By
Godfrey Benjamin
April 22nd, 2024
The Celo Foundation announced the launch of its Mainnet. The next step in its plan is to allow transfers of the Celo Gold tokens.
Through a medium blog post, the Celo Foundation announced that the Release Candidate 1 that was launched on April 22 is officially mainnet. The project, which has been in development in the past two and a half years, will enable Celo Gold transfers hence solidifying the value of the Celo network.
Over 100 independent validators from around the world were engaged to make the Celo network a reality. Going further, the company is anticipating to bring off-chain prices for Celo Gold on-chain through a series of oracles. Besides, the Celo Dollar will go live, and finally, there will be a mainnet release of the Celo wallet.
The company was involved in an auction of Celo Gold in order to allow people to participate in the community before the launch. As a result, Celo raised $10 million from the community, hence introducing a diverse set of participants to the Celo ecosystem. In 2019, Celo received $30 million for the development of its platform from a number of prominent companies including Andreessen Horowitz.
Celo Mainnet Is Here: Celo Transformation Path
According to the post, the company recorded around 4,000 registrations and around 760 bids from 132 countries. The average price of the bids stood at around $5, whereby more than half of the bids came in above $3, and more than 25% of the bids came in above $9.
Among the participants in the auction were people who want to run validations on the Celo network and also individuals who want to invest in the project.
“We loved the fairness of the auction process. Even though many were willing to pay more, all auction participants received the same price of $1,” Celo said in a statement.
The company has been striving to achieve this goal to make it a stand-alone, non-stock, and also a non-profit organization that supports the growth and development of the open-source Celo platform.
Besides that, Celo.org contributes to technical research, environmental health, education, community engagement and other activities that support and encourage an inclusive financial system.
Celo’s Wave II grants remain open until tomorrow, whereby as of today it has received around 130 applicants. The company promises customers a proof-of-stake based blockchain with smart contracts capabilities. Its technology uses a phone number-based identity system with address-based encryption and eigentrust-based reputation.
In addition, Celo’s stablecoins are stable value currencies, which are implemented by an algorithmic reserve-backed stabilization mechanism. Its first stablecoin, cUSD, is used to track the value of the U.S. dollar.
The company’s platform is powered by its community, whereby the users can earn currency by hosting software that forwards mobile devices’ requests. Being an open and open-source platform, it allows for an ecosystem of powerful applications built on top.