Coinbase now helps the Celo (CELO or CGLD) cryptocurrency. Coinbase will now assist and commerce Celo underneath the CGLD ticker image.
Oddly, CoinMarketCap tracks Celo underneath the CELO ticker image. Coinbase treats Celo as an exploratory cryptocurrency. Meaning Coinbase is inspecting Celo as an asset. Specifically, Coinbase has listed Celo for buying and selling on Coinbase Professional.
Celo is the cryptocurrency platform constructed as an alternative choice to Facebook’s (FB) Libra cryptocurrency scheme. The Prosperity Alliance is constructing Celo as a platform that may make monetary instruments accessible to anyone who has a cell phone.
Celo’s web site describes Celo as a Mobile-First Blockchain Platform. Celo (CELO) or CLGD is a utility token for the Celo Platform. As well as, Celo is planning a US greenback stablecoin they name the cUSD or Celo Greenback. The cUSD is a stablecoin they design for cell phones.
The Alliance for Prosperity is a bunch of nongovernment organizations and blockchain builders. The Alliance’s members embrace the World Meals Program, OkCoin, Indacoin, Wyre, MoonPay, smeicolin, Laboratoria, BC4NB, Blockchain ex, CoinLogiq, cLabs, Keyko, Klaytn, Hashkey, Gitcoin, B12, blockforce, Bitwage, WeTrust, and Bitmania.
Celo has some highly effective industrial backers together with Coinbase, SVAngel, Basic Capitalist, Verisonone, Twitter (TWTR) CEO Jack Dorsey, Dragonfly Capital Companions, and Polychain Capital.
The objective of Celo is to construct a brand new worldwide monetary system that may serve all people, together with the unbanked. The hope is to create cell apps that may enable anyone anyplace to spend or switch Celo by way of a cell app.
They’re constructing Celo as a non- Fb (FB) different to the controversial Libra. Libra faces vehement opposition from many politicians, together with members of the US Congress.
CoinMarketCap gave Celo a Coin Price of $1.78, a Market Capitalization of $221.593 million, and a 24-Hour Market Quantity of $2.682 million on 27 November 2020.
They based mostly these numbers on Circulating Provide of 124.448 million CELO, a Whole Provide of 1 billion CELO, a reported Circulating Provide of 184.448 million CELO, and a Most Provide of 1 billion CGLD.
In distinction, CoinBase gave Celo a Coin Price of $1.80, a Market Cap of $223.6 million, a 24-Hour Market Quantity of $2.7 million and a Circulating Provide of 124.four million CGLD.
I don’t assume Celo is an effective cryptocurrency as a result of it isn’t Ethereum appropriate. Ethereum (ETH) is the preferred blockchain. In truth, Investopedia estimates there have been over 200,000 Ethereum Request for Comment (ERC-20) tokens in 2019.
Meaning most cryptocurrencies are Ethereum based mostly, and Celo will not be appropriate with them. Furthermore, this implies Celo is not going to work with most blockchain platforms. I’ve to marvel how Celo can obtain mass adoption with out Ethereum.
I additionally notice that Celo refuses to handle the foremost roadblock to cryptocurrency adoption: the blockchain scalability downside. The issue is the gradual velocity of cryptocurrency, which makes it troublesome to spend cryptocurrencies.
I don’t assume Celo might earn money or obtain mass adoption with out a resolution to the blockchain scalability downside. To unravel the blockchain scalability problem. I believe a cryptocurrency must course of 3,000 transactions per second (TPS) or extra.
With out that sort of velocity, Celo can not construct a world platform. Notably, Visa (V) claims to course of over 65,000 transactions per second.* Nonetheless, I do know of solely cryptocurrency that claims to supply a velocity of over 3,000 TPS: EOS (EOS). The EOS Community Monitor claims EOS has processed 3,996 TPS.
In conclusion, I counsel speculators to keep away from Celo (CELO) as a result of it has no present worth. As a substitute, all Celo (CGLD) affords is a obscure marketing strategy. Therefore, you have to steer clear of Celo till it demonstrates a working cell app.