Introduction to Celo

Celo is a proof-of-stake mobile-first blockchain that "makes financial dApps and crypto payments accessible to anyone with a mobile phone".

It has an average block time of 5 seconds and is Ethereum Virtual Machine (EVM) compatible. Celo uses mobile phone number mapping to public keys. Celo transactions are fast & light because the block headers are optimized for fast mobile phone synchronization.

Celo has two native tokens CELO and CUSD.

CELO is a "utility coin" that enables users to:

• participate in the Proof-of-Stake consensus
• pay for on-chain transactions, and
• vote on governance decisions.

Celo Dollar (CUSD) is a US-dollar pegged stablecoin.

The network supports the development of smart contracts and decentralized applications. Its first application, Celo Wallet, intends to be a social-payments system centered around mobile phones.

Consensus mechanism: 
Proof-of-Stake