cLA token is in the spotlight. What about its network?
Celo Network offers interesting features. This platform is becoming quite popular, as well. It aims to enable any user worldwide who has a smartphone to access financial services, pay merchants and send money to phone numbers.
The project’s goal is to create a decentralized platform. The team wants a diverse community of individuals, organizations, and partners to control this network instead of a single person. The community members will develop, upgrade, and maintain Celo’s platform.
According to the company, Celo has various unique characteristics. It focuses on offering the easiest experience for end customers who may not be familiar with cryptos. For such users, the company will utilize low-cost devices with inadequate connectivity. The team worked out a full-stack approach on how to do that, encompassing both the protocol and the apps.
Furthermore, Celo is an open, distributed cryptographic protocol. It enables programs to interact with and compute on a family of cryptos, including those tied to fiat currencies like the U.S. dollar or Euro. There is also Celo Wallet, which enables end-users to manage accounts. By leveraging the Celo protocol’s features, customers can make payments safely and easily.
What other advantages does this platform offer?
The network natively supports numerous ERC20-compliant stable currencies, facilitating the usage of cLA tokens as a payment method. Besides that, the company maintains a secure decentralized mapping of phone numbers. As a result, wallet users will be able to send and receive payments with their existing connections easily and confidently. Customers can pay transaction fees in stable currencies. Thus, they won’t need to monitor several currency balances.
The team ensures rapid and safe synchronization between the Celo network and mobile devices. Investors will be able to use Celo without limited bandwidth, high latency, or high-cost data tariffs. Moreover, the company will eliminate the requirement to verify each received header. It will also improve additional performance via BLS signature aggregation and succinct zero-knowledge proofs.
The team employs a consensus technique based on proof-of-stake. Compared to Proof of Work systems like Ethereum and Bitcoin, this avoids negative environmental impact, enabling customers to conduct transactions that are faster, cheaper, and irreversible once completed.
How will the Celo Network reward its users?
The company plans to offer gifts to those customers that run complete nodes on the platform. Unlike previous proof-of-risk systems, investors will be able to earn cryptos without needing to stake dollars. Besides, Celo offers quick upgrades, along with protocol changes via on-chain governance. All cryptocurrency holders can participate in it.
This network contains a programmable smart contract platform. It is compatible with the Ethereum Virtual Machine, which is not only widely accepted but also well-known to developers and well-supported by tools. Thanks to these advantages, the company will be able to create rich user experiences. It will offer fast support to a diverse ecosystem of third-party applications. Meanwhile, users will retain complete control over their funds and account keys.
Celo has its own native utility token. cLA is high ranked on several token listing platforms. The team launched its ICO sale on December 27, 2021. 3,000,000 cLA is available during the sale, which is 3% of the total supply. The token price is $0.152000 during the initial coin offering.
