If you have used El Dorado, you will have noted that it is possible to trade dollars and euros through Celo stablecoins, but you may have wondered what exactly Celo is. Of course, you can google it and get some direct answers from its website, or you can read this article and learn from our words what it is and how it helps us provide you with access to international markets from the comfort of your phone.
Celo is an ecosystem built on a Proof of Stake (PoS) blockchain infrastructure known as Proof of Stake. This is a consensus protocol where the mathematical calculation power of participants is replaced by the number of cryptocurrencies held by users, so an algorithm is responsible for choosing the verifier of each block.
Using this protocol guarantees high performance, low latency, and zero carbon emissions, stimulating chain governance while offering various possibilities to expand the ecosystem and achieve its mission, which tries to…
Bring everyone closer to prosperity.
The mission of this ecosystem is quite clear: Build a financial system that creates the conditions of prosperity for all because the traditional economic system is unfair, unequal and has caused crises ranging from financial collapses to environmental catastrophes.
One of the system's failures, especially in emerging economies, is linked to the barriers to accessing bank accounts and savings. This blockchain-based protocol suggests that you don't need more than a smartphone to save and be connected to a financial system, so all of its features can be easily used on a phone.
In addition, moved by the purpose of solving real-world problems to help reduce poverty, they founded the Celo Alliance for Prosperity, which has more than 100 members and seeks to promote 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 that perfectly. In fact, “Celo” means “Purpose” in Esperanto, and it is not by coincidence since its fundamental values are purpose and being connected.
The purpose implies that each person has a unique path to personal fulfillment; to achieve it, it is necessary to have access to finances. For this reason, the entire ecosystem is focused on helping people in their way through blockchain-leveraged solutions, including their cryptocurrencies.
Being connected is an essential part of life. It is no coincidence that people are more prosperous when they connect to a community with meaning and purpose. Therefore, Celo focuses hard on strengthening its community and its members.
Celo has created a complete ecosystem of cutting-edge applications in a short time, all with the common goal of facilitating and bringing finance closer to more people.
El Dorado is one of these apps, and together with many others, they have helped the community that surrounds them to overgrow. Thanks to this, it is now possible to have the first decentralized exchange focused on smartphones, borrow assets on Celo, and donate stablecoins to social causes.
Celo and El Dorado
It is important to note that Celo maintains its open-source code; anyone with 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 become part of it to guarantee access to currencies and savings from Latin America.
We are currently the principal exchange between fiat money and Celo stablecoins. We promote access to peer-to-peer trading tools, such as passive and compound interest, and are easy to use, especially from mobile.
We leverage an ecosystem not bound by the frictions of the traditional economic system or the stringent rules of central banks. This allows any Latin American user with a smartphone to access a stable currency through local payment methods, save, receive payments and send money across borders.
On the other hand, the Celo Dollars (cUSD) and Celo Euros (cEUR) always maintain their relationship with the dollar and euro at all times. This is possible by being backed by a fund of solid crypto assets that works as a store of value.
Pero, no todo el que utiliza el blockchain de Celo es reconocido en el ecosistema, ya que para lograrlo es necesario realizar un aporte valioso a la comunidad. In our case at El Dorado, we are the leading 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 financing 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 offer solutions for community members.
Did you like the options offered by this ecosystem? Remember that at register in El Dorado, you can buy and sell cUSD and cEUR from your phone using local payment methods. Join us and walk your path to prosperity.