What is Celo Blockchain?

Beginner Apr 28, 2022

Key Takeaways:
— Celo blockchain is now supported on the Ledger Live App!

— You can now not only secure your CGLD with complete peace of mind using your hardware wallet, but also manage and visualise your Celo portfolio seamlessly from the Ledger Live interface. A safe and agile combination that lets you benefit from this exciting blockchain.

— Celo is a Layer 1 blockchain with its own ecosystem of DeFi options, designed specifically to run on mobile.

— With simple, light and borderless transactions using just a mobile, Celo blockchain promises to unlock the power of crypto and DeFi for a new generation of users.

We talk a lot about blockchain here at Ledger, and sometimes it’s easy to forget the basics of why it’s so important. Here, let’s check out Ledger Live’s latest integration, Celo, so you can get familiar with this innovative blockchain, its ecosystem and its very exciting mission.

The traditional financial system is known for its gatekeepers and restrictions, limiting our access to our assets and preventing many people from accessing basic financial services altogether.

But blockchain changed that: it not only provided a public infrastructure for storing and moving value around, but also an ecosystem of financial services (thanks DeFi) for anyone to use. Beyond crypto, DeFi empowered users to personally benefit from services such as borrowing, lending and passive income options, without a bank, middleman or any red tape – all you need is a computer and an internet connection.

But what if you don’t have one? 

The Last Barrier to Crypto

Actually, that’s a problem. Phone-based financial transactions are a staple for millions of people across the globe, with a huge number of people using mobile-native apps to settle transactions and send money to friends and family each day. A quick look at the success of apps like PayPal and Venmo shows just how important mobile-first financial services are for huge swathes of people. 

Yet it’s a market that cannot easily access the benefits of crypto or DeFi.

Blockchain is Too Heavy for Phones

Crypto transactions are data-heavy. The blockchain (and activity there) stays secure because of its distributed ledger of nodes, which keep track of the ledger and ensure new transactions are consistent with their existing data. But they do this by keeping a record of every transaction that has ever taken place on the network, and this is an enormous amount of data that needs an enormous amount of processing power.

So you generally need a computer to support your crypto activity and keep your wallet in sync with the blockchain – a phone simply doesn’t have the processing power to deal with this interaction, leaving anyone without a computer out of the picture.

So how can this limitation be addressed, enabling crypto to reach everyone the way it was intended to?

Enter CELO Blockchain: the network that’s enabling millions of new users to access crypto with a “mobile-first” approach. Interested? You should be – there’s something interesting happening here. So let’s take a closer look at Ledger Live’s latest integration, and the unique offering it’s bringing to the market.

Celo Ecosystem Explained

To understand the value of Celo and its ecosystem of services, we need to look first at how it’s designed to be used. CELO is a mobile-first blockchain designed to unlock the power of crypto for absolutely everyone, without any additional hardware.

So how does it do this?

Fast, Lightweight Transactions

Blockchains are known for their relatively slow transaction speeds, as they struggle to download transaction history data before exchanging funds. Celo’s system eliminates the need to do this, meaning its native wallets can quickly and securely synchronize with the main network – this makes it perfect for mobile use, opening the potential of crypto to millions of new users.

Simple Transaction Details

Celo also removes the barrier of complexity for new users, by enabling you to use your phone number as your public key. Celo uses an on-chain public key infrastructure that links phone numbers to public keys, making it easy to send money to your phone’s contacts, whether or not they have a crypto wallet yet. There is no lengthy “onboarding” for new users – all you need is a phone and some crypto.

Instant, Borderless Transactions – For Everyone

And with the Celo infrastructure operating across many different carriers and countries, it enables access to financial services from almost any mobile phone in the world.

An Ecosystem of Native DeFi Options

Beyond being a blockchain, Celo is compatible with the Ethereum application layer (Ethereum Virtual Machine), meaning it can support its own system of applications and tokens. It offers an ecosystem of dApps and DeFi options, (powered by its native coin CGLD), creating an entry point for millions of people to access financial services and passive income opportunities, with just a mobile phone.

Governed By its Community

Celo’s native token Celo (CGLD) is also an on-chain governance token that can be staked on Celo’s proof-of-stake protocol, making passive income accessible to anyone. This also means anyone with the token can have a say in how the platform evolves and grows over time.

Celo also offers the Celo Dollar – the platform’s native stablecoin backed by CGLD in reserve, and capable of maintaining a stable value via Celo’s algorithmic protocol. 

The First Carbon Neutral Blockchain

Celo follows an approach to fight climate change by incentivizing the protection of natural capital.

The platform’s mission extends beyond simply giving mobile access to crypto – it aims to make financial services borderless, easy to use and accessible for all, via a sustainable infrastructure.

Celo Integration with Ledger Live

The Celo blockchain’s integration within Ledger Live means you can not only maximise the security of your CGLD using a hardware wallet, but also manage it seamlessly, from visualize your portfolio and instantly access services such as trading and staking from within the Ledger Live interface. This means ease of use and absolute control over your coins.

Crypto is an ecosystem known for its relentless innovation and the Celo blockchain promises some extremely exciting new options – not least the possibility for a whole new wave of crypto users to enter the space. The potential here is huge.

Our list of supported coins is constantly expanding to allow you to explore the latest platforms and innovations, so keep on learning and stay up to date – things are changing fast, and we all stand to benefit.

Knowledge is Power.

Passive income – one of crypto’s greatest gifts. Not sure how it works? Don’t worry, we all asked the same questions. Here’s School of Block to give you the scoop.

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