Elastos recently announced a collaboration with Celo Network to bring decentralized identity solutions to Celo’s ecosystem. Elastos offers self-sovereign identities, storage, and credibility scoring. The collaboration aims to enable secure identities, KYC support, and decentralized storage.
Celo Network has officially been integrated into the Elastos flagship Web3 wallet, Essentials. This integration enables Celo users to seamlessly leverage decentralized identity (DID), storage (Hive), and decentralized applications through the powerful Essentials super wallet.
Essentials is a cutting-edge Web3 wallet that offers a wide range of functionalities. With this integration, users gain access to Web3 dApps across multiple networks. Notably, Celo joins a growing list of EVM-compatible blockchains that have been recently added to the Essentials platform.
Celo is a mobile-first, carbon-neutral blockchain network that aims to bring decentralized finance (DeFi) tools and services to anyone with a mobile device. Celo allows digital assets to circulate freely across devices and countries at low costs and high speeds. Its mission is to build an inclusive financial system that promotes prosperity for everyone.
CELO token
CELO is the native token that facilitates various functions within the Celo network. Utility includes:
- Participating in network consensus via its Proof-of-Stake system.
- Paying for on-chain transactions.
- Voting on governance decisions.
cUSD token
Celo’s stablecoin, cUSD, is designed to offer the efficiency and transparency of cryptocurrency transactions while avoiding the volatility typically associated with digital assets. This stablecoin is backed by a programmatic reserve consisting of overcollateralized reserves in CELO and other cryptocurrencies such as Bitcoin and Ethereum. This process automatically ensures that each cUSD always equals one US dollar.
This backing allows users to buy and sell cUSD for an equivalent value of CELO or other cryptocurrencies, providing liquidity and stability to the network. In the future, Celo plans to expand its stablecoin offerings by allowing CELO holders to propose and vote on creating stablecoins that mirror the value of other national currencies.
CELO and cUSD on Essentials
Celo users can now use Essentials as a destination for their CELO, cUSD and other CELO native tokens. Click on the wallet name to the right of “Active wallet” on the home screen of Essentials. Then, find “Celo” and you’re connected.
Click on the CELO, cUSD tokens or CELO native tokens to send or receive from the Essentials wallet. The receiving addresses will be identical to the Elastos Smart Contract (ESC) Chain address.
Essentials provides the auto-discovery feature allowing users to import other Celo native tokens into the Essentials wallet automatically. Individual custom tokens can also be added using their contract address through the token management settings.
Celo Integration into Essentials
Celo network hasofficially launched on Essentials. Celo network can directly communicate with the Essentials wallet via RPC support. As stated above, Essentials allows Celo users to store, transfer, and manage Celo native tokens in the wallet. Celo NFT assets are also able to be stored in Essentials.
Essentials not only displays the volume of coins you hold, but it also provides the value of those coins in six different currencies, utilizing price feeds. For instance, when you view your ELA holdings in Essentials, you’ll not only see the amount of ELA you have, but also its value in USD, GBP, CNY, EUR, JPY, and BTC. With the inclusion of the Celo chain, this feature will also be applicable to any Celo-based tokens, such as those starting with Celo and cUSD.
As with other integrated blockchains, users on the Celo network can directly connect to Celo dApps via Essentials. In addition, widgets can be created to better navigate to these Celo dApps.
Celo users have access to Elastos DID by creating and managing self-sovereign decentralized identifiers (DID), including support for KYC, verifiable credentials, and contact lists. Another luxury Celo community members can benefit from is the Elastos Hive technology which provides free decentralized cloud storage.
Make sure to download the newest version of Essentials on the Apple Store and Google Play Store to utilize the new Celo network wallet. Celo marks the 22nd different blockchain to be added to the Essentials wallet.
Essentials aims to enhance its versatility and become one of the best Web3 wallets globally by continuously adding popular blockchains to its platform. This approach will enable users to access a broader range of blockchain networks and associated digital assets through Essentials, making it an even more valuable tool for managing and storing cryptocurrencies.
