TL;DR Breakdown
• Celo Coin uses a proof of stake (PoS) consensus algorithm.
• Now Celo is focused on smartphones.
Digital currencies like Bitcoin and Ethereum grew considerably in the last year. Regarding Bitcoin, it eclipsed the $20K mark set in 2017.
Although Bitcoin has lost over 50% of its price during the crypto market crash in May, it is still an expensive cryptocurrency. Celo Coin is a great way to enter the crypto market with a cheap digital asset that has growth potential.
Celo Coin is a mobile Crypto token
The crypto market remains a mysterious industry for most people. However, it is understandable by the complexity of the underlying technology. Despite its complex nature, one digital asset platform, Celo, wants to ensure that everyone can provide cryptocurrencies by facilitating the payment process.
This platform, instead of going the traditional way of using complex and long strings of letters and numbers for blockchain addresses, allows users to receive and send payments just by having a phone number.
The Celo Coin technical and development team has taken this approach because everyone has a mobile phone on hand. In addition, smartphones have been more widely adopted and are easy to use by any user.
Celo aims to take advantage of 6 million mobile phones and thus generate greater adoption of cryptocurrencies.
Celo is a cheaper coin
Celo uses a proof of stake (PoS) consensus algorithm. It is lightweight and allows anyone to use digital assets without worrying about their e-wallet address. An example: Users can send Celo Dollars (USD), the platform’s stable currency, with WhatsApp. You will still need to download the Celo wallet to receive and send funds.
Celo Coin is a sophisticated cryptocurrency like any other blockchain. The token uses the best blockchain development tools to execute its protocols. In addition, Celo uses defined validation nodes which allows it to ensure that the network achieves consensus.
Additionally, users can use several telephone numbers with their Celo address if they lose their number. It has a decentralized algorithm called EigenTrus, which measures users’ reputation and the usual credit score for financial position.
The Celo Coin price has undergone drastic changes in recent weeks. Before the crypto market crash, the price of this cryptocurrency was $6.05 on the 17th og May, but it fell over 50%, reaching $2 a few days later. However, the Celo price is expected to increase in the long term.
