2 Powerful ways to use Celo cryptocurrency for poverty alleviation

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The mission of Celo cryptocurrency is to build a digital payment system that creates the condition for prosperity for all.

Contributions to charity causes often end up in the hands of bureaucrats, management team, or even corrupt individuals.  Even though cash transfers are the most preferred method of helping people in need, there is no solid solution for this problem.

Celo is A novel vision

Celo has recognized that there are millions of people around that world that do not have access to basic financial services. At least until Celo will launch its mobile payment platform. This will enable anyone in the world who own a smartphone, to send fiat pegged cryptocurrency —just as one would when sending a text message.  Celo’s cash transfer mechanism enables anyone with access to a mobile wallet to send and receive money with ease.

On top of this Celo enables users to mine the cryptocurrency using their phone’s redundant computing capacity. This means people with mobile phones can generate passive income while supporting the network. Thus, all parties interested can participate in the Celo network and earn Celo cryptocurrency.

What we like about Celo Cryptocurrency

The product itself is not ready, but the team definitely seems to have some good traction. For example, they recently participated in the World Food Programme Innovation Accelerator, where they competed against more than 800 projects. Also, they have some solid backers such as
Andreessen Horowitz, Plychain Capital, Coinbase, among others. The project has caught the eyes of Jack Dorsey ( Co-founder & CEO of Twitter & Square), Reid Hoffman (Co-founder, LinkedIn), and Naval Ravikant (CEO  & Founder, Angelist).

Additionally, the team behind Celo consists of entrepreneurs, engineers, academics that are supporting the network. No token sale is announced so far, but this is definitely a project to keep an eye on. Not only are the pursuing a worthy cause, but they also seem to have some very real traction.

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