Getting Started with Celo

. 4 min read

Celo is one of the most inclusive cryptocurrency projects around, and more people are beginning to take notice due to its thriving community. So let’s explore this project bringing dApps to everyone and enabling anyone with as little as a smartphone to participate in the cryptocurrency space.

What is Celo?

Celo is an open-source blockchain project that supports a native cryptocurrency called CELO and other tokenized assets like the stablecoin cUSD. Celo aims to be accessible to anyone by leveraging technology that has become commonplace among most of the planet, smartphones.

Suppose you are looking to experiment with blockchain technology and learn more. In that case, Celo is an excellent choice given its inexpensive transactions and ecosystem containing many projects focused on ease of use.

Can you Use Tokens on Celo?

As Celo comes with its own blockchain and token support, tokens on Celo are absolutely something you should check out. One of the most interesting is cUSD, a stablecoin that aims to be tied to the value of the US Dollar (USD) that is transferable on the Celo blockchain. The value of cUSD is maintained by a mechanism that algorithmically adjusts the cUSD supply using crypto-only reserves to ensure transparency and a reliable level of price stability.

Thanks to very low transaction fees on the Celo network, it opens up many opportunities for engaging with dApps and various types of smart contracts using tokens on Celo. As a result, many projects are popping up on Celo that range widely from NFT collections to experimental economic protocols.

How Does Celo Work?

The Celo network supports itself by relying on several different types of contributors to the network. Firstly, light clients are a form of software that operates on a user’s device; one great example is the official Celo mobile wallet which enables a low barrier to entry for the use of Celo on mobile devices. Furthermore, light clients allow users to interact with the network efficiently without operating more demanding software or needing access to anything higher-end than a cheap android phone.

As an alternative to using a light client, you can also use the non-custodial wallets provided by LocalCoinSwap, where you remain in complete control of your funds and can access your wallet on just about any device with a modern web browser.

Full nodes are also are vital parts of the network and provide a valuable service. These nodes help support the network and enable the use of light clients. Full nodes on the Celo network act as bridges that pass transactions and other necessary data between different network participants and help keep everything running smoothly and in sync.

Unlike many blockchains that currently use proof of work consensus to secure them, Celo opts instead to use proof of stake with the help of validator nodes that require staking of CELO tokens to take part in the validation process while incentivizing positive and honest contributions to the network. Validator nodes are essential as they provide validation for transactions and produce new blocks.

Together, these different types of participants form an active and efficient network that supports a flourishing and growing ecosystem of users and use cases.

Why does CELO have Value?

CELO holders can stake their CELO tokens and gain the ability to drive the project. The more CELO tokens you hold, the more voting power you can muster. Staking is rewarded and encourages participation as a validator. If the total amount of tokens staked drops below a certain threshold, rewards increase to encourage more holders to begin staking and ensure the network is well supported.

Combining staking rewards with governance helps the CELO tokens form a valuable part of the project and help provide a strong foundation for a range of tokens and dApps to operate on top of the Celo blockchain. As the supply is also limited, this helps provide value as long as there is enough demand for the tokens.

Where is the Best Place to Trade CELO?

Thanks to the support of non-custodial CELO trading on LocalCoinSwap, traders around the world have access to this increasingly popular digital asset. You can trade CELO instantly with other buyers and sellers from around the world in your local currency while choosing from hundreds of popular payment methods.

The Benefits of Buying CELO P2P on LocalCoinSwap Include:

  • Exchange Celo with traders internationally using 300+ payment methods
  • Non-custodial exchange & wallets keep you in control of your crypto
  • Trade CELO with cash and other less commonly accepted currencies
  • Customize your trading terms to suit your needs and start trading your way

Earn free CELO by trading on LocalCoinSwap!

How to Buy CELO with Cash

Centralized exchanges tend to support minimal payment methods, resulting in a vast number of people simply not having access to trading on these platforms. However, a P2P marketplace like LocalCoinSwap enables you to trade with a massive range of payment methods, including cash.

Buying CELO with cash is easy, with just a few simple steps:

  1. Head over to LocalCoinSwap and sign up if you haven't already (takes only seconds)
  2. Use the search bar to sort for CELO offers matching your needs, and if you’re looking for cash trades, all you need to do is select the payment method “cash-in-person.”
  3. Once you’ve found the perfect trade offer, you simply enter the amount you’d like to trade and follow the on-screen instructions to complete the trade.

If you can’t find a trade offer that matches your preferences, you can create your own trade offer or explore alternative payment methods that may be more commonly available. As you’re trading P2P, you can explore various payment options, including things like local bank transfer, gift cards, PayPal, Skrill, and Zelle, just to name a few.

Have you checked out all that Celo has to offer yet? Then, why not start by exploring P2P trading and see why so many people are interested in this cryptocurrency project that reduces barriers to using cryptocurrency and takes advantage of the modern technology in our pockets that we often take for granted.