Celo is a mainnet blockchain focused on providing decentralized finance (DeFi) capabilities to mobile phone users worldwide. The blockchain’s makeup reportedly allows for fewer user requirements and greater speed. The Celo mainnet blockchain, which went live in 2020, utilizes its native asset, CELO — formerly known as Celo Gold — for several purposes.
Is Celo proof-of-work or proof-of-stake?
Celo is an open-source, proof-of-stake (PoS) blockchain with cross-chain compatibility, including with the Ethereum Virtual Machine (EVM). The Celo blockchain claims to be carbon negative, with an average block time of five seconds.
How does Celo work? The Celo blockchain has a focus on mobile device usability. To make that focus functional, the PoS blockchain incorporates a specific addition to light-client technology, called Plumo, that aims to make it even more functional. Essentially, Plumo, in tandem with light-client technology, lowers the bar for Celo blockchain interactions in terms of hardware and data requirements while increasing speed. This makes the experience mobile-device friendly. Plumo uses zk-SNARK technology. Zero-knowledge succinct non-interactive arguments of knowledge (zk-SNARKs) essentially allow information to be authenticated without seeing the information itself.
The smart contract-capable Celo blockchain is also home to multiple algorithmic stablecoins, which rely on CELO and other assets for stability.
CELO coin price
What is CELO crypto used for? Among its uses, the CELO crypto asset is the governance asset of the Celo blockchain. CELO is also a method of payment for Celo network gas fees. Gas fees can also be paid with other certain assets, albeit at higher rates. For the CELO price today, the CELO marketcap and more, see the top of the page. A CELO price chart showing CELO price history is also available above.