We ask a lot of who, what, where, and how questions in the Web 3 ecosystem to the point where we can forget about the why. Celo asks the question “why?” before all else, and their answer to “why?” is ambitious and encouraging during these turbulent times.
Vision Driven Project
With a simple mission statement “Prosperity for All”, the Celo Foundation easily defines its ultimate goal, which comes with plenty of benefits. Mission statements allow companies, communities, and foundations to make faster decisions, increase customer, employee, and community retention, and raise further awareness to their goal, but most importantly, it can inspire others.
Satoshi Nakamoto’s Bitcoin whitepaper inspired a generation of developers and entrepreneurs to create a decentralized future. Celo’s mission inspires people to create a better, more equitable world, which can drive a new generation of leaders into the Web 3 ecosystem.
Where Figment Fits
At Figment, our mission is to support the adoption, growth, and long term success of the Web 3 ecosystem. Celo’s mission resonates with us at Figment, and we do our part by supporting Celo’s ecosystem and community via our infrastructure, software, and protocol expertise. We currently provide free full node access to all participants in the Celo Camp via our Celo DataHub Web 3 APIs, and we will be bringing Celo to Hubble, our Web 3 Explorer, in the near future.
The Status Quo
It is estimated that a quarter of the world’s population is unbanked. Having a bank account is something most of us take for granted, but for many, it is an inaccessible necessity for upward mobility. Being unbanked doesn’t mean just not having a bank account and a debit card. Being unbanked limits someone’s ability to build credit, which makes it impossible to qualify for a loan for any future endeavor. Where traditional banking has failed as a solution for many on this planet, Celo plans to fill the void by providing financial tools for anyone who has access to a smartphone.
Two thirds of the world’s unbanked population now have access to a smartphone and that number is steadily rising. With Celo’s mobile application and decentralized blockchain, smartphone users can send, receive, and store value in Celo’s supported stablecoins backed by their collateralized reserve. Celo’s approach eliminates the need for a traditional bank, and is a cheaper alternative than other mobile banking services that come with high transaction fees. Celo gives the unbanked the opportunity to be their own bank, while allowing users to transfer value quickly, cheaply, and globally.
Thinking Globally, Acting Locally
Celo defines economic prosperity as achieving 3 things:
- Basic needs are met – Every person on this planet has basic needs that must be satisfied before they can grow in other ways. This includes access to food, clean water, and basic healthcare.
- Individual growth – Economies grow best when people grow. Barriers like the inability to save, lack of capital, or high unemployment limit this.
- Social support – A strong community and support is crucial for personal growth. Remittance flows is a part of these critical support structures.
While Celo has a global mission, the way they execute that mission differs based on the specific needs of local communities, which is why they partner with a large variety of government, non-profit, social impact organizations around the world.
Environmental sustainability is essential to human prosperity now, and for future generations. Celo does its part in the preservation and regeneration of our planet’s natural resources by choosing a Proof of Stake consensus mechanism, which is much more energy efficient than a Proof of Work consensus mechanism, and through their Carbon Offsetting Fund. This fund grows by taking a small percentage of every epoch reward on the network.
Building on Celo Series
We are happy to announce that we will be starting a new content series called “Building on Celo”. In this series we will be highlighting the ambitious projects already being built on Celo using our DataHub full node Web 3 API access.
Celoist – Enabling CELO holders to delegate the management of their CELO to others without compromising on custody or stakeholder privileges.
Impact Market – An open, free, borderless, censorship-resistant, and transparent crowdfinance infrastructure decentralized universal basic income.
Kotani Pay – A novel technology enabling financial inclusivity for the African continent.
We look forward to continuing growing with the Celo community, while further bringing prosperity to all. Check out our Celo landing page for more information and feel free to join the conversation in their Discord channel.