What is CGLD cryptocurrency? Why is it so unique? - Kalkine Media

August 31, 2021 10:44 AM BST | By Kamalika Ghosh
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Highlights 

  • Known by its native token cGLD, Celo is acts as a utility and governance token for anyone to send, receive and stablecoins through their smartphones seamlessly. 
  • By using the phone numbers as a form of the public key, the Celo cryptocurrency aims to bring revolutionary changes to how one transacts in cryptocurrencies or in banking, making it a more seamless process.
  • Celo was trading at US $6.36 with a 24-hour trading volume of US $1,522,056,78. 

The Celo cryptocurrency is a mobile-first decentralised finance (DeFi) protocol that focusses on expediating the use of crypto adoption. By using the phone numbers as a form of the public key, the Celo cryptocurrency aims to bring revolutionary changes to how one transacts in cryptocurrencies or in banking, making it a more seamless process. With its full node incentives, Celo enables up to six billion users to transact over smartphones. 

Known by its native token cGLD, Celo is acts as a utility and governance token for anyone to send, receive and stablecoins through their smartphones seamlessly. Working on the proof-of-stake (PoS) consensus, the token is used for transaction fees, governance participation and related activities. 

How makes it unique? 

What makes the cryptocurrency unique is that there has been an increasing number of mobile and crypto users. Besides, it also provides the users with the users to lock their funds for a specific period and thereby earn rewards and income through cGLD staking rewards. Its stability mechanism enables multiple value assets to coexist at the same time. The stability mechanism is designed in such a way that it maintains the value of the asset stably. 

As the market is highly volatile, the crypto with its initial reserve target can lock some of the reserves subject to a multi-year lock-up. This 

How is Celo performing in the market?

Celo has been doing well on the market on Tuesday. Ranked 65th on CoinMarketCap, it is trading at US $6.36 with a 24-hour trading volume of US $ 1,522,056,78. At the time of writing (BST 9:45 am), Celo was up by 56% in the last 24 hours. Celo has a live market cap of US $1,823,238,868. 

Celo has been one of the cryptos that have generated a lot of interest in the last one year. In June earlier this year, it jumped by 130%. With it showing signs of positive movement upwards, the cGLD could well become one of the cryptocurrencies that could pick the pace from here.

Conclusion 

With the increased adoption of smartphones, the cGLD token is ideally suited for the cryptocurrency market. Today, many the users tend to do the transactions over the phones. Therefore, the interest in the token and popularity of it is not surprising. By using the two DeFi applications -- dApps (decentralised applications) and smart contracts – its process is a seamless, fast and reward worth. 


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