WazirX Announces Celo Giveaway Worth ₹40,00,000 [Participate and Win]
Celo is a blockchain initiative that aims to make cryptocurrencies more accessible to everyone by streamlining the payment process. Celo users can transfer and receive cryptocurrency using their mobile phone number, rather than utilizing sophisticated, long strings of letters and digits as blockchain addresses.
Celo Makes Blockchain Transactions Easier
The teams building on Celo have streamlined the user experience by replacing bulky public keys on the user side with the mobile phone numbers that most of us are familiar with. They’re also much easier to memorize and type as an address into a form.
When compared to many recent blockchain solutions, using mobile phone numbers as addresses enables the team to construct a blockchain with significantly less resource utilization. This low-resource design is critical for expanding utilization in resource-scarce places.
The decentralized algorithm EigenTrust is the latest addition to the Celo platform. This is a reputation-based algorithm, similar to how a credit score assesses our financial reputation. The number of other accounts who trust it, weighted by their reputation scores, determines an account’s reputation score when EigenTrust is used as part of the system.
EigenTrust was created in 2002 for Google by Sep Kamvar, one of Celo’s founders, and was previously employed as a key component of the Google PageRank algorithm.
Application of the Celo platform
While using apps built on Celo to send Celo Dollars (cUSD), Celo Euro (cEUR), and Celo Brazilian Real (cREAL), the platform’s stablecoins, is encouraged, it is not required. Users can send Celo stablecoins via WhatsApp, but the recipient must first download and install the Celo wallet in order to receive the currency (currently available for Android only).
The mobile number is connected to a wallet address and a cryptographic hash of the phone number is saved on the blockchain when the wallet is created. It’s a very straightforward procedure, and you can test it out using the Celo developers wallet and the Alfajores Testnet.
How does Celo function?
While Celo appears to be very user-friendly, it is equally as technically sound as any other blockchain project on the backend. Celo is based on Ethereum’s Go implementation and employs a Proof-of-Stake consensus algorithm. PoS was chosen by the founders because of its low resource use. Validators and nodes are used by the system to verify transactions and keep the network safe.
Celo presently employs a Byzantine Fault Tolerant consensus algorithm, which relies on a defined group of validator nodes to obtain consensus on the validity of transactions uploaded to the network. Even if one-third of the nodes are malicious, malfunctioning, or down, this consensus mechanism may establish a consensus on the validity of transactions.
Cosmos, Tezos, and Algorand are just a few of the successful blockchain projects that use PoS consensus. Ethereum will also become a Proof-of-Stake blockchain in the not-too-distant future.
Celo campaign on WazirX:
WazirX is India’s most trusted platform where you can exchange Cryptocurrency and Bitcoin. You can even sell and trade almost every cryptocurrency including Bitcoin, Ethereum, Ripple, Litecoin, and many more.
CELO is now available on WazirX, you can easily sell, buy or trade CELO in the USDT and INR market. And for a quick transaction, you can travel through these links:
WazirX also offers amazing giveaways and hosts several activities for the users to raise awareness and bring more attention to the upcoming crypto space. Currently, WazirX is hosting a campaign, by which you can participate in the biggest giveaway of over
₹40,00,000 (~$51,000). Most importantly, WazirX is throwing a grand CELO giveaway starting from 21st of March till 31st Mar 2022.
How to withdraw and deposit Celo?
You can deposit CELO on WazirX via Binance, and you can deposit the CELO from the Binance wallet to WazirX. WazirX enables you to trade CELO in its INR and USDT market. All of your withdrawals of CELO will be done a few days after the listing.
- 21st March – 27th March – You will receive a free $40 worth CELO for Signup on WazirX between these days.
- 21st March – Alex Witt, the head of finance, will come live on YouTube.
- 22nd March – play trivia on the Instagram page of WazirX and win prizes of about ₹4,000 worth CELO. You will be given 5 quizzes on the Instagram story, answer them all correctly, and get a chance to win exciting prizes.
- 22nd March – 30th March – Complete easy steps and win about ₹31,000 through Gleam giveaway for CELO HODLers. Additionally, 15 lucky winners will get a chance to win a cool CELOxWazirX merch.
- 23rd March – Get 360-degree from the founder of CELO Foundation and win up to ₹23,500 worth CELO.
- 24th March – 25th March – Participate in the Quiz on the Blog page of WazirX and win up to ₹23,500.
- 28th March – 31st March – Participate in the non-stop 72-hour long trading contest trader Kaun Marathon and the top 400 traders will win up to ₹23,60,000 worth CELO. You can participate in this marathon at any time starting from 28th March, 9 AM onwards until 31st March, 9 AM IST.
How to claim your CELO prizes?
- The first step is to create a WazirX account and undergo identity verification.
- Secondly, buy CELO. You can buy any amount of CELO in the USDT or INR market.
This offer is limited to random 500 users, only those who will deposit or buy CELO throughout the campaign duration. Additionally, all the winners will get their prizes on 14th April 2022. To know more information about this opportunity, you can refer to WazirX’s own blog.
Crypto trading has high market risk, so make sure to have proper and sufficient knowledge and risk of investing in cryptomarket. Make sure to choose high-quality coins, which have lower risks as most of the newly listed tokens are subject to high price volatility.
Lastly, we do not give any financial advice, rather suggest to conduct one’s own research before investing their time and money into the cryptocurrency space.