Why Celo Will Skyrocket In 2023

Last Updated January 5th 2023
6 Min Read

With developments in blockchain technology, the crypto market soared in 2021, and asset prices hit multiple all-time highs. Cryptocurrencies recorded a collective market cap of over $2.2 trillion in December 2021. Investors are hoping that the market will rebound again this year.

Out of the many promising crypto platforms in the market today, Celo provides a global payment infrastructure for cryptocurrencies, aiming to target mobile users. To this end, Celo aims to make financial freedom accessible to anyone globally.

In addition to payments, Celo can support the development of decentralized applications on its blockchain. Thus far, these dApps include allowing anyone to contribute to a community’s universal basic income scheme, as well as a crowdfunding platform for social causes. Thanks to its unique features and popularity, Celo is likely to skyrocket in 2023.

Why Choose Celo?

Celo uses a phone number as a wallet's public key to make it easy to send money to the phone contacts. There are billions of smartphone users worldwide, but only a portion of these people use crypto. Moreover, banking and personal finance opportunities are unreliable or nonexistent in many countries. 

Celo hosts smart contracts and decentralized applications that allow its users to access the possibilities of decentralized finance (DeFi) and trustless transactions. The platform uses the native token CELO for network gas power fees and Celo governing protocol votes. 

One of Celo's earlier proposals voted into effect was carbon offsetting to make its proof-of-stake network the first carbon-neutral blockchains. As a result, Celo recently became the first integrated stablecoin for the Opera browser. This new connection is a big step for Celo as it started its journey to becoming an easily accessible coin for the general public. 

Don't Miss: How To Stake Celo

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Factors That Help Celo Surge To New Heights

1. Solid Fundamentals 

The founders of Celo identified a considerable gap between the number of smartphone users and cryptocurrency users in the market. Therefore, the team has focused on integrating smartphone numbers and their public keys to facilitate blockchain-based transfers of cryptocurrencies.

Consequently, the purported goal of the team is to disrupt the smartphone industry and encourage the adoption of cryptocurrencies across a broader audience. By connecting billions of smartphones to the cryptocurrency arena, Celo will eventually make crypto a household name.

The digital asset is backed by leading investors like A16Z, Naval Ravikant, and Coinbase Ventures. Celo acquired over 1 million wallet addresses across 113 countries within a short period. To simplify cryptocurrency transactions with just a phone number or email address as a public key, the platform uses an address-based encryption protocol.

Moreover, the network is also compatible with Ethereum Virtual Machine (EVM). The Celo blockchain is one of the fastest-growing cryptocurrencies in the market today. Its ecosystem consists of a decentralized Proof-of-Stake blockchain technology stack, a native token, CELO, stablecoins (cUSD, cEUR), and the Celo Alliance for Prosperity.

The ecosystem also expands across 150 organizations worldwide, including PayU, Opera, Andreessen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs. Therefore, the potential of its ecosystem is massive. Eventually, with more successful penetration of smartphone users over time, the network would see mass adoption, making CELO a stellar investment choice.

2. Mobile Scalability and Flexibility 

One of the main benefits of Celo is its mobile scalability. The platform integrates a unique structure that leverages a hyper-efficient light client and total node incentives. This technology provides the network with the capability to scale up to 6 billion smartphones. Scalability has long been an issue faced in the cryptocurrency markets. Early cryptos such as Bitcoin and Ethereum have had problems meeting the growing demand of users. Celo was built from the ground up to support the entire mobile phone market.

Developers who build on Celo enjoy full EVM compatibility. This approach streamlines network adoption as Ethereum is the largest Dapp ecosystem currently. In addition, these developers can provide Celo users access to their Dapps without recoding their projects.

Celo integrates a high level of flexibility into its programmability. Developers can integrate the network’s features into their Dapps without learning new coding. For example, they could utilize the platform's stablecoins, cUSD, and cEUR to simplify payments and accounting in their applications. They can also create new stable assets using the interface. Uniquely, the platform supports the creation of multi-reserve assets.

3. Unique Features 

Celo operates as a multi-asset cryptographic protocol for decentralized social payments. The network is an Ethereum hard fork that introduces alterations to provide more scalability and mobile support. Notably, the entire network retains ERC-20 Compliance. This designation means that you access the vast Ethereum ecosystem, including wallets, DeFi applications, and DEXs.

The platform is unique because it combines a custom-built address-based encryption scheme with stablecoins to create a monetary system well suited for use. The platform does not require users to learn new terminology or features. It operates similar to other popular mobile money transfer platforms like Venmo or CashApp. Users can send money using the other party’s phone number, email, or a host of other options.

To accomplish this, the network has integrated Address Based Encryption. This protocol is an alternative to the identity-based systems in use today. Instead of giving everyone a public key, the network makes users create and store their public-private key as the first step. Then, they register their private key with the network directly. Notably, you can link email, cell phone, and more using this system. From there, anyone can use Celo to send you payments directly in a peer-to-peer fashion cost-effectively.

Investing in CELO now could help you make massive profits in the future.

4. The Wallet and CELO Tokens 

The Celo Wallet plays a vital role in the functionalities of the platform. The dApp is free to download and install. Payments are complete in near real-time. You can send value globally in seconds securely using this Dapp. Also, the wallet integrates Celo Dollars into its core features. 

Notably, the wallet operates in a non-custodial manner. Non-custodial wallets are more secure than their custodial counterparts because they only allow access to private keys. Furthermore, all critical features such as sending transactions and checking balances can be done in a trustless manner using the peer-to-peer light client protocol. In this way, users' crypto remains safe regardless of a network hack.

CELO is the utility and governance token for the network. Users need to hold this token to interact with the advanced features of the network. It also plays a vital role in the platform community governance mechanisms. The more CELO you hold and the more weight your votes have. Notably, the token has a fixed supply of 1,000,000,000 tokens.

Buying CELO is a quick way to become a part of the growing Celo ecosystem.

Bottom Line 

The Celo Blockchain is an open cryptographic protocol that allows dApps to make transactions and run smart contracts in a secure and decentralized fashion. This blockchain improves on many of the shortcomings of Ethereum. In addition, the network has introduced a new block format, transaction format, client synchronization protocols, and gas payment and pricing mechanisms to provide a more responsive experience to users.

The platform also provides a combination of features that could help push crypto adoptions to new heights in the coming months. In addition, the platform has already begun working with mobile carriers to get their products in the hands of consumers. Therefore, Celo is likely to skyrocket in 2023 and generate sizable returns for all these reasons.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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