, governments, and related agencies to explore options for issuance in permissioned environments, or processing social payments in the real world. Through this program, these entities are offered a chance to explore what is possible on blockchain with Celo and can gain insight from Celo's engineers, economists, public policy personnel, and compliance specialists. Celo also offers Provo, a free sandbox for public sector experimentations on Celo.

Central Bank programs and related use cases include digital currencies built on blockchain, and what it would mean for central banks to implement digital currencies; scalable cross-chain interoperability, as any central bank-issued currencies would require this level of interoperability; financial inclusivity research; policy and stimulus programs for targeted and effective economic stimulus programs; stability mechanisms for maintaining digital currencies stability; and the regulations applicable to stablecoins and decentralized financial technology to address the risks associated with these technologies.

The public sector program is supported by industry partnerships, including participation in pilots, committees, and working groups focused on increasing the conditions of prosperity globally. These partnerships include the following:

• Chamber of Digital Commerce
• World Bank Group
• ITU
• Blockchain Association
• Blockchain for Europe
• EUBlockchain
• World Economic Forum
• Alliance for Prosperity
• Digital Euro Association