As EthCC comes to a close, we reflect on our week with the Ethereum community. We learned a lot from one another, shared insights, and innovated on new ideas. Here are some highlights from the week.
Talks at EthCC
Marek Olszewski presented about Celo’s mobile-first DeFi applications. dApps have taken the world by storm, but most of them are desktop oriented. When making the case for MoFi (mobile first) applications, several reasons come to mind: First, there are more than 6B smartphone subscriptions in the world right now — a huge opportunity to capitalize on. Second, mobile phones present unique challenges that, when solved for, also allow for better desktop products to be built and scale. Small screens, after all, force developers to focus on what’s most important. Mobile devices also present unique opportunities, such as push notifications and contact lists. Ultimately, they are more secure and also more censorship resistant. Two examples of MoFi in action on Celo are Valora App and Impact Market, which Bogdan Dumitru gave us more insight into during his talk.
Bogdan took the audience behind the scenes to provide an inside look at Celo’s community of builders and users. Currently, there are builders in 113 countries around the world building apps that allow people to send, earn, save, lend, pay and give money — all on Celo. During the COVID-19 lockdown, we saw apps being developed to lend money to small-medium sized businesses. The Grameen Foundation collaborated with Celo for a pilot project to disburse aid more efficiently and securely. A key takeaway from a humanitarian perspective is that the Celo blockchain offers a faster, more affordable, and transparent solution for aid distribution to those in need.
Markus Franke presented our stablecoins’ use cases and future plans. Stablecoins are both a store of value and a medium of exchange, similar to fiat currency. At Celo, our stablecoins are algorithmic (this means that their value tracks that of fiat currency) and they have a smart contract based stability mechanism backed by a crypto reserve. It’s actually easier and cheaper to audit an open-source smart contract stability mechanism, like the one that exists on Celo, than it is to evaluate the credit risk of a bank holding collateral for other stablecoins. The DeFi world we are building in web 3.0 is both transparent and secure.
Of course, Celo at EthCC would be incomplete without discussing Optics. James Prestwich presented the work done by a talented team of leaders in cross-chain interoperability. Optics is focused on enabling interoperability between layer-one blockchains. It’s trustless, non-custodial, and designed to minimize gas costs to users. Thanks to this mechanism, developers can permissionlessly build custom cross-chain applications, cheaply move tokens and data between chains, and help users reach existing applications on chain.
Announcements at EthCC
Wrapped ETH on Celo is now available to users around the world on Ubeswap. Users can trade and hold ETH, as well as use it to interact with DeFi platforms across the Celo ecosystem. Learn more here.
The Cross Chain Salon
During the week, Celo hosted events at the Cross Chain Salon — co-sponsored by The Graph, Centrifuge, NEAR Protocol, Harmony, Polkadot, SKYNET, Skale, and Opolis — for the web 3.0 community… On the final day, we co-hosted a pitch event to hear from some of the brightest new cross-chain ideas in the ecosystem. The top three pitch winners were Osmosis, Power Pool, and Origin Trail.
But we don’t just host pitch competitions and workshops at Celo — we also know how to have a good time. And when in Paris, that means celebrating our community over nice food and good discussions. Until next time, Paris! We hate to leave you, but #CeloVie…
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