If you have used El Dorado you may have noticed that Is it possible to trade dollars and euros through Celo's stablecoins, but you may have asked yourself what exactly is Celo? Of course, you can google it and get some direct answers from On the web or you can read this article and learn from our words what it is and how helps us provide you with access to international markets from the comfort of your cell phone.
Blockchain technology
Celo is an ecosystem built on a Proof of Stake blockchain infrastructure (PoS), also known as Proof of Participation. This is a consensus protocol in which the power of mathematical calculation of its participants is replaced by the amount of cryptocurrencies that users have, so an algorithm is responsible for choosing the verifier of each block.
When using this protocol high performance, low latency and zero carbon emissions are guaranteed, stimulating chain governance, while offering various possibilities to expand the ecosystem and achieve its mission, which seeks to...
Bringing everyone closer to prosperity
The mission of this ecosystem is quite clear: To build a financial system that creates conditions of prosperity for all, and that is, the traditional economic system is unjust, unequal and has caused crises ranging from financial collapses to environmental catastrophes.
One of the system's flaws, especially in emerging economies, is linked to barriers to accessing bank accounts and savings. That's why this blockchain-based protocol states that To save and be connected to a financial system you need more than a smartphone, so all its features can be easily used on a mobile phone.
In addition, driven by the purpose of solving real-world problems to help reduce poverty, they founded the Celo for Prosperity Alliance, which has more than 100 members and seeks Fostering social impact through technology. One of the beneficiaries of this alliance is the World Food Program, with whom they have implemented a program to provide financial tools to refugees.
El Dorado pursues the objectives of this Alliance and we are proud to be part of it.
Connected by purpose
What do all people have in common? Each one has a unique purpose and this ecosystem understands it perfectly. In fact,”Celo” means”Purpose” in Esperanto, and it's not by chance, since its core values are purpose and being connected.
The purpose implies that each person has a unique path to personal fulfillment and to achieve this it is necessary to have access to finance. For this reason, The entire ecosystem is focused on helping people on their own path through blockchain based solutions, including their cryptocurrencies.
Being connected is an important part of life. It's no accident that people are more prosperous when they achieve connections in a community with meaning and purpose, therefore, Celo focuses hard on strengthening its community and its members.
Growing Ecosystem
In a short time, Celo has created a complete ecosystem of cutting-edge applications., all with the common objective of facilitating and bringing finances closer to more people, of course among these apps are El Dorado which together with many have allowed the surrounding community to develop rapidly, thanks to this it is now possible to have the first decentralized exchange focused on mobile phones, borrow assets in Celo and donate stablecoins to social causes.
Celo and El Dorado
It is important to note that Celo maintains its open source, which means that anyone who has a great idea aligned with the values can use it to develop a project that becomes part of the ecosystem. Finding that our ideas aligned with their vision, and the possibilities offered by their stablecoins, we decided to be part of guarantee access to currencies and savings from Latin America.
Currently, we are the main medium of exchange between fiat money and Celo's stablecoins, promoting access to trading tools between people; such as passive and compound interests, and ease of use, especially from a mobile phone.
Basically, we leverage ourselves in an ecosystem that It is not linked to the frictions of the traditional economic system or to the relentless rules of central banks, allowing any Latin American user with a smartphone to access a stable currency through local payment methods, save, receive international payments, remittances and send money across borders.
On the other hand, Celo Dollars (cUSD) and Celo Euros (CEur) always maintain their relationship with respect to the dollar and the euro at all times. This is possible because they are backed by a solid crypto asset fund that acts as a store of value.
However, not everyone who uses the Celo blockchain is recognized in the ecosystem, since to achieve this it is necessary to make a valuable contribution to the community. In the case of El Dorado, we are the main platform for exchanging digital assets such as cUSD and CEur with local payment methods. This represents a fundamental contribution to the ecosystem, which is why we managed to obtain funding from this ecosystem for the development of our project, in addition to participating in the Celo Batch Camp 2 And the Celo Community Fund which has allowed us to grow and scale the initiative to provide solutions for community members.
Did you like the options offered by this ecosystem? Remember that at Sign up for El Dorado you can buy and sell cUSD and CEur from your phone using local payment methods. Join us and walk your own path to prosperity.
