BarCELOna Blockchain Week — what is it and what is Celo?
Flori and Celo both believe that there is power in the collective. Therefore, the desire to promote strategy, technology, innovation, and partnership within the community is powerful.
With this in mind, we are gearing up for Barcelona Blockchain Week (or should we say BarCELOna) with a flurry of events throughout the week and the Celo Connect global conference as the staple
The Flori team is excited about the opportunity to bring the ecosystem together and will be hosting a few events throughout the week, such as our Florish Founders Retreat and an Investors & Founders Happy Hour.
If you’re new to the Celo ecosystem, or want to learn more — join us! Here’s a complete list of the events at Barcelona Blockchain Week and here is why this is the place for you –
What is this Celo you speak of?
Celo is here to create financial inclusion. Historically financial institutions are structurally exclusive and not suited for the poorer communities and more remote corners of the world. Celo aims to break these barriers of exclusion and create a financial landscape in which everyone is welcome.
Celo imagines
- A world where creators and founders reshape local economies.
- The growth of local economies will regenerate the global financial ecosystem.
What is Celo used for?
Celo is an open-source platform that allows developers, designers, dreamers, or doers to contribute toward building more prosperous monetary systems.
It is a beautiful thing to envision a world where the somewhat complex world of blockchain and crypto is demystified, and used to build a more inclusive financial system for all.
Here are a few of the core technologies, features, and mechanisms that Celo is used for:
A mobile-first network & ultra-light client
By introducing novel cryptographic techniques Celo enables anyone to connect to the Celo network with minimal data requirements through an “ultra-light” client, making blockchain financial technology accessible to over 6 billion smartphone mobile users. The Celo ‘ultra-light’ client software boasts a 17,000x reduction in the amount of data required for a transaction compared to a ‘light’ client software.
Intuitive user experience
No lengthy cryptographic addresses needed here. Through a simple verification process, the Celo wallet allows you to sync a mobile number to a cryptographic address. If you are worried about contacts who have not yet onboarded to the network, fret not, The Celo Wallet allows you to send to non-users too, Celo Protocol holds the funds in a type of escrow until the recipient maps their phone number to the corresponding cryptographic address.
The Celo Dollar, Celo Native Asset & the Celo Reserve
The ability to send money to anyone as easily as sending a text, is the first step in the revolution. Celo realized that as important as ease of transaction is, it is critical that the coin be free from daily fluctuations associated with most popular cryptocurrencies.
How? Celo features stablecoins programmatically supported by a reserve backing of other cryptocurrencies.
Celo’s stability mechanism in action
Through the decentralized Celo Protocol, the reserve is directed to constantly adjust the Celo Dollars supply to match market demand.
The good news is that managing the fluctuations in supply and demand for Celo stablecoins is simple — the protocol mints new stablecoins and sells them for CELO.
The Celo reserve expands and gets stronger in the process as the proceeds from the sale go to amplify the reserve.
CELO governance
Using the d’Hondt method, 100 validators are tasked with maintaining the network. The Celo validators earn Celo Dollars as a reward once per epoch (roughly each day, initially).
Once elected, validator nodes (or machines) on the network are relied on to
- verify and process transactions,
- run smart contract computation and
- run an attestation service that enables the mapping of phone numbers to public addresses.
Join the community at Barcelona Blockchain Week
Come meet us during Barcelona Blockchain Week (April 1–10, 2022), as Celo Foundation hosts Celo Connect, a global conference that brings the web3 community and some of the biggest names in the ecosystem together.
The Flori team will be there, and we’d love to connect with you. If you want to join the community and attend the event, be sure to grab your tickets here.
Barcelona Blockchain Week events (April 1–10, 2022):
Celo Connect (April 4–5, 2022):
Investors and Founders Happy Hour (April 4, 2022):
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