Celo is an open platform that supports a variety of distributed applications, smart contract development and payments using e-mail addresses and phone numbers as public keys.
Celo proposes address-based encryption, a variant on identity-based encryption, directly using an e-mail address or phone number as a public key.
CELO is the native token of Celo and has the following use cases:
Governance: vote on network governance decisions via staking.
Network Security: stake CELO tokens to secure the network, participate in consensus and earn rewards.
Transaction Fees: pay for on-chain transactions.
The Celo ecosystem contains the following key components:
Celo Protocol: proof-of-stake blockchain protocol that uses phone numbers and e-mail addresses as public keys.
cUSD (Celo Dollar): stablecoin pegged to the US dollar backed by a reserve of crypto assets.
Celo Developer Wallet: send, receive and swap cUSD and CELO test tokens using decentralized phone number verification.
Details of the CELO token distribution can be found here.