# Celo By [mastercrypto](https://paragraph.com/@masterbrum.robots.farm) ยท 2023-01-28 --- Celo is a decentralized platform that aims to provide financial services to individuals who are currently underserved by traditional financial institutions. The platform is built on the Celo blockchain, which is a proof-of-stake (PoS) blockchain that uses a unique consensus mechanism called the "validator committee". This mechanism allows for a more decentralized and democratic governance structure, compared to traditional PoS systems. One of the key features of Celo is its use of stablecoins, which are digital assets that are pegged to the value of a fiat currency or other asset. These stablecoins, called cUSD and cEUR, can be used to make transactions on the Celo network, and can also be used to hold value in a more stable way than other cryptocurrencies. This allows for more practical use cases such as sending money across borders, paying for goods and services, and lending and borrowing money. Celo also has a unique reward system called "Celo Buck" which is similar to a loyalty program. Celo Buck rewards users for participating in the network, such as holding cUSD, participating in governance, and running a validator node. These rewards can be used to pay for transaction fees on the network, which further incentivizes user participation. Another important aspect of Celo is its focus on serving underbanked and unbanked individuals. It aims to do this by creating a simple and easy-to-use mobile wallet that can be accessed via SMS, even on feature phones. This allows individuals in developing countries, who may not have access to smartphones or traditional banking services, to access financial services through the Celo network. In summary, Celo is a decentralized platform that aims to provide financial services to underserved individuals using its stablecoins, a unique validator committee consensus mechanism, and a reward system that incentivizes user participation. Its focus on serving the underbanked and unbanked population through a simple mobile wallet is a unique aspect that sets it apart from other blockchain projects. --- *Originally published on [mastercrypto](https://paragraph.com/@masterbrum.robots.farm/celo)*