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