Celo is supposed to be like an improved PayPal with its own currency
According to Celo Alliance member, the platform ecosystem will soon be like a better version of the PayPal payment platform with its own digital currencies.
The beginnings of the company
As we wrote in the previous article, Celo is a foundation whose aim is to create a new financial system that will create conditions for prosperity for everyone.
Celo wants to become a global symbol of help and cooperation. They plan to create an open monetary system by strategically implementing new tools and services to build new financial infrastructure in developing countries.
Since the launch of Celo Alliance, a group of more than 80 supporting companies that enabled the creation of the network and its development, the platform began to compete with the Libra Facebook project.
Development of Celo
Konstantin Richter, one of Celo’s members, shared his experience of the platform’s development and the appearance of the company’s ecosystem in the near future.
According to Richter, the bearish trend since 2018 has had a negative impact on many projects, yet the company has remained on the surface, and the last year has been very positive for them and is helping to gain momentum.
Looking ahead, Konstantin predicts that Celo will become a widely used and integrated platform to run stablecoins using mobile devices. The vision of the project is to connect people who do not have the opportunity to use the traditional financial infrastructure with its new form.
According to Celo Alliance member, the platform will facilitate trade and payments in Africa, Latin America or other developing regions that need new solutions due to lack of adequate financial services.
“In a way, I think of Celo as an improved Paypal with its native currencies.”
Cooperation with Blockdeamon
Richter is the founder of Blockdeamon, which enables companies to quickly implement innovative blockchain applications. Celo has been with Blockdeamon since early 2019, one of their first collaborations. Konstantin emphasized the benefits of both companies’ collaboration, noting that Blockdeamon helped build Celo’s network structure and designed tools for its programmers.
Celo is a network that requires active participation in the network, so their goal is to handle thousands of node operations. Hence the cooperation of both companies is very fruitful, Celo invests a lot in infrastructure and development of protocols or solutions supporting this ecosystem.
The future of the platform
The fiduciary money was secured with gold. The new Stablecoins from Celo will be able to be secured with everything we want to see more in the world, such as rainforests. Soon you will be able to choose between two Stablecoins to help solve or contribute to global warming. The infrastructure itself is to be global and help countries that do not have access to financial services.
All the companies involved in the Celo project have committed themselves to make a joint effort to support mobile work, to ensure that fast remittances can be made, or to streamline the humanitarian aid process and to facilitate payments and provide micro-credits. It has been estimated that the total reach of project participants has already exceeded half a billion people.
If you want to know more about Celo, please read the last article. Do you think the vision of the company has a chance to prove itself in the future?