Review on Celo Gold by David Olayide
Celo Gold (cGLD) Celo's Solution To Slow Payment Systems.
Payments system in the world of cryptocurrencies has to be as simple and as uncomplicated as possible. This is because transactions have to be as fluid and transparent as possible. Transactions also have to be very fast. Having payment platforms like Celo Gold is a really good thing because the project aims to improve the lives of various communities around the world by making crypto payments as easy and swift as possible.
What appeals to me the most about this project, is that with Celo you don’t need to have complex cryptocurrency wallet addresses before you are able to send and receive funds. You only need your mobile number to do that. It has been made very easy and simple. Celo makes use of it’s very own stablecoin called Celo Dollars,(cUSD) used on the Celo platform and also a governance token called Celo Gold (cGLD). You can actually send Celo Gold on WhatsApp without even having the app.
When a user opens a Celo account, they link their telephone numbers to a specific address. A cryptographic hash of the phone number is then stored on the blockchain. To me this is one of the simplest and most uncomplicated ways of transferring value or payments in the crypto community. It is even possible to connect multiple phone numbers to the same address. Celo utilizes the Proof of Stake consensus algorithm.
Celo Gold (cGLD) has a fixed supply unlike it’s stablecoin dollar counterpart. Holders of cGLD can join a validator group, or propose and vote on protocol changes. Personally I think Celo's ease of use system puts it high on the list of emerging cryptocurrencies payments systems in the crypto space. cGLD can be bought and sold just like any other regular cryptocurrency on trading and exchange platforms.
Pros
- Celo Gold (cGLD) can be traded or exchanged just like any other cryptocurrencies
- Celo provides a very easy to use and simple payment system
- Phone numbers can be used to create addresses
- Swift and uncomplicated transactions
Cons
- The project needs a complete development and a public launch to attract investors and traders or members of the cryptocurrency community.
