Audit Date: 27 September 2022
ECOSYSTEM SCORE
27 September 2022
80
ALERTS
Aug 02, 2022

Database maintenance is now complete on 30th July

Aug 01, 2022

The maintenance is now complete on 20July 2022

Jul 28, 2022

Database maintenance on 30th July(3AM to 7AM EST)

Jul 26, 2022

Celo was down for more than 13 hours on July 13, 2022

REVIEW NOTES
Jun 24, 2022

Foundation Tools score is increased as programming languages are added.

Jun 22, 2022

The documentation score is increased as validator nodes are added.

Jun 22, 2022

Adoption score increased as GitHub commits were added.

Jun 22, 2022

Add-Ons score increased as swapping tools were added.

PERFORMANCE
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94
NODES

108 nodes

WRITE SPEED

1 ms

READ SPEED

934 ms

GAS FEES

163,215 gwei

UP TIME

99%

PERFORMANCE MATRIX VALUE MONITORED AT
Gas Fee 163,215 gwei
Write Speed 1 ms
Read Speed 934 ms
Uptime Percentage 99%
Node Count 108 nodes
Reddit Total Members Online 22 members
Reddit Total Members 7,700 members
Discord Total Subscribers Online 1,251 subscribers
Discord Total Subscribers 38,909 subscribers
Telegram Err 0 err
Telegram Ppm 0 ppm
Telegram Views Per Post 0 views
Telegram Total Subscribers Online 418 subscribers
Telegram Total Subscribers 10,764 subscribers
FOUNDATION TOOLS
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70
ESSENTIAL TOOLS
PROGRAMMING LANGUAGE SUPPORT
SDKs
DOCUMENTATION
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100
API DOCUMENTATION

Exists

100
NODE SETUP

Exists

100
SKELETON CODE

Exists

100
VALIDATOR NODES

Exists

100
GRANT PROGRAM
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50
AVAILABLE GRANT

$66.5M

ADD-ONS
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82
THIRD PARTY SERVICES
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67
PROTOCOL SUPPORT
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60
ADOPTION
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100
DEVELOPERS

2,778

REPOSITORIES

143

COMMUNITY
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100

Overview

With the world witnessing the power of digital transformation, technologies like blockchain and cryptography have been gaining huge traction. Talking specifically about cryptocurrency, it offers various advantages compared to fiat currencies like cost-effective transactions, data privacy, security, etc. However, cryptos are yet to benefit from their mainstream adoption as a payment. The two common barriers to crypto adoption are unpredictable coin demand and price volatility.

For a cryptographic payment to be seamless, systematic and successful- transaction processing should be quick and straightforward as sending messages. CELO protocol addresses the existing issues related to cryptographic social payments, such as complexities in sending payments and volatility of coin value. Also, the protocol allows the users engaged in transactions to become validators through a mobile block reward mechanism. Together, CELO introduces a viable solution to the challenges of social payment by offering a compelling DeFi protocol.

About CELO

CELO is a proof-of-stake (PoS) layer-1 blockchain protocol designed to support the creation, issue and management of stable-value assets in its open ecosystem. These Stablecoins are collateralized with cryptocurrencies and natural assets. GGLD is the native currency of CELO, which has two major use cases- utility token and governance token.

As an open-source project, CELO enables anyone to utilize its built-in minted Stablecoins besides enabling developers to utilize the CELO ecosystem to build custom dApps and payment-related decentralized solutions. CELO is mainly focused on easing mobile users' social payment approach, and it enables users to send, receive, store and trade Stablecoins that exist on GGLD via their smartphones.

CELO's Architecture

CELO's architecture consists of the following three core layers:

Blockchain

An open-source blockchain protocol supports the development and deployment of decentralized applications and runs smart contacts in a fully decentralized approach.

Contracts

Set of smart contracts that include logic for the CELO network's features. These contracts are easy to upgrade and manage, corresponding to the development requisites of dApp and blockchain-powered.

Applications

Features ready-to-use applications for end-users built and running on the CELO ecosystem like CELO wallet app. Furthermore, this applications layer is open to everyone, enabling the creation of CELO-based dApps.

Consensus mechanism of CELO

CELO adopts a proof-of-stake consensus mechanism that helps the protocol select active validators from the nodes and determines their incentive to improve security and scalability across the network. CELO's active validators list is consistently updated within a fixed period, generally in 24 hours.

Key Features of CELO

Stable-value assets 

Supports the creation of various Stablecoins like USDC, cUSD, and cEUR. Also, it allows users to access the protocol's stable-value assets via mobile devices.

Phone number mapping

Maps users' phone numbers to public keys to authenticate their identity and enable them a seamless mobile experience. This phone number mapping approach is further useful for making payment on CELO as the sender can verify the receiver's address simply with the phone number.

 

Cross-chain interoperability

Facilitates the development of decentralized applications with cross-chain capabilities that can interact with other dApps running on a different, independent chain.

Full EVM compatibility

Provides complete support to Ethereum-based tools, smart contract functionality and EVM (ethereum virtual machine) to help users easily create ERC tokens and port their existing Ethereum dApps to the CELO ecosystem.

Multi-currency gas payment

Accepts gas fees in different Stablecoins, making sending and spending on its ecosystem easier and cost-efficient for everyone.

Who are the founders of CELO?

Rene Reinsberg, Marek Olszewski and Sep Kamvar are the founders of CELO. Reinsberg has been an executive at GoDaddy, Olszewski has been both executive at GoDaddy and a Google executive and Kamvar is an MIT professor. They launched the project in 2017 with the vision to establish a truly decentralized and inclusive global financial system.