When was CELO coin issued? Learn about the origin of CELO coin in one article

Celo Token, initially known as Celo Protocol, emerged in 2017 with a mission to provide accessible and affordable financial services to underserved communities.

Oct 23, 2024 at 06:44 pm

CELO Coin: A Comprehensive Overview of Its Origins

1. CELO Token History

Celo was initially launched in May 2017 under the name Celo Protocol and was rebranded to Celo in 2019.

2. Development Timeline

• May 2017: Celo Protocol launched.
• September 2019: Rebranded to Celo.
• April 2020: CELO token launched through a token sale.
• June 2020: Celo mainnet went live.

3. Founders and Team

Celo was founded by Rene Reinsberg, Marek Olszewski, and Sep Kamvar. The team consists of experienced engineers and researchers with backgrounds in mobile payments, distributed systems, and cryptography.

4. CELO's Mission

Celo's mission is to make financial services accessible and affordable for everyone, especially in underserved regions. It aims to provide a user-friendly platform that eliminates barriers to entry and reduces transaction costs.

5. CELO Tokenomics

• Total Supply: 1,000,000,000 CELO
• Circulating Supply: 560,625,912 CELO

• Token Distribution:

  • 38%: Ecosystem and DAO
  • 25%: Team and Advisors
  • 25%: Investors
  • 12%: Reserve

6. CELO's Use Cases

Celo tokens are used for various purposes within the Celo ecosystem:

• Transactions: CELO is the native currency used for transactions on the Celo network.
• Gas Fees: CELO is used to pay transaction fees on the network.
• Staking: CELO can be staked to earn rewards and participate in network governance.
• Stablecoins: CELO is used to stabilize the value of stablecoins issued on the Celo network.

7. Conclusion

Celo is an ambitious project that aims to revolutionize financial inclusion. Its origins lie in the desire to create a user-centered platform that empowers individuals with affordable and convenient financial services. The launch of the CELO token in 2020 marked a significant milestone in the development of the Celo ecosystem and established Celo as a key player in the global blockchain landscape.