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Celo introduces Provo, a sandbox for central banks to explore digital currencies

By on September 30, 2021 0

Celo, the first mobile blockchain focused on emerging markets, announced the launch of Provo, a value-added sandbox for public and official sector experimentation on the Celo blockchain.

Through Provo, central banks can explore and experience central bank digital currencies and other digital assets.

According to Celo, the Provo service will allow central banks to test CBDC designs and implementation mechanisms in authorized and / or unauthorized and risk-free environments.

In addition, Celo claims that a new test environment will allow customers to design and test various broadcast, distribution, privacy and surveillance designs.

Provo customers will also have full access to a Celo testnet, which will bring several benefits:

  • Help them gain first-hand experience in issuing their first tokens
  • Visualization of transaction flows
  • Make decisions based on real-time analytics
  • Ability to experience the Cell platform as an end user

Celo also says customers will receive support from a team of engineers, economists and policy experts from cLabs and have access to a global community of developers and technologists who support Celo.

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SEE ALSO: 5 Startups in Uganda relying on the Celo Blockchain

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Provo is said to offer different levels of support and customization to clients based on technical expertise, sourcing requirements, and desired short and long term results.

Celo also claims to have the expertise that the authorities can rely on.

Here are some important milestones of Celo since its inception:

  • The Celo platform was developed in 2017
  • Has launched a mainnet since then
  • Launch of the CELO native asset for blockhain
  • Also introduced 2 stablecoins, cUSD cEUR
  • Launch of a mobile payment application
  • Has been listed on several highly reputable global stock exchanges.

Celo also describes some of its advantages given the many blockchain solutions available. These include:

  • Interoperability with Ethereum and other blockchains
  • Full EVM compatibility
  • Vision for Currency Inclusiveness
  • Low costs and high speeds
  • Over 30 million transactions have taken place on the Celo blockchain

With Provo, Celo seeks to bring traditional financial practices and merge them with new emerging fintech ideas, making it a better way for businesses, developers, individuals, NGOs and central banks to collaborate or to participate in innovation on the future of money.

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RECOMMENDED READING: Celo Partners With Leading DeFi Projects In $ 100 Million Initiative To Bring DeFi To Developing Countries

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