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Ankr has found a new purpose in crypto with Celo

ANKR | 05.06| 102

We are excited to announce that Ankr has joined the Celo Alliance for Prosperity and will contribute to the Celo ecosystem by providing node deployment and hosting solutions for Celo nodes and Dapp developers.

Ankr strives to help Celo grow, further secure and decentralize their network by making Celo node hosting available to a wider audience of consumers and organizations globally.

TLDR

  • The Celo Alliance for Prosperity is a community of mission-aligned organizations working together to foster financial inclusion through blockchain technology
  • Ankr will provide one-click deployment and affordable node hosting solutions for Celo nodes and Dapp developers
  • Ankr will leverage its node hosting solutions and global network to further strengthen and decentralize the Celo network
  • Ankr and Celo will explore the possibilities to add Celo Dollars as a payment method on the Ankr platform and add ANKR token to Celo’s reserve

About Celo

Celo is an open source mobile-first platform that makes financial tools such as easy cash transfer programs, peer-to-peer lending, collaborative small-scale insurance, wallets, and other digital assets accessible to anyone with a mobile phone. The word “celo” means “purpose” in Esperanto and the philosophy is grounded in the concept of gift economy to facilitate humanitarian help by giving people easy access to financial services.

Celo introduces a dual token system, consisting of Celo Gold, which will serve as reserve token with a fixed supply that is divided between the protocol’s asset reserve and a diversified basket of other digital assets, and will back elastic fiat-pegged stablecoins such as Celo Dollars. Celo Dollars and other future stablecoins will be used as a means-of-payment asset that adjusts its supply according to use to maintain a fiat peg.

What is the Celo Alliance for Prosperity?

The recently announced Celo Alliance for Prosperity, part of the non-profit Celo Foundation, formed by a community of mission aligned organizations working together to create a future where everyone can prosper. The initiative has 70 members lined up to fostering social impact and financial inclusion through blockchain technology.

The Alliance consists of organizations both from within and outside of the blockchain space, including several former members of the Facebook-backed Libra Project.

The list of contributors is composed of technology providers, non-profit organizations, mobile wallets, payment processors and global investment firms with a combined global reach of hundreds of millions of people, and includes household names such as Anchorage, Andreessen Horowitz, BitGo, Blockchain.com, Coinbase Ventures, GiveDirectly, Grameen Foundation, Ledger, Mercy Corps, Metadium, Polychain Capital and many more.

Ankr and the Celo Alliance for Prosperity

Celo firmly believes in participation from members of the Alliance. The entire Celo stack, from the stability protocol to the mobile wallet, are being built, tested and refined with the broader community, to make financial tools accessible to anyone with a mobile phone.

The greater the participation in the Celo ecosystem from mission-aligned organizations like Ankr, the more representative the protocol becomes for the people Celo is designed to serve.

As an official node as-a-service partner, Ankr will contribute to the Celo ecosystem in various ways: First of all, Ankr joined the Great Celo Stake Off to get familiarity and operational expertise with the Celo network and to be fully ready when the mainnet launches. This will be done by enabling one-click deployment solutions for running both a Full node and a Validator node in the Celo network.

The Ankr node hosting solutions will be leveraged to actively engage with communities around the globe and promote greater participation in the Celo ecosystem. Together, we will also explore the possibility to include Celo Dollars as an official payment method on the Ankr platform and to add ANKR tokens to the Celo Reserve.

Further ways of securing and decentralizing the Celo network include exploring running a Celo node for University initiatives like Blockchain at Berkeley and introducing more enterprise connections in Asia and Europe to the Celo ecosystem.

Celo node structure

Celo Full nodes act as a bridge between the mobile wallets (running as light clients) and the validator nodes. To make sure that full nodes are rewarded for this service, the Celo protocol includes Full node incentives.

Celo Validators help secure the Celo network by participating in Celo’s Proof of Stake protocol and are expected to run one or more additional “proxy” nodes and an additional “attestation service”. In this setup, the proxy node connects with the rest of the network, and the machine running the Validator communicates only with the proxy via a private network. The attestation service facilitates an automated KYC process for the network.

Participation requires a minimum locked stake of Celo Gold per validator and validator group.

Applications including the Celo Wallet will also run on each user’s device an instance of the Celo Blockchain software operating as a ‘light client’. Light clients connect to Full nodes to make requests for account and transaction data and to sign and submit new transactions, but they do not receive or retain the full state of the blockchain.

Both the Celo Full node and Validator node will be available on the Ankr Cloud.

Celo Gold auction on CoinList

For those interested in becoming an active participant in the Celo ecosystem, Celo Gold (cGLD) will be available for purchase via a Dutch auction hosted by CoinList to non-US residents beginning at 1:00 am UTC May 12th and lasting for 12 hours.

In order to encourage participation from around the world to strengthen the Celo Platform governance, a bonus has been designed: Participants are eligible for 1 cGLD bonus for every 2 cGLD purchased, up to 5,000 cGLD purchased (a maximum bonus of 2,500 cGLD) for the first 1,000 successful bids in the auction. There is also a referral bonus.

To be eligible for participation in the auction, interested users can sign up on CoinList and complete KYC/AML registration. Please note that registration may take several days to process.

Registered bidders must set up and fund an auction account in order to place bids. Starting one week before the auction, participants can pre-bid for a better chance to purchase cGLD. Details of the Celo Gold token auction are available here.

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Ankr has found a new purpose in crypto with Celo was originally published in Ankr on Medium, where people are continuing the conversation by highlighting and responding to this story.

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