Community Trust ScoreVerified
Celo states it is always the right time to switch to crypto. They focus on a mobile-first platform, which makes financial dApps and crypto payments accessible to anyone with a mobile phone. Celo is promoted as crypto made for the mobile. They want to make cryptocurrency for the mobile, open, and real. The mission of Celo is to create conditions of prosperity for everyone.
They have made it easy to start sending, spending, and earning crypto from mobile phones. The platform allows to build apps and assets, which can be moved across chains, carriers, and countries. They make it important to use crypto-like everyday money on a platform that has been designed for real-world use.
The Celo platform is PoS, EVM compatible, open-source, and governed by CELO asset owners. The growing ecosystem of CELO has more than 1000+ projects, developers, and partners who are supported by millions of CELO owners from across the world.
Worth recollecting that Celo Org ran a DeFi project during the first half of 2020 during COVID lockdowns to test a set of hypotheses around under collateralized credit for Venezuelan migrants residing in Columbia, by activating DeFi for 5B mobile phone users.
Rene Reinsberg, CEO of CELO, stated, “Integrity is the most important talent in a team.”
CELO developers have been doing user research in an attempt to understand the customer pain points. Curing the pain points of consumers has been fundamental to CELO products.
Long back, Rene Reinsberg pointed to identifying a century-old practice called Saving Circle in Tanzania.
A saving circle comprises a group of trusted family members, where each of them is contributing a certain amount of money to a group safe. When one of the group members needs, this person is permitted to withdraw from the collective savings.
Further, there are multiple physical keys to this safe, and it is distributed to different group members. Therefore, if someone wants to withdraw from the safe, all the key holders should be present. Thus, preventing fraud and building trust in the community.
Thus, CELO was able to identify that primitive financial activities like saving circles, lending, credit score, and capital were digitized.
CELO community attitude towards PoW and PoS: CELO community attitude towards PoW and PoS: At the heart of it, there is truly no difference between PoW and PoS. They are both methods of validating data transfer. This can and should be the argument.
There is a universe of a fundamental difference between PoW and PoS. Even PoS proponents should know that. And mining has nothing to do with data transfer.
I thought POW boils lakes and oceans.
