Celo is building products for financial inclusion utilizing the power of blockchain.
There’s a lot of buzz about blockchain, but what does it all mean? What are some new ways that we can use blockchain in Kenya? How can we use this technology to bring more people into the financial system? We hope to answer these questions and more in our first forum in Kenya.
Celo aims to remove the barriers for large-scale adoption of cryptocurrencies as means-of-payment. Anyone can participate in the network and earn Celo currency, even with a budget Android smartphone. Using a novel address-based encryption algorithm, Celo makes sending money as easy as sending a text.
Celo also uses stable-value tokens pegged to fiat currencies, like the US Dollar, to minimize volatility of payments. The first application launching on the platform is a social payments and money transfer app, aimed at developing markets.
Celo makes sending payments as easy as sending a text, to anyone anywhere. It maps phone numbers to wallet addresses using a novel decentralized address-based encryption algorithm. Mobile participants can earn rewards for securing and maintaining the system.