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Celo is a blockchain platform designed to facilitate fast, cheap and globally accessible payments, with a special focus on financial inclusion. Celo uses a Proof-Stake (PoS) consensus system and is optimized for mobile devices, allowing transactions to be carried out using only telephone numbers instead of complicated addresses. Through its technology, Celo seeks to offer financial services to unbanked or underbanked people around the world, allowing anyone with a smartphone to access services such as payments, savings and investments.
Celo (CELO) is the native cryptocurrency of the Celo network and is primarily used to facilitate consensus and security within the blockchain. CELO holders can participate in the validation process through staking, helping to secure the network. In addition, CELO is used to pay transaction fees and is the central currency within its ecosystem, since it is also used as a “bridge” to facilitate conversion between different fiat currencies and stablecoins on the platform.
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