Review on Celo Gold by Syed Adnan
Digital currencies by using phone numbers.
The value proposition is to create an open platform where everyone can participate and contribute to the ultimate goal of creating a financial system that creates conditions of prosperity and is accessible to anyone in the world via mobile phones.
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The team has developed a unique protocol with a scalable and light blockchain to support stable value currencies and enable a rich ecosystem of financial platforms. The protocol is being developed to work in low-end mobile phones and limited bandwidth environments.
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Users will be able to send and receive money using only a phone number instead of the complex public key address used in most cryptocurrencies, and the same number acts as an ecosystem identity which in some countries solves the problem of lack of identity and documentation.
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Pros
- Block titles are optimized for fast mobile phone synchronization, perfect for any type of device and low bandwidth conditions.
- Mapping of phone numbers to public keys that serve as user identities and enable sending and receiving digital currency using phone numbers.
- The transaction fee can be paid with the same currency which gives the user a better user experience than forcing the blockchain native currency.
Cons
- It could face some regulatory and government pressure that could delay the development and adoption.
