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.
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.
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.