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What is CELO?
Celo token (CELO) is an open-sourced Proof-of-Stake (PoS) based on the Celo blockchain designed to support tokenized assets and stablecoins like cUSD, cEUR and cREAL with a reserve-backed stability mechanism. The Celo network supports the development of smart contracts and DApps (decentralized applications). Its first one being, the Celo Wallet, a blockchain solution aimed to enable people to send money through their mobile phones. Users can download the wallet from the Apple and Google play store, under the name Valora, and set it up with a few simple clicks.
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Due to the ability to support stablecoins, Celo has grown in popularity as a solution for IDOs. Support for Celo on Polkastarter officially started with the first IDO: ImpactMarket, a solution used to enable any vulnerable community to implement poverty alleviation mechanisms, like Unconditional Basic Income. Through the Celo integration in the IDO, many more users will be able to access IDOs without paying huge gas fees, a major issue as of recent with Ethereum.
Overall, this integration into Polkastarter IDOs will improve liquidity and push community adoption further.
Another really positive news for the Celo community is the latest Kickstarter Celo integration. The crowdfunding platform wants to create its own Kickstarter Blockchain project on Celo, by moving its existing website to the new protocol. The New York-based company said they chose Celo due to its effort to minimise environmental impact and focus on global accessibility via mobile phones; that would allow them to reach a wider audience.
CELO is available for trading on yanda.io dApp.
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