Celo (11)

... proposal made for the transition from L1 to L2 on July 2023.

Before we continue any further, do you know one issue, that Celo solved?

The issue of ACCESSIBILITY.

When we studied #CORE #EIGENLAYER #SOL #AVAX #XRP etc, we focused deeply on discussing their Consensus mechanisms especially because that is what makes a Blockchain what it is.

Without an agreement between parties, the innovation will not be adopted.

However, in @Celo we will be ONBOARDING instead of discussing the consensus mechanism because the consensus mechanism is one that most people are familiar with, POS meaning Proof of Stake

• Gas payable in multiple currencies
• Alfajores
• Baklava
• Easy onboarding and use of numbers as pubic keys
• cLabs, Celo Labs
• Epoch Rewards
• Carbon Offsetting Fund
• Layer-1 protocol
• EVM compatible
• Proof-of-stake (BFT pos consensus)
• Carbon negative
• Mobile-friendly identity
• Ultra-light clients
• Localized stablecoins (cUSD, cEUR, cREAL)

It is most likely be discussed randomly, as it wasn't obviously numbered cardinally.

EVM is the environment for running Ethereum's Solidity codes.

EVM means Ethereum Virtual Machine.

Since Ethereum is Queen in this palace (crypto space), almost all projects that want to command mass adoption must make avenue for Ethereum smart contract compatibility.

If a Blockchain is EVM compatible, then it's easy for Solidity devs to build on it.

It can run Solidity codes with minimal modifications.

POS, proof of Stake + BFT

POS is a consensus mechanism that is Byzantine Fault Tolerant.

BFT means Byzantine Fault Tolerance.

It refers to a consensus that can tolerate 1/3 of the validators or nodes being malicious.

.....

"Byzantine Fault Tolerance is a computer system's ability to continue operating even if some of its nodes fail or act maliciously. The term comes from a hypothetical called the Byzantine Generals Problem. This logical dilemma, as you'd expect, is about a group of Byzantine generals."

"conceptualized by Leslie Lamport, Marshall Pease, and Robert Shostak. "

BFT Wikipedia

Carbon negative

Simply indicates, that Celo does not impact negatively on the environment.

It doesn't expend much energy that will be deteriorating to the green environment.

Mobile first identity.

In the Blockchain space, Celo is known for its Mobile-centric approach.

Its goals is to ensure that end-users both ignorant and informed are able to appreciate Blockchain technology through transactional inclusion. Hence, there wouldn't be a need for traditional banking institutions when Celo is massively adopted.

Carbon offsetting fund, account that receives epoch rewards (funds) to offset the cost of carbon used up bet hardware in Celo.

On-chain governance is used to determine the account that holds this fund always.

¹²C → Carbon

cLabs, the team behind the scenes working hard to develop appropriately the protocol of Celo and Celo infrastructures.

Alfajores, the first Celo testnet.

Baklava, the second Celo testnet (test network).

A testing arena for changes in the protocol.

Epoch rewards, epoch is a specific runtime for each set of validators elected by Validator groups.

Epoch rewards are the funds distributed at the end of each epoch, to the validators, validator groups, Carbon offsetting fund, community fund and the reserve.

Community fund is an account that receives epoch rewards to cover up the operational costs of Celo protocol.

ULC

Ultra Light Clients

Everyone likes rapid transactions and low-latent operations.

I love it too. I hate it when pages don't load rapidly or when transactions pend without going through.

In the space, this is almost normal. Know latency of protocol)

Since chains require that all nodes hold a copy of a record of all transactions and state changes in the chain, it all builds up to be a colossal database.

Mobile phones will not be able to hold this voluminous amount of data.

...Now this is the brilliant solution offered by Celo to tackle that issue :

Conventional nodes will do their work —validating transactions and taking note of ALL state changes, while ultra light clients will reside in the Mobile phones of users, using anyone of Celo's dApp, to communicate with nodes in the mainnet.

ULC will not hold all the state changes of the chain (Celo), they will only hold the record of recent changes.

In this way, the mobile appreciation for Celo's ideas will be more practical.

Localized stablecoins + gas payable in multiple currencies

Perhaps, one of the very big innovations of Celo.

Having a range of stablecoins backed by a reserve of Celo. This stablecoins can be used to clear up gas fees, not mandatorily though.

The fact is $Celo can be used for clearing up gas dees, while other stablecoins in the Celo chain like $cUSD can also be used. Depending on the users choice, any token in the chain that you have can be used to clear up gas fees.

According to Chainspect

Max Recorded TPS → 268 tx/s

Max Theoretical TPS → 476 tx/s

Keep Broadening Your Horizon.

Thank you 🙏 if you read to this point.

I hope you've been able to break into another phase of Blockchain intellect.