Celo Partners With Ethereum ‘Merge’ Engineer ConsenSys To Improve Interoperability
Mobile-based blockchain ecosystem Celo is partnering with Ethereum software company ConsenSys. The partnership will see Celo use ConsenSys’ scaling protocol ‘Infura’ to support Ethereum-compatible applications.
Mobile-based, carbon-negative, and permissionless Layer-1 blockchain Celo is partnering with ConsenSys, an Ethereum-based software company, to help the network become interoperable and more scalable. ConsenSys engineered Ethereum’s transition from a proof-of-work (PoW) to proof-of-stake (PoS) consensus via the ‘Merge’.
The collaboration will see Celo implement ConsenSys’ scaling infrastructure ‘Infura’ to make the blockchain highly scalable. Developers will now be able to deploy Ethereum Virtual Machine (EVM)-compatible decentralized applications (DApps) built with Truffle, a network to test Ethereum smart contracts, on the Celo blockchain. Infura integration will allow users to transact between Celo and Defi and DApps on other Ethereum-based networks by leveraging its reliability, integrity, speed, and scalability. Celo users can now access MetaMask, a popular Ethereum-based crypto wallet, to send or receive ERC-20 tokens.
“Celo and ConsenSys share a long view of Web3 and its powerful potential to create real-world impact. We each support the democratization of wealth and technology. The Celo Foundation and the broader Celo community welcome ConsenSys to our ecosystem, which is building for real-world use cases. Developers can use Infura’s trusted and complementary tooling to seamlessly communicate with the Celo blockchain for rapid deployment and scaling,” said Xochitl Cazador, Head of Ecosystem Growth at Celo Foundation.
According to reports, more than 350,000 blockchain projects are currently using the Infura infrastructure. Last year, prominent Ethereum Layer-2 scaling network Polygon integrated ConsenSys’ protocol. Celo will also join the Ethereum Climate Platform (ECP) which was announced at the recently concluded COP27 summit held in Sharm el-Sheikh, Egypt. ECP is an initiative led by 18 tech and blockchain companies including ConsenSys, Polygon, Aave, Microsoft and Global Blockchain Business Council among others, to help mitigate excess energy consumed by blockchain-based systems.
“This partnership supports the Celo ecosystem’s mission by providing reliable, easy-to-use tooling for developers to build and scale their DApps on the Celo blockchain. We are one step closer to mainstream adoption of Web3 and realizing its full potential to transform lives by regenerating global ecologies and empowering local economies,” added Cazador.
In October, various projects on the blockchain ecosystem founded by former GoDaddy executives Rene Reinsberg and Marek Olszewski raised $77 million in a seed funding round to develop its efficiency and interoperability. Blockchain development protocol Tatum and interchain communication system Hyperlane secured a combined $60 million in a round led by venture capital firm Variant to implement interoperability features on Celo. Regenerative finance (ReFi) focused projects ImpactMarket, Loam and Sanergy raised $6 million, while Celo’s DeFi platforms Redstone and Jia raised a combined $11.3 million.
Also Read South Korean Authorities Seize $105 Million In Assets Belonging To Terra Co-Founder
ReFi is an emerging system within the crypto industry where projects use blockchain technology to address environmental and societal issues. The Celo blockchain also issues fiat-backed Dollar and Euro stablecoins – cUSD and cEUR. In January, the mobile-based open-source blockchain launched the cREAL, a stablecoin pegged to Brazilian real.
Celo is the world’s first carbon-negative PoS blockchain that automatically rewards users by purchasing their daily CO2 offsets. The mobile-first decentralized network backed by Block and Twitter founder Jack Dorsey and Citigroup Chairman Dick Parsons provides an infrastructure to make cryptocurrency transactions via mobile phones, using phone numbers as a proxy for private keys.
At the time of writing, CELO is trading at $0.51, up by 12% in the last 24 hours.
Also Read Cardano Is Launching Stablecoins and A Privacy-Oriented Blockchain