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The Libra Facebook project had not been in the news for quite some time and now it is, but with bad news because a rival has emerged: Celo Alliance.
At the end of last year, five of the most prominent sponsors of the libra project (PayPal, Visa, Mastercard, Stripe and eBay) abandoned the project, which was already a good blow for Zuckerberg.
As they stated in those days, they feared losing their reputation by associating with this project and that they did not consider the regulators' openness to the Libra project adequate.
As if this were not enough, now a direct competitor has emerged Celo Alliance, a non-profit organization that aims to give access to financial services to everybody in developing countries.
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The word "Celo" comes from Esperanto and means "purpose", Celo Alliance aims to facilitate financial inclusion for billions of people worldwide using blockchain.
This blockchain works with the Proof-of-Stake algorithm, takes advantage of the functionalities and characteristics of smart contracts and owns its stablecoin and various financial services.
The platform is designed to be used on smartphones, this is very good if we consider the hundreds of millions of people in developing countries, who do not have access to a bank account but all have a mobile phone.
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The objective of the Celo Foundation is to train anyone who owns a smartphone anywhere in the world, to access financial services and pay merchants.
I am sorry for the friend Zuckerberg who really had a good idea but, if he is not able to protect our data, it takes very little head to trust him with our savings.
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https://cointelegraph.com/news/celo-alliance-is-out-to-challenge-libra-hoping-for-less-red-tape?_ga=2.255461832.1365318656.1585070325-1266761951.1583659682