By 2025, the number of smartphone users will exceed 7 billion, But there are fewer than 100 million cryptocurrency users. According to the Celo Foundation, availability and price stability remain the two main barriers to cryptocurrency adoption. Celo's mobile-first approach fills this gap.
Key technical innovations that promote adoption include:
- Fast lightweight transactions (block headers optimized for fast mobile phone synchronization). The ability to send currency to a phone number (a lightweight identity protocol that maps the hash of a phone number to a public key -- making it easier for anyone with a mobile phone to send and receive digital currency to anyone in the world). < LI > The option to automatically deduct transaction fees and pay gas in stable currency (as low as $0.01). Stablecoin, starting with cUSD, is backed by decentralized reserves to help provide stability, transparency and auditable.