What Is a Celo Dollar (CUSD)?

Celo Dollar (CUSD) platform aims to make global digital payments and financial tools available to the community using cryptocurrency. The platform seeks to provide DAppdeveloped on Celo (CUSD) ecosystem to smoothen the financial transactions. The platform altogether aims to create financial tools accessible from anywhere and from any mobile phone, leading to prosperity for all. 

The stablecoin Celo Dollar (CUSD) aims to track the value of the traditional currency US Dollar. Celo Dollars (CUSD) supports daily digital currency usage using mobile phones. The token.) aims to incentivize the users for holding and acts as an on-chain governance token. The token Celo Dollar (CUSD) aims to be a reserve-backed stable token and seeks to provide surety to its relative traditional currency.

Celo (CUSD) platform seeks to bring the benefits of DeFi to the users. Celo (CUSD) platform aims to provide stable value currencies (stablecoins) like CUSD and CEUR and mapping of phone numbers to make and receive payments. Moreover, Celo (CUSD) uses a proof-of-stake (PoS) consensus mechanism so that the platform users can seek to pay transaction fees using stable currencies in a fast, secure way to the Celo (CUSD) network using mobile devices. Also, the platform supports the users in obtaining loans as well.

Further, the platform also aims to support on-chain governance in which all Celo (CUSD) holders can participate. The Celo (CUSD) smart contracts platform is an Ethereum virtual machine (EVM) compatible with third-party applications and extensions. EVM is a virtual machine on the Ethereum blockchain to process operations.  Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. In addition, the platform also aims to support controlled access of funds and account private keys by the respective users. This feature seeks to make the user independent from third parties to make payments.

History of the Celo Dollar (CUSD) Token

Celo (CUSD) was originally founded by a team that included people from MIT, Google, Stanford, Square, World Bank, GoDaddy, Harvard University, the Federal Reserve Bank, and many more.

Silas Boyd-Wickizer (advisor), Daniel Kimotho (cLabs, ecosystem growth – Kenya), Victor Graf (cLabs, protocol building), Alexander Harley (Steakwallet, founder), Kobi Gurkan (cLabs, cryptography), Anna Kazlauskas (Corsali, founder), and many more are part of the team. The maximum total supply of the Celo Dollar (CUSD) is 120,000,000 CUSD.