Celo, the mobile-first blockchain focused on emerging markets, has announced the launch of Provo, a value-add sandbox for public and official sector experimentation on the Celo blockchain.
Through Provo, Central Banks can explore and experiment with central bank digital currencies and other digital assets.
According to Celo, the Provo service will let Central Banks test CBDC designs and implementation mechanisms in permissioned and/or permissionless, risk-free environments.
Furthermore, Celo says that a new testing environment will enable clients to design and test various issuance, distribution, privacy, and monitoring designs.
Provo clients will also have full acces to a Celo testnet, which will bring several benefits with it:
Help them gain first-hand experience in issuing their first tokens
Visualization of transaction flow
Making decisions based on real-time analytics
Ability to experience the Cell platform as an end-user
Celo also says that clients will receive support from a team of engineers, economists and policy experts from cLabs and have access to a global community of developers and technologists that support Celo.
Provo is said to offer various levels of support and customization for clients based on the technical expertise, procurement requirements, and desired outcome in the short and long-term.
Celo also says it has the expertise that authorities can rely on.
Here are some milestones of Celo since introduction:
Celo platform was developed in 2017
Launched a mainnet since then
Launched the CELO native assset for the blockhain
Also introduced 2 stablecoins, cUSD cEUR
Introduced a mobile payments app
Been listed on several highly regarded global exchanges.
Celo also outlines some of its advantages given the several blockchain solutions available. These include:
Interoperability with Ethereum and other blockchains
Full EVM Compatibility
Vision for currency inclusivity
Low costs and high speeds
More than 30 million transactions have taken place on the Celo blockcchain
With Provo, Celo is looking to bring traditional financial practices and merge them with the new emerging fintech ideas making it a better way for businesses, developers, individuals, NGOs and Central Banks to collaborate or participate in innovating on the future of money.