Review on Celo Gold by Pedro O. Alvino M.
Mobile payment protocol
Project designed for the process of payments through mobile devices, has an architecture that allows users to participate in different functions within the project that in turn are benefited by contribution to the network and at the same time enjoy an encrypted payment system with risk mitigation for data and asset theft.
With an address-based encryption system, it allows users to send either payments or data in a way that generates several public keys, according to which the email or telephone number can be used to process the payments, so This protocol is compatible with various cryptographic applications without the need to use intermediaries or third parties.
With an open network, any user can enter and leave the Celo network at will, and from this the user can apply to be a validator that is responsible for alleviating the load of the network node and thus maintaining the security of the network.
The economy of the currency that it adds is well defined since it also integrates a stable currency to maintain the volatility of payments, where the support of Celo Dollar is backed by Celo in case of a volatility in the currency thus mitigating the risk of the users when processing mobile payments.
Pros
- Currency backed by a reserve of variable value.
- Adds an address-based encryption system.
- It comprises a peer-to-peer network of multiple validation nodes that maintain the network database.
- Any user can enter the network as a validator.
- Mitigates the risk of DDos attack through the certification fee.
- Uses a proof-of-stake model for governance.
- Establishes its own stable currency as a means of payment.
Cons
- There are already a large number of projects as a payment system through mobile devices
