Cryptocurrency Report
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Altcoin
  • Blockchain
  • Analysis
  • DeFi
  • NFT
  • ICO
  • Videos
What's Hot

Cointelegraph Store: Introducing Bitcoin Pizza Day merch for crypto OGs

May 22, 2022

6 Questions for Sonali Giovino of Defiyield – Cointelegraph Magazine

May 22, 2022

NFTs: Empowering artists and charities to embrace the digital movement

May 22, 2022
Facebook Twitter Instagram
  • Advertise
  • Privacy
  • Contact
  • Terms
Facebook Twitter Instagram LinkedIn
Cryptocurrency Report
  • Home
  • News
    1. Bitcoin
    2. Ethereum
    3. Altcoin
    4. View All

    Russian Crypto Regulation Can’t Be Delayed any Longer, Claims Top MP

    May 21, 2022

    G7 Keeps Pushing for Crypto Regulation, Here’s What’s Already Happening

    May 20, 2022

    Terra Honeypot Scam, Blocked Bored Ape NFT Sale, FTX Offers Stocks + More News

    May 20, 2022

    Bitcoin and Ethereum Hold Gains, Altcoins Accelerate

    May 20, 2022

    Crypto Payments on Shopify, Cloudflare Plays With Ethereum, EY & Polygon + More News

    May 20, 2022

    Contradictory Vitalik Buterin Says He Wants a More Bitcoin-like Ethereum

    May 19, 2022

    Bitcoin and Ethereum Look for Direction, ADA and SOL Trim Gains

    May 18, 2022

    Bitcoin and Ethereum Consolidate, ADA, APE, and Multiple Altcoins Rally

    May 18, 2022

    A Curious Coincidence – Major Terra Backers Break Silence on Same Day

    May 20, 2022

    Tether in the Spotlight After USD 9B Worth of Redemptions

    May 20, 2022

    South Korean LUNA Buying Skyrockets, Token Trading at Huge Premium on Domestic Exchanges

    May 20, 2022

    From Silence to Humbling Hell – Major Terra Backers Keep Low Profile as the Small Guy Is ‘the Biggest Loser’

    May 19, 2022

    Cointelegraph Store: Introducing Bitcoin Pizza Day merch for crypto OGs

    May 22, 2022

    6 Questions for Sonali Giovino of Defiyield – Cointelegraph Magazine

    May 22, 2022

    NFTs: Empowering artists and charities to embrace the digital movement

    May 22, 2022

    Bitcoin targets record 8th weekly red candle while BTC price limits weekend losses

    May 22, 2022
  • Blockchain
  • Analysis
  • DeFi
  • NFT
  • ICO
  • Videos

    The Crypto Metaverse is Growing RAPIDLY! (INSANE MICROSOFT BUY)

    January 18, 2022

    BEST Crypto Safety Guide 101 (Keep Your $$ SAFE with Passphrases)

    January 18, 2022

    SHOCKING: Microsoft Enters the CRYPTO METAVERSE!!! (HUGE $69 Billion CASH Buy)

    January 18, 2022

    URGENT NEWS For Cardano Holders!! (MUST Watch Before Jan 20)

    January 17, 2022

    ⚠️ WARNING To All Bitcoin Holders ⚠️ (Time is RUNNING OUT!!!)

    January 17, 2022
  • bitcoinBitcoin(BTC)
    $42,304.00-0.92% 24H
    BITCOIN
    24H : -0.92%
    Volume : $18,001,823,455.00
    Marketcap : $804,136,324,461.00
  • ethereumEthereum(ETH)
    $3,187.18-1.80% 24H
    ETHEREUM
    24H : -1.80%
    Volume : $11,828,130,842.00
    Marketcap : $383,283,409,099.00
  • tetherTether(USDT)
    $1.000.020% 24H
    TETHER
    24H : 0.020%
    Volume : $42,292,952,195.00
    Marketcap : $82,566,134,570.00
  • binancecoinBNB(BNB)
    $416.19-2.16% 24H
    BNB
    24H : -2.16%
    Volume : $1,421,783,549.00
    Marketcap : $69,948,357,062.00
  • usd-coinUSD Coin(USDC)
    $0.9980.110% 24H
    USD COIN
    24H : 0.110%
    Volume : $3,215,590,549.00
    Marketcap : $50,856,931,622.00
  • solanaSolana(SOL)
    $110.52-1.25% 24H
    SOLANA
    24H : -1.25%
    Volume : $1,326,948,052.00
    Marketcap : $36,230,891,086.00
  • rippleXRP(XRP)
    $0.744-2.62% 24H
    XRP
    24H : -2.62%
    Volume : $2,611,405,064.00
    Marketcap : $35,798,721,281.00
  • cardanoCardano(ADA)
    $1.02-1.97% 24H
    CARDANO
    24H : -1.97%
    Volume : $735,911,632.00
    Marketcap : $32,692,285,870.00
  • terra-lunaTerra(LUNA)
    $87.96-7.21% 24H
    TERRA
    24H : -7.21%
    Volume : $2,091,404,457.00
    Marketcap : $31,224,000,667.00
  • avalanche-2Avalanche(AVAX)
    $79.94-4.23% 24H
    AVALANCHE
    24H : -4.23%
    Volume : $651,461,780.00
    Marketcap : $21,345,345,382.00
  • polkadotPolkadot(DOT)
    $18.98-3.96% 24H
    POLKADOT
    24H : -3.96%
    Volume : $522,492,664.00
    Marketcap : $20,904,948,600.00
  • dogecoinDogecoin(DOGE)
    $0.147-0.35% 24H
    DOGECOIN
    24H : -0.35%
    Volume : $1,709,936,369.00
    Marketcap : $19,528,083,067.00
  • binance-usdBinance USD(BUSD)
    $0.9990.100% 24H
    BINANCE USD
    24H : 0.100%
    Volume : $3,031,521,102.00
    Marketcap : $17,907,585,119.00
  • terrausdTerraUSD(UST)
    $1.000.00% 24H
    TERRAUSD
    24H : 0.00%
    Volume : $710,407,989.00
    Marketcap : $16,759,326,710.00
  • shiba-inuShiba Inu(SHIB)
    $0.000024-0.91% 24H
    SHIBA INU
    24H : -0.91%
    Volume : $622,427,689.00
    Marketcap : $13,391,607,837.00
  • wrapped-bitcoinWrapped Bitcoin(WBTC)
    $42,263.00-1.06% 24H
    WRAPPED BITCOIN
    24H : -1.06%
    Volume : $205,987,180.00
    Marketcap : $11,648,041,723.00
  • crypto-com-chainCronos(CRO)
    $0.437-1.87% 24H
    CRONOS
    24H : -1.87%
    Volume : $43,191,918.00
    Marketcap : $11,045,868,142.00
  • nearNEAR Protocol(NEAR)
    $15.96-4.67% 24H
    NEAR PROTOCOL
    24H : -4.67%
    Volume : $1,001,407,008.00
    Marketcap : $10,603,423,829.00
  • staked-etherLido Staked Ether(STETH)
    $3,182.92-1.85% 24H
    LIDO STAKED ETHER
    24H : -1.85%
    Volume : $8,945,498.00
    Marketcap : $10,259,684,260.00
  • matic-networkPolygon(MATIC)
    $1.43-2.09% 24H
    POLYGON
    24H : -2.09%
    Volume : $379,202,804.00
    Marketcap : $9,786,905,958.00
Cryptocurrency Report
Home » Celo to Be Fastest EVM Chain by End of 2022, Co-Founder Says
Blockchain

Celo to Be Fastest EVM Chain by End of 2022, Co-Founder Says

CryptoReporterBy CryptoReporterJanuary 19, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
Source: AdobeStock/Jarretera

Ethereum (ETH) sidechain Celo (CELO) has set its sights on becoming the fastest Ethereum Virtual Machine (EVM)-compatible blockchain within the next fifteen months, according to Celo co-founder Marek Olszewski.

The platform, focused on making decentralized finance (DeFi) more accessible on mobile devices, has high ambitions for a newly announced partnership with Mysten Labs, a new research and development firm focused on building infrastructure for Web 3.0, Olszewski told Cryptonews.com.

According to him, the partnership aims to increase the number of transactions per second (TPS) that the Celo blockchain can process, while also maintaining “good levels of decentralization.” Overall, the goal is to make Celo “the fastest EVM chain by the end of next year,” Olszewski said.

The same goal was originally stated when Celo and Mysten first announced their partnership, but without a timeline on the plans.

To bring about the increase in speed, Olszewski explained that Celo will incorporate the Narwal and Tusk consensus algorithm. According to one research paper, the consensus algorithm is capable of running at speeds of about 140,000 TPS, compared with the roughly 200 TPS that the Celo blockchain is currently configured for. In comparison, the Avalanche (AVAX) blockchain sees 4,500 TPS and the Ethereum main chain just 14 TPS, although all these operate at varying levels of decentralization, while the second layer scaling solutions are also being implemented.

Launched by a number of people who worked on Facebook’s Diem blockchain (formerly Libra), Mysten Labs will become a core contributor to the Celo platform going forward, Olszewski told Cryptonews.com.

Further, the Celo co-founder and partner at Celo development firm cLabs also promised that improved smart contract functionality is coming to the Celo platform within about a year with the help of Mysten Labs.

According to Olszewski, developers will be able to write smart contracts using either the widely used Solidity programming language or Move, a scripting language that was developed specifically for the Facebook-linked Diem blockchain.

As an example of the type of projects Celo is involved in, Olszewski brought up ImpactMarket, a decentralized protocol for poverty alleviation through universal basic income (UBI) in developing countries, which runs on the Celo blockchain.

Further, the co-founder also said that the blockchain had well over a million wallet addresses in September, and is on track to reach a million transactions per day “relatively soon,” after recently also hitting a new milestone of 700,000 daily transactions.

On September 23, the chain for the first time also reached the USD 1bn mark in terms of total value locked (TVL), after having seen strong growth throughout the month.

Based on data from DeFi Llama, the TVL has since corrected lower, and is currently sitting at more than USD 800m.

Source: defillama.com

At 14:57 UTC, CELO, ranked 75th by market capitalization, traded at USD 5.39, down by 5% for the past 24 hours. The price was down by almost 11% in a week, trimming its monthly gains to less than 8%. over the week, and is up 5.3% the past 30 days. It remains almost 45% below its all-time high of USD 9.8 (per CoinGecko), reached briefly on August 30.

____

Learn more:
– Deutsche Telekom to Launch Celo-powered Mobile Pay Network
– Facebook Libra ‘Rival’ Celo Says its Mainnet Is Now Live

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Over USD 600M Stolen in Blockchain Bridge Hack as Axie Infinity’s Ronin Exploited

May 4, 2022
iGaming

Stake.com – Crypto Pirate or Pioneer?

March 23, 2022
Crypto Sites

5 Crypto Sites to Watch

February 23, 2022

Caribbean CBDC Stays Down for More Than a Month as Technical Woes Continue

February 22, 2022

JPMorgan on Metaverse, Digital Ruble Trial, Binance Chain Rebrands + More News

February 15, 2022

Samsung Unveils New Digital Wallet with ‘Crypto’ and Digital Documentation Capabilities

February 10, 2022
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Cointelegraph Store: Introducing Bitcoin Pizza Day merch for crypto OGs

May 22, 2022

6 Questions for Sonali Giovino of Defiyield – Cointelegraph Magazine

May 22, 2022

NFTs: Empowering artists and charities to embrace the digital movement

May 22, 2022

Subscribe to Updates

Get the latest sports news and analysis about crypto coins and the latest news about domains from Techie Memo.

Advertisement

Your number 1 source for all Cryptocurrency news and analysis. here you can follow all updates and latest rates for all currencies. Visit our about page for more information.

We're social. Connect with us:

Facebook Twitter Instagram YouTube LinkedIn
Top Insights

Cointelegraph Store: Introducing Bitcoin Pizza Day merch for crypto OGs

May 22, 2022

6 Questions for Sonali Giovino of Defiyield – Cointelegraph Magazine

May 22, 2022

NFTs: Empowering artists and charities to embrace the digital movement

May 22, 2022
Get Informed

Subscribe to Updates

Get the latest sports news and analysis about crypto coins.

Facebook Twitter Instagram LinkedIn
  • Guest Post
  • Privacy Policy
  • Terms & Conditions
  • Contact
© 2022 Cryptocurrency Report. Designed by Sawah Dev.

Type above and press Enter to search. Press Esc to cancel.