How do you introduce crypto to the un-banked to promote financial inclusion? Well, your best bet is going through mobile phones. According to a report by GSMA Intelligence, we have around 5.27 billion unique mobile phone users globally, and about 4.72 billion people are connected to the internet.
This is what Celo is aiming for with its mobile-centric DeFi network that runs on the Celo token. Recent investment in the Celo protocol has shone the spotlight on the protocol and investors are likely to start asking what the Celo network price prediction is, as they try to shuffle their investment portfolio for new investment.
The Celo Foundation, which powers the Celo network, hopes to provide an eco-friendly blockchain ecosystem that allows developers to create DApps for global use. Through Celo, you will be able to send payment across borders securely while resisting censorship using the Celo blockchain. Therefore bringing financial inclusion to many in need of cost-effective borderless payment.
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Celo: A Mobile-Focused DeFi
The focus of Celo is boosting the adoption rate of crypto in the smartphone world. How does it aim to achieve this? Through the use of their phone numbers, the Celo network wants to bring the world of crypto to billions of smartphone users, including the un-banked. The Celo protocol offers full node incentives and a light client that is super-efficient to make scaling easy for 5 billion smartphones around the world.
The Celo blockchain supports the building of DApps and smart contracts as a segment of its DeFi network. The ability to support Ethereum Virtual Machine gives the protocol more flexibility and allows a wider range of DApps creation.
The Celo launched its mainnet in 2020 and the protocol has a dual token system. The first one is a utility Celo token that serves as a governance token, used for transaction fees, and other related network activities. The second token is a stable coin called Celo Dollar (CUSD) that is pegged to the US Dollar.
The Celo protocol was co-founded by Marek Olszewski and Rene Reinsberg in 2017. Both of them worked as executives at the web host company GoDaddy. The other co-founder Sep Kamvar is a professor at MIT. The Celo protocol secured more than $46.5M in funding through the sales of nearly 120 million Celo between 2018 and 2020. Among the key investors are Social Capital, General Catalyst, and a16z Crypto.
Cryptocurrency Through Smartphones
The uniqueness of Celo is focusing on smartphones and building for smartphones. The Celo organization points out that people are adopting crypto much slower compared to the exponential rate at which the number of people using smartphones is increasing. Furthermore, in an area where usage of smartphones is high but access to banking services is low, crypto can even be put to better use.
So, filling the space between the two techs, smartphone and crypto are what Celo is all about, as well as channeling the advantages of DeFi through support for the building of smart contracts and DApps on the Celo chain. Therefore, the Celo chain is well optimized for mobile. Also, the Celo network calculates the transaction fees automatically and provides the option of paying them in your desired currency.
Celo Bringing Crypto Payment to the Unbanked
The goal for Celo is to create a network of apps that is flexible and based on blockchain technology to ease settlements and payments through users’ phone numbers. The number of unbanked people in the world is around 1.7 billion; however, the number of those without a smartphone is higher at around 4 billion people.
You may be wondering why Celo is banking on introducing a cryptocurrency to the unbanked through smartphones when the number of users without smartphones supersede those that are unbanked. That is because as we mentioned earlier the rate at which smartphone users are increasing is exponential compared to the unbanked. So, that means arguably the number of people without smartphones is highly likely to decrease much faster than the unbanked in the future.
For example, Pew research points out that the number of smartphone users increased to 80% in 2017 in Lebanon from 52% in 2015. In the same way, it increased to 35% from 21% in Ghana and 53% from 35% in Vietnam.
Understanding How Celo Works
The protocol is kept functioning by three contributors and they are:
- Light Clients
- Validator Nodes
- Full Nodes
The light clients are Celo protocol apps that run on your mobile phones like Celo’s mobile wallet. The validator nodes are the computer systems that function as the consensus mechanism on the Celo network. They authenticate transactions and mine new blocks on the Celo blockchain. Lastly, the Full nodes are the link between the light clients and the validators by carrying requests and forwarding transactions from light clients to validator nodes. Only Celo token holders get to vote in validator nodes.
The Celo protocol uses a PoS consensus mechanism known as the Byzantine Fault Tolerance (BTF), which helps maintain the synchronization of the distributed network of nodes. In order to participate in the network, validator nodes must stake Celo tokens starting from 10,000 Celo. Also, there can be no more than 100 validator nodes at a time on the network, who are voted in by the full nodes.
The Celo Token Family
The Celo protocol has evolved from a dual token network to the multi-token protocol we have now. Every token in the Celo network has a role to play in maintaining the network. We will take a look at the tokens.
cEUR and cUSD
Both tokens are pegged to the name of the currency they carry. cUSD is pegged to the U.S Dollar while cEUR is pegged to the Euro. Both are stablecoins to facilitate cheaper and fast transactions on any mobile device from any part of the world.
The Celo protocol maintains the stability of the stablecoins by using an overcollateralized reserve called the programmatic reserve. The reserve contains various cryptocurrencies like Bitcoin, Ethereum, and Celo itself.
The Celo Token
The utility token of the Celo network mainly functions as the governance token, which gives the holder decision-making power. Token holders have voting rights that are used to vote on proposed changes to the network. Celo also serves other purposes such as making payments across the Celo protocol.
The Celo token has a total supply of 1 billion tokens, and 400 million tokens are held up to be released slowly through reward programs and fees. The remaining 600 million were made available during the launch of the protocol mainnet in 2020. Furthermore, 120 million tokens are reserved for the sake of price stability and validity of the protocol’s stablecoin.
Celo Network Historical Data: Technical Analysis
The Celo network price made a start in the market with a price of $ 0.826 on May 22, 2020, with a daily trading volume of $2,019,357. The token witnessed a sharp increase in value to $2.43 two days after launch before dipping and rising gradually afterwards. It would go on to reach an all-time high of $4.46 by August 26, 2020, before dropping again for the rest of 2020.
The token started making moves upward again in the market coinciding with the DeFi boom of early 2021. It broke through the previous ATH by February with a network price of $5.31 before setting a new record for the price at $7.24 by April 21, 2020. The general market bearish sentiment has driven the price back down at the moment. As of July 8, 2021, the Celo network price is $3.03.
The recent moves regarding the token look positive as Opera recently announced support for Celo protocol’s stablecoin. That is not all as more news about the crypto continues to surface.
Celo Price Prediction: Market Sentiment
Celo currently has a market cap of $804,901,888 and a verified circulating supply of 265,980,036.00 Celo with a daily trading volume of $37,203,625 as of July 8, 2021. Therefore, placing the coin as number 84 on the ranking table on Coinmarketcap. Let’s look at what the experts have to say regarding the Celo network price prediction.
According to the data obtained from the analysis algorithm, Celo has a potential price of $6.03 to give an expected profit of +96.2% in the future. – Cointobuy
Going by the technical analysis available, Celo could turn out to be a profitable long-term investment over 5 years, which could give you an expected +386.29% ROI. The price could reach $5.6 in a year. – Wallet Investor
The Algorithm is predicting that Celo could reach around $5.15 in a year’s time. The experts think the Celo token will turn out as a profitable investment based on the current forecast. – Digital Coin
The potential price of the Celo token in the future could be about $13 in just a year. Using a deep learning-based algorithm, the Celo is predicted to give handsome profit in the future. – GOV Capital
Celo Network Price Predictions: 2021-2025
According to Wallet Investor, the Celo token is entering a bullish market at the moment despite the general downward slope of the industry right now. That is a sign of a token that could yield long-term profit for investors. The analysis for 2021 to 2025 looks positive based on the various prediction sites that we have examined. For example, Digital Coin is expecting the coin to have reached $9.35 by 2025 from the current price of about $3.
Celo Network Price Prediction 2021
The outlook for the Celo token in 2021 is positive, the Celo token has already set an all-time high in 2021 and it looks like the token will post a strong ending to the year. A site like Wallet Investor is expecting the token to close out the year with a maximum price of $5.59.
Celo Network Price Prediction 2022
Several predictions are still predicting the Celo token to continue its run upward. You can still expect the token to deliver a positive return provided the market conditions remain favorable for the token. It is likely to be a steady rise for the token in 2022. So, don’t expect anything dramatic as Wallet Investor is projecting the token to close out the year at a maximum price of $7.88.
Celo Network Price Prediction 2023
2023 could see the token maintain its course with a bit of up and down in terms of the price according to Digital Coin. We are looking at a reported 108% change in price by the end of the year. Wallet Investor put the maximum price the token could reach in 2023 at $10.22.
Celo Network Price Prediction 2024
How about 2024? Will things change a bit or much for the token? Let’s find out. GOV Capital has some crazy predictions for us to feast on here, they are projecting the token to take off at the beginning of the year with a price of $44. Crazy right, wait until you hear what they have for us at the end of the year. They are predicting the Celo protocol price to close out the year with a maximum price of $66.
Celo Network Price Prediction 2025
How will the Celo token perform in 2025 according to the predictions we have? Generally, all the predictions are suggesting that the token won’t stop its run upward in terms of price in 2025. This will give investors more windows to continue reaping the profits on their investment. Digital Coin is predicting the token to close out the year with a price of $9.6 while Wallet Investor is suggesting $14.77 as the closing price for the Celo token at the end of the year.
Frequently Asked Questions
Is Celo a Good Investment?
Based on its practical use cases and considering the number of high profile investments by notable names like Deutsche Telekom AG, Jack Dorsey of Twitter, Polychain Capital, etc., the Celo token looks like a solid investment that is highly likely to appreciate in the future rather than depreciate.
Is Celo Based on the Ethereum Chain?
Even though they are similar, the Celo protocol has its own blockchain on which it runs.
How to Send a Celo Dollar?
Open and create an account on Celo’s mobile wallet called Valora.
Fund your account then navigate to the “send” button located at the bottom of the screen.
Put in the recipient’s address and input your pin.
Type the desired amount you want to send.
Click review to go over the details once more.
Once confirmed, click the send button.
Where to Get the Celo Token?
Celo is listed on various popular exchanges like OKEx, Coinbase, Binance, Upbit, etc. You can create an account with any of these exchanges if you don’t have one then buy the Celo token.
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