Cryptocurrency Q&A
What blockchain is Celo on?
What blockchain is Celo on?
Giulia
Sun Jun 30 2024
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5 answers
819
Could you elaborate on the underlying blockchain technology that powers the Celo network? As a professional in the field of cryptocurrency and finance, I'm interested in understanding the specifics of the technological backbone that supports this emerging platform. Could you provide a concise yet comprehensive description of the blockchain Celo is built on? It would be valuable to know about its scalability, security features, consensus mechanism, and any other distinguishing factors that make it unique in the cryptocurrency landscape.
5 answers
RiderWhisper
Tue Jul 02 2024
Celo is a unique carbon-negative protocol designed to empower mobile users with decentralized social payments.
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Silvia
Mon Jul 01 2024
The core of Celo's ecosystem is an EVM-compatible Layer 1 blockchain, which provides the foundation for secure and scalable transactions.
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KpopStarletShine
Mon Jul 01 2024
Alongside the blockchain, Celo has a native token that serves as the backbone of its economy, enabling users to participate in various activities on the network.
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MysterylitRapture
Mon Jul 01 2024
To further enhance its capabilities, Celo introduces three algorithmic stablecoins: cUSD, cEUR, and cREAL. These stablecoins are designed to maintain their pegged value to their respective fiat currencies, providing users with a stable store of value.
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DigitalDynastyQueen
Mon Jul 01 2024
The combination of the Layer 1 blockchain, native token, and algorithmic stablecoins creates a robust ecosystem that caters to the needs of mobile users seeking decentralized social payments.
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