Blockchain is a technology that allows transactions to be gathered into blocks and recorded in a trusted and secure manner. It can be used for many things, including money (cryptocurrency), managing medical records, and even online games. You can read more about the CELO blockchain here.
What are some advantages of blockchains?
They are Global: It means that cryptocurrencies can be sent across the planet quickly and cheaply.
They increase privacy: Cryptocurrency payments don’t require you to include your personal information, which protects you from being hacked or having your identity stolen.
They are open: Because every single transaction on cryptocurrency networks is published publicly in the form of the blockchain, anyone can scrutinize them. That leaves no room for manipulation of transactions, changing the money supply, or adjusting the rules mid-game. The software that constitutes the core of these currencies is free and open-source, so anyone can review the code.
What is cryptocurrency?
Cryptocurrency is the most well-known use of blockchain. Cryptocurrency is a form of money that acts like digital cash. This means Person A can send cryptocurrency directly to Person B without the need for an intermediary (e.g. bank or mobile money)
Bitcoin is the first and most widely used cryptocurrency.
A Protocol built on Celo
Blockchain technology allows for new benefits and anyone to send money to another person, in a non-objectionable, transparent way, without intermediaries, instantly and almost free of charge, regardless of the country. All you need is an internet connection and a smartphone to have an account and send and receive money.
Celo is an open-sourced Proof-of-Stake (PoS) blockchain designed to support stablecoins and tokenized assets with an algorithmic reserve-backed stability mechanism. Currently, we use Celo Dollars (cUSD), a stablecoin whose value does not fluctuate widely, to distribute basic income to vulnerable communities. There is also Celo, the cryptocurrency that acts as a utility and governance token for the Celo platform.
Why is impactMarket built on Celo?
Prosperity for All
We are aligned with Celo's mission of Prosperity for All, the first carbon-negative blockchain. We joined the DeFi for the People Initiative in February 2022, and we recently joined the Social Impact Collective to accelerate and drive positive change through financial inclusion and economic prosperity.
Celo is one of the few blockchains that were built for mobile phones. It is designed to be easy to use and work for a low-end device or a fancy laptop.
Cost and Speed
With CELO, you can send transactions from the US to the Philippines for less than one dollar. This means you can keep what you earn rather than pay fees to middlemen. Each transaction takes about 10 seconds - which means you can get paid for your work much faster than before.
For more information about the Celo Blockchain, please visit their FAQS.