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Introduction to CELO

Table of Contents

What is CELO? #

CELO is a mobile-first blockchain that makes decentralized financial (DeFi) tools and services accessible to anyone with a mobile phone. It aims to break down barriers by bringing the powerful benefits of DeFi to the users of more than 6 billion smartphones in circulation today.

CELO Ecosystem #

Mainnet #

The CELO Mainnet is CELO’s production network, launching in April 2020. Mainnet is used to describe when a blockchain protocol is fully developed and deployed, meaning that cryptocurrency transactions are being broadcasted, verified and recorded on a distributed ledger technology.

CELO #

CELO is a platform-native reserve and governance asset and is the primary asset in the stability mechanism (Mento) that supports stable digital currencies. Primary function of CELO is stabilization, ensuring the healthy velocity of assets circulating and trading globally on CELO. CELO is also the key governance mechanism for the CELO platform. Owning and using CELO supports the growth and development of the CELO platform by enabling each CELO owner to vote on proposals that guide how the core technology operates today and in the future.

Stable Assets #

The CELO Reserve supports the CELO Platform and helps ensure the value of stabilized assets circulating on CELO. The CELO Reserve supports the stability of stabilized value assets by hosting a diverse portfolio of cryptocurrencies and supporting the ability of the CELO protocol to expand and contract the supply of CELO stable assets based on user demand. The CELO Reserve is composed of cryptocurrencies including CELO, BTC, ETH, and DAI – ensuring that all user transactions with the reserve can be conducted in a fully auditable manner on the chain in a decentralized manner.

CELO Dollars (cUSD) and CELO Euro (cEUR) #

CELO Dollars (cUSD) and CELO Euro are CELO’s stablecoins that tracks the value of the U.S. dollar and Euro respectively. CELO Dollars and CELO Euro were designed to be as usable and stable as everyday digital money with the added benefits of fully mobile global circulation. Since cUSD and cEUR are digital, stable and mobile-first, users can easily save, pay, borrow, and send cUSD and cEUR to any mobile number in the world in a faster, cheaper and more secure way.

CELO is mobile, open and real #

CELO aims to deliver a new universe of financial solutions for mobile users and takes a mobile-first approach to provide the opportunity to positively impact 6B+ smartphone users worldwide, creating a global financial ecosystem where end users can join the CELO ecosystem with just a mobile number.

CELO’s technological innovations enable it to work truly across devices, carriers and countries. CELO uses a novel Proof of Stake (PoS) consensus protocol and an ultra-efficient light client. With its vision of interoperability, cross-chain compatibility and currency inclusion, CELO enables digital assets to circulate across devices, carriers and countries at extremely low cost and high speed, making currencies mobile, global and accessible in ways never before possible. CELO is supported by a mission-aligned network of technologists and international organizations working to build an inclusive financial system that creates the conditions for everyone to prosper.

Mobile #

CELO’s mobile-first, user-first approach to decentralized finance (DeFi) means everyone has equal access to powerful financial tools and services – no matter who they are or where they live – creating convenient, financial opportunities for anyone who is online and on their mobile phones.

Open #

With its vision of interoperability, full EVM compatibility and cryptocurrency inclusion, CELO’s open source infrastructure now supports over 1000 projects from builders, developers and even artists who are creating new applications and issuing digital currencies from over 100 countries worldwide every day.

Real #

Leveraging the power of mobile-first DeFi to solve real problems for real people, CELO makes the blockchain’s vision of a globally accessible decentralized financial system a reality. With CELO’s reliable 5-second block-out time, low gas fees for stablecoin payments, and decentralized phone authentication protocols, it’s no wonder that companies and organizations like Deutsche Telekom, Opera, and the Grameen Foundation are partnering with the CELO ecosystem to advance CELO’s technology in the real world.

Conclusion #

The CELO network features a stability protocol capable of hosting an ecosystem of stable value currencies like the CELO Dollar, regional currencies, commodity based stablecoins and more. It is supported by a community of organizations and individuals, including Deutsche Telekom.

Updated on November 9, 2021

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Disclaimer: This is done with our best knowledge and effort, nothing can be known for certain – always DYOR and risk management. This is NOT financial advice. Use the information presented here to inform your own decisions. Referral links may be included on any outbound link.

  • What do the risk ratings mean?

Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

🔵 Low Risk
These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

🔴 High Risk
Project contains code or practices that are HIGHLY LIKELY to lead to catastrophic losses as they are right now. Make sure you read the description carefully as we will always warn what these issues are. If you see the words Hard Rug anywhere in the review, STAY FAR AWAY!

⚫️ Not Eligible
We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours. Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.

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