A platform for digital payments to any mobile number at a fraction of today’s cost.
Celo aims to create a solution that would propel large-scale adoption of cryptocurrencies as payment means. The Celo team are planning to launch a social payments and money transfer app targeted at developing markets.
The Celo platform will employ a proprietary decentralized address-based encryption algorithm to map phone numbers to wallet addresses. Celo tokens are backed by a crypto-asset reserve and pegged to fiat currencies. The participants will get rewards for securing and sustaining the system.
The Celo team hope to create an ecosystem of various applications that would be based on their address-based encryption system. Currently, the team suggest three possible use cases: cash transfers (money transfer without any formal and legal obstacles), social payments (sending fiat-pegged digital payments to any mobile phone), get paid to participate (mobile cryptocurrency can be earned by anyone with a smartphone).
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