To Celo or not to Celo?

[DistributedDoge]

KiezDAO could use Celo blockchain so that we can take part in bonus track entitled Peace & Prosperity just skimming whitepaper:

Benefits:

• Linking identity to phone-number, verify ownership of phone number via SMS
• Stablecoins (DAI-equivalent), also fees paid in stablecoins
• Under the hood there is still EVM, so we can use solidity contracts

Risks:

• Learning about Celo takes time
• If Celo flops we will be left without settlement layer
• I did not find security audit for the network and algorithms

In conclusion, for real-life use at this time I would rather go with bare Ethereum, but I think it might be worthwhile to prototype some functionality using Celo (especially due to phone<->identity link) and see how user/developer experience compares to typical dApp.

Since stakes are low, and deadline is far away, I signed up for the contest track on gitcoin, as we can always change our minds later.

If you have any opinions on why Celo or why not Celo, I would be interested in hearing them.

[DistributedDoge]

Notes from Celo webinar regarding philosophy behind the platform:

• Plans for security audit from OpenZeppelin, nothing public as of yet.
• No main-net either, just test-nets.
• Celo mainly thinks of unbanked who also have no formal ID idea is to create open financial system usable by anyone with mobile phone (as long as it is smart-phone), stress on mobile first. Example is the refugee (...very common cause, but see Q&A for problems).
• Celo thinks Ethereum UX is bad for mobile, hence need for Celo (selling points: Stable Value assets Managed By Network Itself, phone number as identity, gas payable in multiple currencies)

Q&A session:

• "They can't do cross-chain transactions as of yet, but should be easy to do."
• Interoperability between blockchains is a priority, "Celo is a cousin of Ethereum".
• Roast from Consensys employee about security/speed trade-off (claim was Celo more-centralized and less-secure as it combines short time between blocks with Delegated Proof-of-Stake)
• Migrants and refugees switch SIM cards as they arrive in new country, thus undermining core assumption and making number-based identity a bit tricky.
• They target smartphones, so not really interested in m-pesa style SMS-only transfers.
• Funds are really managed by private private key stored on phone. Phone number is just means of addressing pub_key when sending funds.
• Exchanges, applications built on top of celo should think of AML/KYC
• Design with communities not for them approach, there is a blog on medium.

[johannbarbie]

cool, i can start by using their contract kit in the unit tests, and cUSD for borrowing and collateral: https://repl.it/@celoOrg/contractKit

[DistributedDoge]

Note for my future biographers: We decided to give Celo a shot after all. Closing.