Finance

The Graph (GRT) And Celo (CELO): What Are They?

CELO

The Graph is the name given to an indexing protocol that is quite similar to Ethereum and IPFS in many ways. It has also been created for querying Blockchain networks. While using Graph, all users have the option of creating an open API known as the SubGraph or Alt Graph. The data obtained is easier to process by publishing. Graph Token (GRT) is the name of the native cryptocurrency of this platform. Celo (CELO) acts as a global payment infrastructure for mobile user-centric cryptocurrencies. In this post, we will take a detailed look at both of them. Let’s get started.

Graph Token (GRT) And Celo (CELO): All You Need To Know

Graph

The Graph protocol is designed to access and organize data more easily. It offers developers the opportunity to build their applications on Blockchain. Thanks to the service offered by this protocol, data on liquidity outputs, historical transaction volumes, and all Ethereum-based token prices can be queried.

How does the Graph (GRT) work?

The Graph data indexes, provide data via API for applications in the Web3 and decentralized finance ecosystem. While doing this, it takes into account the data request definitions called SubGraph and learns which data should be classified and how. The SubGraph concept used here determines what smart contracts will look for, the events to consider, and how this data will be mapped. Definitions made at this stage are referred to as the SubGraph manifest. For this, after the data to be indexed is set, the Graph command line is used and the definition is saved in the distributed network. Then, the indexing phase is started for the SubGraph created in the service on the server.

What does the Graph (GRT) do?

Basically, The Graph (GRT) has 4 different roles (Indexer, Assigner, Editor, Consumer) in the network. These are as follows:

  1. Indexer: Indexers that index and search on IPFS and blockchain leverage queries in SubGraphs built for this.
  2. Delegator: Supports network indexers and decentralization of the network without running a node. It sends existing GRT assets to indexers and thus contributes to higher efficiency. In return for this contribution, assigners are entitled to a portion of what indexers charge for query fees.
  3. Editor: Editors, expressed as users who create SubGraphs, pay a certain amount to create them. These SubGraphs have information about the data to be indexed. Based on this information, indexers collect data and query.
  4. Consumer (Consumer): It is expressed as users who receive data from The Graph network and make queries through SubGraphs. In return for these inquiries, payment is made in GRT. Proceeds from this are sent to assigners and indexers.

How to store the Graph (GRT)?

ERC-20 based Ethereum wallets will suffice to store The Graph (GRT). Many crypto exchanges available in the market provide support for this. In this way, GRT deposits and withdrawals are carried out more securely through the account created.

Users who want to know their current balance should also use their Ethereum wallets. Buy and sell transactions can be made with mobile, web, desktop or online wallets. Mobile wallets supporting Wallet Connect infrastructure or browser-based matemask wallets can be used to define GRT to indexers over The Graph network.

Celo (CELO)

What is Celo (CELO)?

Celo (CELO) is a platform that acts as the global payment infrastructure for cryptocurrencies aimed at targeting mobile users. To this end, Celo (CELO)’s goal is to make financial activities globally accessible to everyone, thanks to its ability to send payments to and from any phone number in the world. The main focus of Celo (CELO) is providing a boost in crypto usage among the world’s smartphone users.

In addition to core payments, Celo (CELO) can support the development of decentralized applications on the blockchain. These apps include a crowdfunding platform for social purposes as well, with one that allows anyone to contribute to a universal basic income scheme for the community.

At the heart of running operations on the blockchain, Celo (CELO) has two native tokens: CELO, an administrative asset for voting on changes to the protocol, and the Celo Dollar (cUSD), a stablecoin that reflects the value of the US dollar. Two native tokens on the platform: the first is CELO, a proof-of-stake (PoS) token used for transaction fees, management participation and related activities. In the future, the platform aims to host various stablecoins including the Celo Dollar (CUSD) currently in use.

By using phone numbers as public keys, Celo (CELO) hopes to encourage the world’s billions of smartphone owners, including those without banking access, to transact with cryptocurrency.

How does Celo (CELO) work?

The Celo (CELO) network consists of three separate parts to run its platform, these are:

Light Clients: Celo Network applications that run on the user’s mobile devices, such as Celo (CELO)’s mobile wallet.

Verifying Nodes: Computers that participate in the consensus mechanism of Celo (CELO), verify transactions and generate new blocks.

Full Nodes: Computers that act as a bridge between validator nodes and mobile wallets, receiving requests from light clients and forwarding transactions to validator nodes.

Celo (CELO)’s system requires validator nodes to be voted on by CELO token holders.

Who are the founders of Celo (CELO)?

Celo (CELO) project, MIT, Stanford, Google, Square, Circle, Visa, GoDaddy, World Bank, Federal Reserve Bank, Harvard University, University of Pennsylvania Law School, Cambridge University, US Department of Justice, Bank of America, Capital One, Twitter was founded by a team of people from Give Direct and the Gates Foundation. 

What makes Celo (CELO) unique?

The main selling point of Celo (CELO) lies in its focus on smartphone users. The company is of the opinion that the number of smartphone owners is growing exponentially, but the number of users of cryptocurrencies is growing at a much slower rate.

Cryptocurrency is very suitable for regions where a large part of the population does not have access to the banking sector, but still owns a smartphone.

Besides reaping the benefits of DeFi by supporting the creation of DApps and smart contracts, Celo (CELO) also aims to bridge the gap between these smartphones and cryptocurrency technologies.

The mobile-optimized Celo blockchain automatically calculates transaction fees and also allows users to pay ‘gas’ fees supporting transactions in any currency.

Is the Celo network safe?

Celo (CELO) uses Proof-of-Stake to ensure security and has a complex selection process to identify validators of the blockchain. CELO holders can use their assets as a means of participating in elections by voting for validator groups.

Byzantine Fault Tolerance (BFT)

At the core of Celo (CELO) is a Proof of Stake management mechanism called Byzantine Fault Tolerance (BFT), which keeps the distributed computer network in sync.

For validator nodes to strengthen the blockchain and vote on changes, they must first stake a minimum of 10,000 CELO tokens, meaning anyone with CELO can help the network run.

There are only 100 validator nodes voted by full nodes at any given time in the current period, and each node is then rewarded with a portion of the block reward for validating transactions. Full nodes get their rewards from fees paid by thin clients.

cUSD

A key feature of Celo (CELO) is its ability to operate stablecoins such as cUSD, which provides relief from the constant volatility of these assets while offering the efficiency and transparency of crypto transactions.

Celo (CELO) automatically ensures that the value of each cUSD equals one US dollar, using what they call a programmatic reserve, an over-collateralized reserve of CELO and other cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH). This means that cUSD can be sold for an equivalent CELO value and vice versa.

What is the number of Celo (CELO) in circulation?

CELO and CUSD perform complementary functions within the Celo platform. CELO has a limited supply of 1 billion (1,000,000,000) coins, of which 600 million were available when the main net launched in April 2020.

The last 40% of the supply will be gradually released through fees and rewards, and various vetting schemes will be implemented depending on how initial investors receive their tokens.

Additionally, 120 million CELO will be used for a reserve designed to maintain the viability and price stability of the CUSD. As a stable coin, CUSD is envisioned as a convenient payment method for Celo (CELO) users who will not have to worry about fluctuations in the value of their assets. You should have some CELO in your portfolio, regardless of the pattern trader that you are.

How much does it cost to get Celo (CELO)?

At the time of this writing, the live CELO price is USD 5.11 with a 24-hour trading volume of USD 101,218.426. Again, as of the date of this writing, CELO has increased by 0.33% in the last 24 hours. It is ranked 75th in the stock market from which the current data is taken, and its live market value is 1.568,385,712 USD. It has a circulating supply of 306,819,314 CELO tokens and a maximum supply of 1,000,000,000 CELO coins.

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