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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Celo Sets Sights On Becoming Fastest EVM Chain Through Collaboration With Mysten Labs

September 21, 2021 GMT

SAN FRANCISCO--(BUSINESS WIRE)--Sep 21, 2021--

Celo, an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, today announced a multi-year collaboration with Mysten Labs, comprised of developers who worked on the Diem blockchain. The collaboration will increase Celo’s transaction speeds and bring Move smart contracts, the programming language developed for Diem, to the Celo ecosystem, enabling developers to build advanced, audit-free dApps.

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“Mysten Labs joining the Celo ecosystem is a significant milestone for speed, scalability, and mobile,” said Marek Olszewski, co-founder of Celo. “The combination of Narwhal, Tusk, and Move have been shown to achieve throughput numbers in excess of 140K transactions per second (TPS) with global network latencies, and we anticipate these improvements bringing very significant and additional capacity to the Celo network.”

“Mysten Labs’ mission is to create foundational infrastructure to accelerate Web3 adoption. It’s our honor to be working with mission-aligned organizations in the Celo ecosystem,” said Evan Cheng, co-founder and CEO of Mysten Labs. “Our work with Celo will boost the network’s capacity, give developers the ability to build richer applications, and enable safe and seamless self-custody of their assets. We are proud to be part of the Celo family, and we look forward to engaging with the builders in the ecosystem.”

Mysten Labs will engage with the Celo ecosystem to bring the following improvements:

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  • Augment Celo’s PoS BFT consensus with an advanced mempool to boost throughput. This will lower transaction fees and enable new use cases for the Celo blockchain.
  • Enhance Celo’s mobile-first wallet with technology for recovering the wallet’s private keys, even if the phone is lost or stolen. This removes a major barrier to safe self-custody.
  • Provide support for the Move virtual machine alongside Celo’s existing EVM-based execution. This will allow Celo developers to benefit from the safety of Move while interacting seamlessly with existing Celo smart contracts.

About Celo

Celo is a mobile-first, open-source ecosystem of technologies, organizations and individuals that all share a common mission of building a financial system that creates the conditions for prosperity for everyone. The Celo ecosystem includes a decentralized, proof-of-stake blockchain technology stack (Celo Platform), a native asset (CELO), stablecoins (cUSD, cEUR), and the Celo Alliance for Prosperity, with over 150 organizations around the world, including Deutsche Telekom, PayU, Opera, Andreessen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs, a service organization dedicated to growing and developing the Celo ecosystem. For more information, please visit: https://celo.org/

About Mysten Labs

Mysten Labs is a team of leading distributed systems, programming languages, and cryptography experts that worked on the Diem blockchain. The mission of Mysten Labs is to create foundational infrastructure for Web3. We partner with key ecosystem builders to make step-change improvements to their networks. In addition to these collaborative projects, Mysten Labs plans to launch its first open network in 2022 to drive mass adoption of crypto in games.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210921006104/en/

CONTACT: Media Contact:

Matt Russell

matt.russell@wachsman.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: DATA MANAGEMENT MOBILE/WIRELESS OTHER TECHNOLOGY TECHNOLOGY SOFTWARE

SOURCE: Celo

Copyright Business Wire 2021.

PUB: 09/21/2021 04:54 PM/DISC: 09/21/2021 04:54 PM

http://www.businesswire.com/news/home/20210921006104/en