Blockdaemon CEO Says Celo Ecosystem Will Soon Comprise “PayPal On Speed With Its Own Currencies”
Blockdaemon CEO Says Celo Ecosystem Will Soon Comprise “PayPal On Speed With Its Own Currencies”
June 9, 2020
Blockdaemon CEO Says Celo Ecosystem Will Soon Comprise “PayPal On Speed With Its Own Currencies”
Blockdaemon CEO Says Celo Ecosystem Will Soon Comprise “PayPal On Speed With Its Own Currencies”
June 9, 2020

Konstantin Richter, the CEO and founder of the blockchain platform and Celo alliance member Blockdaemon, has said that the Celo ecosystem will soon comprise “PayPal on speed with its own native currencies.”

It has been reported that Richter will learn about the experience of working on Celo from its beginnings and get his take on what the Celo ecosystem will look like in the near future.

Launched in 2017, Blockdaemon comprises a blockchain infrastructure and node provider targeting developers and enterprises.

However, while Richter noted that the 2018 bear trend had a significant impact on many of the firm’s clients, he stated that the last nine months have seen “exponential growth” for Blockdaemon as newer projects such as Celo and Algorand have gained momentum.

He also stated that the teams began working together from the middle of 2019, with Blockdaemon comprising one of the project’s first node operators. 

Richter predicted:

“Celo comprising a widely used and integrated platform to launch stable tokens on and allow people to actually physically transact using their mobile devices with those physical stable tokens.”

He added:

“The vision of the Celo project is to […] connect people who traditionally are excluded from using the current legacy financial infrastructure with a new form of infrastructure.”

Likewise, Richter expects that the platform will facilitate trade and payments in focus areas like Africa, Latin America, and other developing regions that have significant unmet demand for financial services from ordinary people. 

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He said:

“I kind of think of it as a PayPal on speed with its own native currencies in it.”

Also, Richter emphasized the benefits of having worked on Celo since its infancy by noting that Blockdaemon assisted in building the fundamental structure of Celo’s network architecture and designed tools for developers. 

He stated:

“Celo is a network that requires active network participation over time, so it’s one of the networks where we aim to support the operation of thousands of nodes. We’re investing quite a lot in the infrastructure and in Celo itself in building out protocols and solutions that aid that particular ecosystem over time.”

Blockdaemon also operates an active validator group for Celo and has a seat on its governance council.

As per the report, Blockdaemon was announced among the founding members of Celo’s Alliance for Prosperity in March by comprising a collective of developers and entrepreneurs working to build Celo’s ecosystem.

Recently, Blockdaemon received a grant from Celo, with DiMento stating that Blockdaemon will be using the grant toward its blockchain package manager, a plugin designed to streamline node deployment across the network.

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Thus, Richter concluded:

“Democratizing node operations across a wide user base is ultimately what keeps these networks functional and performance.”

Source: Cointelegraph | Image: Pixabay


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.