INTRODUCTION TO STABLECOINS

INTRODUCTION TO STABLECOINS

On 13th March 2021, KNUST Blockchain Hub together with BEN hosted Celo for a session on stablecoins. With over 41 members of KNUST Blockchain Hub present, we commenced the virtual event at 4PM UTC. We had presentations from Jarell James, Developer relations at Clabs and Peter Oluwashina Africa growth lead at Clabs. They talked about Celo organization and Celo USD.

 Celo’s aim is to empower anyone with a smartphone anywhere in the world to have access to financial services, send money to phone numbers, and pay merchants — on a decentralized platform that is operated by a community of users.

To achieve this, Celo is a complete stack of new blockchain software, core libraries that run on that blockchain, and end user applications including a Wallet app that communicate with that logic. Celo enables a family of stable-value ERC-20 tokens whose values can track the value of any asset, including fiat currencies, commodities, and even natural resources. The first stablecoin that will be supported is the Celo Dollar, which tracks the value of the U.S. Dollar. CELO serves as the collateral for Celo Dollar, which is redeemable for 1 US Dollar worth of CELO, ensuring that transactions can occur quickly, cheaply and reliably on-chain.

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