Visit Celo Github to download the latest version of desktop wallet
On the left panel click on More dropdown and select the Stake tab and search for Chorus One Validator
Create/import your account to the wallet and click on Celo Tokens icon at the top
Click on Vote for Group, enter the amount of Locked Celo you want to vote for and submit the transaction.
The initial reserve is funded with CELO. Diversifying this over time allows reserve balancing to be achieved without large one-time sales and one-time purchases. The time to get to the target balance will depend on the parameters for reserve CELO unfreezing (which is set through governance), and the market demand for CELO.
Until there is the ability to have decentralized cross-chain transactions with CELO, reserve rebalancing happens off-chain. However, several teams are working on cross-chain transactions and we hope to see it by next year.
A primary upside of using crypto assets in the reserve is that all user transactions with the reserve can happen on-chain, in a decentralized manner, in a fully-auditable way. This blogpost talks about different collateral types as reserve assets.
The current target allocation for the reserve is 50% CELO, 30% BTC, 15% ETH, and 5% DAI. The reserve will reach this target over time, and this target allocation could be changed through governance. Once this initial allocation is reached, the reserve will occasionally be rebalanced to target. Rebalancing will be carried out in a way to balance the tradeoff between minimizing trading cost and maximizing tracking to target allocations.
Any protocol that aims to stabilize the value of tokens needs a way to contract the supply of the tokens in circulation. To do so, the protocol needs a mechanism to remove tokens from circulation. The reserve assets support this mechanism.
To help stabilize the value of Celo stabilized assets, the protocol is supported by a component called a reserve. The reserve consists of a basket of cryptocurrencies that helps the protocol to reduce the supply of Celo Dollars (cUSD).
When the protocol aims to reduce the supply of Celo Dollars (in times when the supply is greater than the demand at the target price point, or in other words, when the price of Celo Dollars is less than $1), it does so by allowing users to sell Celo Dollars, using CELO, the Celo native asset, to make the purchases. CELO was previously called Celo Gold or cGLD and changed to CELO after a community-driven governance proposal (link). Conversely, when the protocol aims to increase the supply of Celo Dollars (in times when the supply is less than the demand at the target price point, or in other words, when the price of Celo Dollars is greater than $1), it does so by allowing users to purchase newly created Celo Dollars in exchange for CELO, which it then places in the reserve and diversifies. Holders of Celo Dollars may redeem them for CELO with the protocol, or trade them for other value through third party exchanges, but do not have rights to the diversified crypto assets, which are used to moderate CELO volatility.
The Celo protocol is a platform on which the community can create stabilized value digital assets. These digital assets aim to track the value of an existing real-world asset (for example, the first one, cUSD, tracks the US Dollar). The Celo protocol also includes mechanisms for lightweight identity and ultralight mobile validation. The platform aims to make the assets built on the protocol easy to use with a mobile device. The original whitepaper gives a broad overview of the protocol.