This transcript is from a workshop on launching new currencies on Celo. It features speakers from C Labs, including Yaz and Marcus, as well as Ashley from Resource Network. The workshop aims to discuss the attractive features of Celo for stable coins and explore the ecosystem as a whole.
Celo offers low transaction fees and allows users to pay fees in the same currency they are transacting in, making it attractive for stable coins. It combines an embedded stablecoin protocol with programmatic expansion and contraction, ensuring price stability by adjusting the supply of stablecoin based on demand.
The core mission of Celo is to build a financial system that enables prosperity for everyone, emphasizing financial inclusion. The introduction of additional stable assets on Celo should contribute to this objective. The governance of the platform allows for proposing and launching new currencies, considering factors like liquidity, marketplaces, and mobile phone usage in different countries.
Resource Network focuses on creating stablecoins based on creditworthiness rather than crypto-backed collateral. The stablecoin is minted based on trust in the business providing future goods and services. The system also allows businesses to stake and validate their creditworthiness, promoting transparency and inclusion.
The speakers mention that the time is ripe for migrating to Celo, as it is still a relatively young blockchain. They highlight the importance of designing for regular people and promoting financial inclusion. They also mention the significance of developing an initial governance layer and keeping governance discussions inclusive and community-driven.
The question arises about connecting decentralized finance (DeFi) with everyday users. The speakers suggest exploring bridges between Celo and Ethereum to facilitate decentralization. They also mention the importance of considering user-friendly design, universal basic income (UBI) considerations, and the addition of other assets to the reserve.
While cash in and cash out features are currently important for transactions, the speakers envision a future where on-chain transactions eliminate the need for these features. The goal is to make transactions more seamless and efficient, with direct links between stablecoin demand and the demand for Celo’s native asset.
The workshop concludes with gratitude for the participants and an invitation to continue the discussion on the Celo Discord channel or through direct contact with the speakers via Twitter or email.