Celo enables participation on the Platform, with the opportunity to earn rewards through network participation. Celo’s stability mechanism and token economics are designed in such a way that demand for cGLD directly increases as demand for Celo Dollars (cUSD) and other stable value assets increases.
Called the cREAL, a stablecoin linked to Brazil’s fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency, the real, was launched.
Phone-centric blockchain, Celo, launched the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. cREAL linked to Brazil’s official currency, the real. This was announced by the platform a place to buy, sell and store cryptocurrency today and was reported by the media.
Celo’s real-based algorithmic stable coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. has arrived to enable the Brazilian community to make fast, reliable, affordable and sustainable transactions with just a mobile phone.
Celo’s algorithmic stablecoin referenced in Reais has arrived to allow the Brazilian community to make fast, reliable, affordable and sustainable transactions with just a mobile phone. #Celo #Criptomoeda #Stablecoin #BlockChain #Technology #CeloReal #cREAL pic.twitter.com/dxjrwlcljz
– CeloBrasil (@celoorgbr) January 27, 2022
cREAL is stablecoin, but not CBDC
It is worth noting that this is not a Central Bank digital currency, CBDC . In fact, theBanco Central de Brasil had already announced in September that was researching for the possible creation of the digital real, but that it was an issue that was still under discussion. In this case it is an initiative of a private company.
As of today, cREAL will be available on Brazilian cryptoexchangesRipio, FlowBTC y NovaDAX. Crypto wallets Bitfy y Coins also admit the stablecoin.
According to information published by Coindesk users of NovaDAX will be able to spend cREAL with the crypto-prepaid card issued by the exchange.
For their part, customers of Bitfy may use cREAL throughout the network a network refers to all nodes in the operation of a blockchain at any given moment in time. of Cielo the largest credit and debit card operator in Brazil.
El cREAL was proposed and then approved by the owners of the native digital asset of Celo (CELO) and blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. governors, said to CoinDesk the co-founder of Celo , Rene Reinsberg.
It is worth noting that Celo, a proof-of-stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. and open source blockchain, already has stable currencies cUSD and cEUR, linked to the US dollar and the euro, respectively.
“There was a lot of enthusiasm for cryptocurrencies in Brazil.” dijo Reinsberg. “But specifically in the Celo community, we’ve seen a lot of Celo-based teams, integrated with Celo, using cUSD. From the beginning, Brazil was obviously one of the strongest markets in terms of adoption.”
What is cREAL like?
According to Celo, cREAL functions as a stable decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. algorithmic currency currency is a medium of exchange that defines value. that can be used for applications and services CeFi y DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. on the Celo as the loan protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. Moola Market an area or arena, online or offline, in which commercial dealings are conducted. , el exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. decentralized Ubeswap o Valora, web-native digital wallet a place where cryptocurrency users can store, send and receive digital assets. Celo.
“The rate of cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. adoption in high-growth markets, particularly Brazil, not only indicates a growing enthusiasm for this new digital digital technologies are these electronic tools that have the ability to generate, store or even process data. economy, but the advancement of real-world use cases” said Camila Rioja, Latin America leader for the Celo Foundation, in a statement.
Brazilians are turning to cryptocurrencies and, in particular, stable coins amid record inflation a general increase in prices and fall in the purchasing value of money. and a devaluation of their local currency. According to Internal Revenue Service, the Brazilian fiscal authority, between January and November 2021, locals traded USD $11.4 billion in stablecoins and almost tripled the total traded in 2020.
En Brasil, Celo currently supports projects such as ImpactMarket, a universal basic income program based on its blockchain that delivered blockchain-based aid to 10 000 beneficiaries in the Latin American country so far, Reinsberg said.
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