Celo is a platform that is open and open-source, allowing for an ecosystem of powerful applications built on top, including easier cash transfer programs, peer-to-peer lending, collaborative small-scale insurance, and other digital assets and wallets.
Frequently Asked Questions
Here are answers to some of the questions our community has asked us. Get in touch if there’s more you would like to know.
Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. Celo officially launched in May 2020. To learn more, please take a read through their whitepaper.
cGLD is the utility token of the protocol and is used as voting power in validator elections and governance decisions. cGLD can also be locked to issue cUSD.
New blocks on Celo are proposed by validators. To enable Celo to run seamlessly, validators need the technical capabilities to offer a secure, always on infrastructure.
Not everyone is able to do this. Some token holders participate indirectly by delegating the tokens they have to a validator. Validators are running a service for delegators. They typically charge a fee to cover their operational costs.
By delegating cGLD, you help secure the network. You get part of the rewards provided by the protocol for this assistance. If you are planning to hold on to cGLD for some time, delegating will help you accumulate more cGLD while contributing to the health of the network.
You are not giving away ownership of cGLD by delegating. As a validator, stakefish will never have the ability to move your cGLD.
Celo penalizes any validator that has a prolonged downtime or double signs a block. This slashing only applies to the validator’s own stake. After slashing, staking rewards will be suppressed for some time before returning to normal levels. Our own reputation, time, and efforts are on the line, so we are fully incentivized to do our best to prevent such events. However, delegators must be aware of these risks when they delegate.
Celo rewards validators for running infrastructure. There are no fees that we charge to our delegators.
If you have any questions about staking or our validator services, please do not hesitate to reach out to us. We are happy to talk with anyone and help navigate community members through this exciting new ecosystem.Get in Touch