Celo

Celo is an open, decentralized platform that enables a monetary system that creates conditions of prosperity for all. It is aiming to make it straightforward for anyone with a smartphone anywhere in the world to maintain a current account, send money to friends, and pay merchants. The first application launching on the platform is a social payments and cash transfer app, aimed at developing markets.

The Celo network currently features two assets, Celo Gold (cGLD) and Celo Dollar (cUSD). Celo Gold is the network’s native asset and a central component of the consensus and governance mechanism of the Celo protocol, such as voting for delegator groups and participating in governance decisions. Celo Dollar is the initial stablecoin, which is pegged to the US Dollar.

LetzBake Tezon icon

Return of Stake and Fee

ROS: ~6%
Fee: n/a

Celo Delegate Address

Nodito Labs validator group

0x2c2B0f71d59B546B2CAfd222696589c13C3c325C

Celo FAQs

Celo uses an election mechanism in which holders of Celo Gold are incentivized to vote. But in contrast to other Proof-of-Stake variants, users don’t cast votes for validators directly – instead, they vote for validator groups, which consist of a maximum of five member validators. That means as a token-holder, you are not voting for a validator, you are instead voting for the group that contains the validators.

Having searched for mission-aligned organizations, LetzBake! decided to join the validator group of Nodito Labs, founded by early employees of cLabs, the company behind Celo. The Nodito Labs validator group seeks to:
  • Promote decentralization and credibility of the network
  • Grow the global Celo community
  • Offer the opportunity for qualified validators to build their brand
  • Support causes they believe in
LetzBake! donates 10% of our Celo validator’s income to an international health NGO. The name of the NGO and how the donation will be used will be announced soon.
With Celo having launched only recently in May 2020, there are currently no easy to use wallets available to vote (delegate) for a validator group. We expect that this situation will change soon, but for now you will have to use the command line interface (CLI) to vote for the Nodito Labs group, in which LetzBake! is a validator member. A guide on how to install the Celo CLI, lock your Celo Gold and then vote for a validator group, is provided here.

Your Celo Gold remain fully under your control at all times, and you can transfer them in and out of your wallet as you need to. Contact us with any questions you may have. We’re happy to help!

Only download wallets from the original sources, and never from a random link on the Internet!
Validators are automatically compensated by the protocol for securing the network, so delegators do not need to pay validator groups a commission.
You will receive your staking rewards after every epoch, which last 1 day in Celo. Rewards are directly paid in your staking wallet and are automated at protocol level, so we do not have any control over payouts.