What is Celo coin? Celo (CELO) is a blockchain project that aims to make it possible to trade cryptocurrencies with devices such as smartphones. In this article, you can access answers to frequently asked questions such as what is Celo coin, what it offers, how to get CELO, what is it used for, what are its advantages and disadvantages. As Kriptokoin.com, we did the research for you.
What is Celo coin?
Celo coin is a blockchain project that enables smartphone users to do crypto trading and mobile payment. The platform allows secure crypto trading by converting 6 digits of users’ phone numbers into a private key.
supports some stablecoins similar to tokens created with ERC-20 smart contract. In addition, the platform itself has two different tokens. These are CELO, the platform’s native cryptocurrency, and cUSD, a dollar-pegged stablecoin. The Celo project aims to enable all phone owners around the world to make payments and access global financial services through the network. It synchronizes mobile phones to the network very quickly, allowing crypto money transfer within minutes.
What is CELO used for?
Celo coin works as the native cryptocurrency of the platform. It is also a governance token. CELO holders can use their assets to vote in decisions that determine the future of the platform. Thus, a decentralized platform structure is formed. In addition, CELO has several use cases.
Users who register to the network with their smartphones can use CELO to pay the fees required to transact on the platform. Celo coin can be bought with stable coins within the network and has a staking feature. CELO holders can get additional token rewards at maturity by locking their tokens on the platform for a certain maturity. The maximum supply of the token is capped at 1 billion units. At the time of writing, 427.3 million tokens were in circulation, which is 43% of that number. CELO is the 71st largest cryptocurrency with a market cap of $1.5 billion.
What are the advantages?
- Users registered to the platform can quickly make transactions after synchronizing their phones.
- Celo network works very fast. Cross-border cryptocurrency transfers take place within minutes.
- Users can stake Celo coin. CELO holders have the opportunity to earn passive income at maturity by locking their assets.
What are the disadvantages?
Users who register to the Celo network with their phones consent to the registration of their phone numbers in the system. Users who store their crypto assets in online wallets risk the possibility of cyber attacks. This situation can be resolved by transferring assets to a hardware wallet.
How to get Celo coin?
Users who want to buy Celo coins should first find a crypto exchange where the token is listed. Among these exchanges, Binance and Coinbase have high transaction volume and are safe. Interested investors can purchase CELO by signing up for one of these exchanges and depositing money.
