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Tuesday, June 6, 2023

Decentralized Mobile Payment System – Celo

I’ve talked about this before that how different projects targeted different fields and the first one to enter the market had the chances to create a major market holding there. One such market is the phone industry. People use different apps to send money to one another and these apps have brought easiness to the users. Instead of going somewhere physically even to a bank. These apps have made sending money easier from a few clicks away. These applications are centralized in nature. With their easy to use and friendly user interface they are coming more and more in use. Now what if we bring this project into the world of blockchain (Celo enters the chat here).

What is Celo

Celo allows easy transactions from your phone. Using the same concept of transferring money, Celo brings the incentives of blockchain to the normal people and allows more security, safe transfer and transactions. It hosts smart contracts and dApps that allow the users to dwell in the defi world. Where different wallet addresses contain an average of 42 letters that are nearly impossible to remember, Celo uses your phone number as a wallet address that allows you to use the network on the go without the need to look for addresses again and again.

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Native Token Celo (CELO)

The ecosystem is supported by their native token Celo (CELO) for the network transactions gas fee as well as for the governance votes. Celo is the first blockchain network that has been carbon negative. It has been about 520 days since the first day. The price of CELO is directly affected by their stablecoin CUSDT. The price of CELO varies in such a way that stablecoin remains at $1.

Price movement and Tokenomics

At the time of writing Celo (CELO) stands at the price of $5.89 with a decrease of almost 3.01% in a single day. Celo created its all-time high at the price of $10.975 on 30th August but the price couldn’t sustain that level and closed at $7.128. This was an increase of about 67.13% in a single day.

According to coinmarketcap the current circulating supply is about 306M and has 59th rank according to market cap. Celo today has the trading volume of $135,091,680 with a decrease of about 20.03% in the past 24 hours. Celo can be exchanged and bought at some of the most popular exchanges like Binance, CoinBase, KuCoin.

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