The network supports the development of smart contracts and decentralized applications. Celo (CELO) is a native property of the protocol. It acts as a utility that allows users to participate in network consensus (via the Proof of Stake system), pay for on-chain transactions, and vote for governance decisions. Celo Dollars (cUSD) are stable assets that track the US dollar.
Technological Features:
Stable Value Currencies: Celo includes native support for multiple ERC20-like stable currencies pegged to ‘fiat’ currencies like the US dollar.
Accounts Linked to Phone Numbers: Celo maintains a secure decentralized mapping of phone numbers that allow wallet users to send and receive payments with their existing contacts.
Transaction Fees in Any Currency: Users can pay transaction fees in stable currencies so that they do not need to manage balances of different currencies.
Immediate Syncing Even on Slow Connections: Celo is designed to support wallet users with high latency, low bandwidth, or high-cost data tariffs. Celo removes the need to check every header before a received header can be trusted. The network also uses BLS signature aggregation and succinct zero-knowledge proofs, via zk-SNARKs, to help improve performance.
Programmable (Full EVM Compatibility): Celo includes a programmable smart contract platform that is compatible with the Ethereum Virtual Machine (EVM), which is already widely adopted, familiar to developers, and has strong tool support.
Self Custody: Users have access to and full control of their funds and account keys, and don't need to depend on third parties to make payments.
Use of Native tokens in the ecosystem:
The CELO cryptocurrency plays a key role in maintaining and operating the Celo platform, and can be used for sending, receiving, holding and staking.