Former GoDaddy VPs To Develop Celo, A Blockchain Payment App Focused On Mobile
As the blockchain industry is booming, many of the most important minds of the tech industry are joining this new. Recently, it were two former executives of GoDaddy that decided to create a new blockchain platform, Celo.
Celo will be a blockchain-based platform that will offer a fast, cost-effective and secure payments on mobile platforms. The creators state that the platform intends to make it as easy to pay using smartphones as it is to send texts. Celo Will Fight The Monopolization of the Internet.
At the moment, this new initiative has already received backing from some important venture capital firms and people like Jack Dorsey Twitter’s CEO. Despite being backed by the CEO of one of the most popular social media platforms in the world, the creators, Marek Olszewski and Rene Reinsberg, intend to “fight for the little man” and create an accessible platform.
This way, they believe that conglomerates and big companies have taken over the world but that blockchain might just be the answer that people need to decentralize the power.
How Will Celo Work?
Celo will use a distributed ledger to link phone numbers to public encryption keys. This way, it will be easier to pay because the verification will use your phone number. To solve the issues of the volatility that make many merchants be wary of using these technologies, the company intends to launch its own “stablecoin”. The Celo stablecoin will use some non-volatile asset like USD to solve this problem, as volatility is considered to be one of the most defining characteristics of the blockchain industry. This way, the sum that will be sent will not be very different from the one that was sent.
Celo’s creators will let people use their own phones to mine tokens and help the network, as the validation process will be considerably simpler than Bitcoin’s and will be focused on the Android platform, as it is currently more popular on the emerging markets that the company is focusing on at this time.
The team is currently preparing for entering the market and launching the product soon. Celo is backed by the founder of Linkedin, Reid Hoffman, Dick Parsons and Andrew Kortina. Other prominent backers are Andreessen Horiwitz, Coinbase and PolyChain Capital.