Celo (cGLD) Mainnet Launched After Nearly Three Years in Development

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Celo (cGLD), a decentralized blockchain project that claims to be focused on building a monetary system that creates the conditions for prosperity for the masses, has announced the launch of its mainnet after two and a half years in development. With the mainnet now live, Celo Gold (cGLD) holders are now able to transfer the stablecoin to other holders, according to a blog post on May 18, 2020.

Celo Mainnet Now Live

While Facebook and the project Libra consortium are still pondering on how to beat the high regulatory hurdles hindering their mission to foster global financial inclusivity, Celo, a project focused on bringing prosperity for all via blockchain technology, has achieved another significant milestone.

As stated in its blog post, after nearly three years in development the Celo ecosystem now has a functional main network that will now enable the project to achieve its mission of giving the masses total control over their financial lives.

Reportedly, the Celo Release Candidate (RC1) a  testnet of the project was launched on April 22, 2020, and after weeks of running smoothly without major bugs, RC1 has now become the Celo mainnet. The Celo mainnet is a proof-of-stake (PoS) blockchain designed to facilitate fast, secure and stable payments.

Celo says the mainnet launch has been made possible through the dedication and passion of is over 100 independent validators scatters across the globe 

The Next Steps 

Not resting on its oars, the Celo team has hinted that in the coming weeks or months, it plans to engage oracles that will bring off-chain prices for the Celo Gold (cGLD) stablecoin on-chain, launch Celo Dollars, release the Celo Wallet on mainnet and more.

On May 12, 2020, Celo successfully completed the Dutch Auction for the Celo Gold stablecoin (cGLD). The team says the cGLD auction was oversubscribed, enabling it to raise a massive $10 million from participants across 132 nations.

Celo said:

There were a total of 3,996 registrations and 761 bids from 132 countries, with an average bid price of $5.02 and over 50 percent of the bids were above $3, while over 25 percent of the bids were above $9. We loved the fairness of the auction process. Even though many people were willing to pay more, all participants received the same price of $1.

BTCManager informed on May 6, 2020, that over 20 new highly reputed organizations had joined Celo’s Alliance for Prosperity, taking the consortium to a total of 75 members.

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