About

Celo is an Ethereum Layer 2 that runs on the OP Stack, uses EigenDA v2 for data availability, and integrates a zkEVM via Succinct SP1. The network supports paying gas with ERC-20 tokens including USDT, USDC, and cUSD.

History

There will be more than seven billion smartphone subscribers by 2025 but there is currently less than 0.1 billion cryptocurrency users. According to the Celo Foundation, useability and price stability remain two of the main inhibitors of cryptocurrency adoption. Celo's mobile-first approach aims to bridge this gap.

Key technology innovations to drive adoption include:

1. Fast & light transactions (block headers optimized for fast mobile phone synchronization).
2. The ability to send currency to phone numbers (lightweight identity protocol that maps hashes of phones numbers to public keys-- making it easier for anyone with a mobile phone to send and receive digital currencies to anyone in the world)
3. Automatic deduction of transaction fees and the option to pay gas (as low as $0.01) in stable currencies.
4. Stable coins, starting with cUSD, backed by a decentralized reserve to help provide stability, transparency, and auditability.

Celo was founded in 2017.