Visit Celo Github to download the latest version of desktop wallet
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.
.svg){kind=icon}
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.
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.
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.
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.
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.
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.
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.
Celo is an open platform that makes financial tools accessible to anyone with a mobile phone. When you stake your CELO tokens with Chorus One you can earn rewards up to 13.2% per annum.
The native Celo token (CELO) is used to pay for transactions and these can also be staked by token-holders to earn rewards, participate in governance, and vote for validators.
You have to perform 3 steps to be able to stake your CELO tokens with Chorus One
First, you will need to lock your CELO with the following command.
Please note that CELO tokens require 3 days to unlock
celocli lockedgold:lock --from 0xYourAddress --value 10000000000000000000000
Be sure to change 0xYourAddress to the address that is holding your CELO. 10000000000000000000000 is equivalent to 10,000 CELO.
We recommend using a Ledger hardware wallet for the CELO tokens. If you are using a Ledger, add -useLedger to the above command
celocli lockedgold:lock --from 0xYourAddress --value 10000000000000000000000 --useLedger
Once you have completed this transaction, wait one day and activate your votes by using the following command
celocli election:activate --from 0xYourAddress --wait
Complete your staking process by voting for Chorus One Validator
celocli election:vote –for=0x81cef0668e15639D0b101bdc3067699309D73BED –from=0xYourAddress –value=1000000000000000000000
Be sure to change 0xYourAddress to the address that is holding your CELO.
In this example, 10000000000000000000000 is being used to vote for Chorus One with 10,000 CELO.
For a detailed guide please visit the official documentation for Celo network
Chorus One has received a joint grant from the Celo Foundation and the Interchain Foundation to develop the building blocks for a bridge that will allow Inter-Blockchain Communication (IBC) between Celo — an EVM-based, mobile-first blockchain platform focused on financial inclusion — and networks built on the Cosmos SDK, such as the Cosmos Hub.
A bridge built upon these components will enable users of the Celo platform to tap into the vast ecosystem of IBC-compatible blockchains and vice versa. Some exemplary use cases include bringing the Celo cUSD stablecoin to the Cosmos ecosystem, as well as including Cosmos-based assets like ATOM, BAND, LUNA, or KAVA in the Celo Reserve.
At Chorus One, we are committed to the “Internet of Blockchains” vision and believe we’re still in the first inning of blockchain interoperability. As of today, we are already operating validation and other node infrastructure on 14 different live networks. Currently, these are still mostly isolated, but in the upcoming months various interoperability efforts such as ChainBridge, Peggy, Solana’s Wormhole bridge, as well as ambitious protocols like IBC — which will go live on the Cosmos Hub soon via the Stargate upgrade — will usher in a new era of cross-chain decentralized applications.
Our work on WASM-based light clients (see also our previous Substrate <> Cosmos SDK project here) represent our first contributions to this space. Our goal with these efforts is to make it easy to add support for new blockchains and upgrades to clients without requiring the full governance process to establish new connections in the IBC ecosystem.
“As one of the top validators on both the Cosmos and Celo networks, I’m absolutely thrilled to see Chorus One working to connect the Cosmos and Celo ecosystems with a fully trustless bridge between these instant finality chains. The work adds to their growing body of past contributions to both networks, including the excellent Anthem staking platform.”
Marek Olszewski — Co-Founder at Celo
We are excited to contribute to realizing a world of interconnected blockchains and would like to thank the Celo Foundation and Interchain Foundation for their support.
Our CTO Meher Roy will present on this project that we aim to deliver in Q1 2021 during the upcoming Interchain Conversations online event taking place Dec 12 and 13. Register here in case you are interested to learn more about our work and other awesome initiatives in the wider Cosmos ecosystem.
Chorus One is offering staking services and building protocols and tools to advance the Proof-of-Stake ecosystem.
We provide staking services on both the Celo blockchain, as well as on multiple Cosmos networks; specifically: the Hub, Terra, Kava, Band, Secret Network, and Microtick. Visit our website to learn more and support our work by staking your tokens with us.
Website: https://chorus.one
Anthem Staking Platform (with support for CELO staking on Ledger): https://anthem.chorus.one
Monthly Newsletter: https://chorusone.substack.com
Twitter: https://twitter.com/chorusone
Telegram: https://t.me/chorusone
Originally published at https://blog.chorus.one on November 13, 2020.
The Celo mainnet recently launched with over 50 validating entities participating after a successful multi-stage incentivized testnet competition. Celo is an open platform seeking to give access to decentralized financial tools to anyone with a mobile phone. Part of that vision is a sophisticated on-chain governance process that decentralizes power over protocol features and parameters, including Celo’s stablecoin stability mechanism. This post will provide an overview over the currently implemented governance mechanism that was already used to activate transfers and staking rewards on the network.
Any Celo account can submit a proposal to change features or parameters on Celo by sending a transaction containing all the necessary data such as a title and link to the proposal description together with a deposit of currently 100 Celo, the network’s native token, to the network. Once issued on-chain, proposals enter a queue and Celo holders can signal their belief that this proposal should be voted on by the entire network for up to 28 days [1]. Locked Celo tokens can simultaneously partake in staking with validator groups, as well as signaling and voting in governance.
Every day, three proposals with the highest amount of upvotes, measured in locked Celo signaled by token holders, can leave the proposal queue and move into the referendum stage in which the entire network will decide on whether the proposal should be implemented.
However, the referendum stage is not initiated automatically. There exists a multi-signature address that must approve the promotion of proposals to the referendum stage (“the approver”). This step is an extra protection to quality check proposals before they are voted on by Celo holders. At launch, the approver is controlled by the Celo Foundation, the plan is to decentralize it to be controlled by a DAO.
Once approved, proposals enter a two day referendum stage [2]. During this phase, Celo holders are able to vote “Yes”, “No”, or “Abstain” on each proposal. Votes are weighted by the accounts locked Celo balance. There is currently no delegated voting contract meaning every Celo account is responsible to vote themselves. When a proposal enters the referendum phase, the deposited proposal collateral can be reclaimed by the proposer.
At the end of the referendum stage, the blockchain executes a tally of votes to determine whether the proposal has met the passing criteria to be implemented on-chain. This passing criteria consists of two factors:
If the tally at the end of phase 2 concludes that the proposal has been accepted, there is a final stage in which the proposal needs to be executed on-chain. This can be done by any Celo account by issuing a special transaction on-chain. This transaction then upgrades the protocol code meaning the change is implemented. Should no Celo account issue the execution transaction for three days, the proposal will automatically be rejected.
Finally, Celo’s governance protocol also specifies a different upgrade path for hotfixes like urgent security patches. For such upgrades, a quorum of validators [5] and the approver need to approve the hash of the hotfix proposal to execute updates immediately. Additionally, upgrades that require a hard fork, such as changes to the underlying consensus protocol, will set a “Minimum Client Version” parameter on the chain to inform nodes about the software version required to correctly operate on the network.
At Chorus One we seek to empower token holders to shape the networks they are invested in. Our staking platform Anthem will soon support Celo and allow Celo holders to stake, vote, and get access to portfolio data including staking rewards and transaction history.
Chorus One offers staking on Celo. Support our work by voting for our validator group and earn rewards knowing your tokens are staking on infrastructure that has been securing millions of dollars for more than a year. Visit https://chorus.one/networks/celo to learn more.
Thanks to zviad from Wotrust and Tim Moreton from C Labs for clarifying a bunch of the questions I had writing this post.
Governance Forum: https://forum.celo.org/c/governance/12
Governance Proposals Statistics: https://thecelo.com
Governance Documentation: https://docs.celo.org/celo-codebase/protocol/governance
CLI Instructions: https://docs.celo.org/celo-gold-holder-guide/voting-governance
[1] In practice Celo utilizes epochs to structure time. Every epoch consists of a certain amount of blocks targeting to correspond to a day in human time.
[2] An extension of this parameter to 2 weeks is already in discussion.
[3] Source: mainnet adaptive quorum code (formula)
[4] Proposals can even pass when the quorum was not met. This can take place when the ratio of “Yes” votes exceeds the constitutional threshold after counting votes that were missing to reach the quorum as “No” votes, i.e. if
Yes / (Yes+No+Votes Missing to Reach Quorum) > Constitutional Voting Threshold.
(sources: mainnet constitution code (parameter values), proposals contract code)
[5] ⅔ + 1 of all elected validator nodes.
Originally published at https://blog.chorus.one on May 20, 2020.
.png)
