Celo, the mobile focused blockchain platform focused on emerging markets like Africa, has revealed that its testnet has recorded 100 million transactions while the mainnet is not far behind at 95 million transactions.
Celo says it is on a mission to introduce cryptocurrency transactions to the billions of smartphone owners across the world looking to reach those without banking access in emerging markets.
Celo blockchain stats currently look like this:
- A ledger closing time of about 5 seconds
- A transaction throughput of 1,000 transactions per second
- An average transaction cost of $0.005405
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SEE ALSO: Celo was the 4th Fastest Growing Blockchain in 2021
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The chain is reportedly one of the cheapest blockchains when compared to other major blockchains:
- Ethereum – $21.41
- Bitcoin – $1.57
- Loopring – $0.46
- Avalanche – $0.45
- Binance Smart Chain – $0.35
- Bitcoin Cash – $0.01
- Polygon – $0.00265
- Solana – $0.00025
The Celo ecosystem consists of:
- A decentralized proof of stake blockhain
- The CELO native asset
- 2 stablecoins – cUSD, cEUR
CELO is a proof-of-stake (PoS) coin that may be used to pay transaction fees, participate in governance, and other related activities.
The network intends to support a variety of stablecoins in the future with 3 stablecoins already in use:
- The Celo Dollar (cUSD)
- The Celo Euro (cEUR)
- The Celo Brazilian Real (cREAL)
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RECOMMENDED READING: Understanding the Polygon Network and its Quest to Become an Internet of Blockchains
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