Celo (CELO) is a smartphone-based Defi protocol that aims to increase cryptocurrency implementation in different ways. This significant platform includes proprietary payments infrastructure, a custom-built blockchain that is Stablecoin, and advanced program protocols are all part of the platform. CELO was created to enable the creation of next-generation Dapps and to simplify payment transactions for the users.
However, CELO is the platform that supports the development of decentralised applications to make basic payments accessible. It uses a Byzantine Fault Tolerance (BFT) Proof of Stake governance mechanism to keep its distributed network of computers in sync. Validator nodes are used to power the blockchain and take up space to decide on the changes that occur within it. CELO helps with a wide range of issues. The platform removes technical barriers to cryptocurrency onboarding and usage. The company makes financial tools available to anyone with a mobile phone by leveraging the current global mobile infrastructure. Without any further ado, we should move forward.
What to keep in mind while buying CELO?
The risks should be considered before making any cryptocurrency purchase. The users of CELO should follow the below points:
- The value of CELO is linked to the total value of the Stablecoins for the transaction. The value of the CELO platform may rise with the use of Stablecoins.
- CELO operates in a competitive market as a global payment platform. The adoption of CELO’s smartphone applications will determine the token’s value.
- The transaction in the CELO ecosystem does not require the use of the native CELO token, unlike blockchain transactions.
- The platform’s reserve holdings a certain percentage of CELO tokens.
Step by step to buy CELO
Choose the crypto exchange app like WazirX. Then, here are the three steps to follow.
- The first step is to open an account on the desired crypto platform. The sign-up page will pop up where you need to provide a valid email address and a user name. Set a strong password to secure your account once the Email Id has been authenticated.
- Then, check the account’s validity: To buy CELO on the WazirX platform, you must first complete your KYC. Just upload the documents and your account will be ready in less than 15 minutes.
- After your account has been verified. You can deposit any amount or medium of exchange and begin your cryptocurrency journey!
After understanding these crucial steps, let’s dive into some compelling features of CELO.
The Features of CELO
- CELO is a mobile Defi platform. The CELO platform provides a secure platform for the CELO community to create digital assets with a stable value. Users can use Public Key Infrastructure, On-chain Governance, Self-Custody, and the Proof-of-Stake mechanism to work with Dapps.
- CELO’s industry-leading decentralised phone number verification makes it simple to create payment applications. It also allows users to send or request digital assets from any mobile phone anywhere in the world. It can provide features such as non-custodial wallets, ultra-low network transaction fees, QR code support, and more.
- CELO token is created to support stable value currencies. The first Stablecoin uses a reserve-backed stabilisation mechanism, crypto-asset collateralization, and native support for multiple Stablecoins to help track the value of the US Dollar.
Conclusion
CELO has a list of advantages that could help drive cryptocurrency adoption to new heights in the months ahead. The platform has indeed started collaborating with mobile operators to get their products into consumers’ hands. Furthermore, the developer’s aim is to offer an open network that is willing to assist the platform gain traction in the future. As a result, CELO should be expected to do a lot more in the future.
