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.
- 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.
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.
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.