The Celo Alliance for Prosperity was born to compete with the Libra Association

The Celo Alliance for Prosperity was born to compete with the Libra Association - Untitled 32

Ever since Facebook (NASDAQ: FB) announced the Libra project, its future has been very shaky. There have been so many repercussions from the public and even from the government that many people have concluded that Libra may never see the light of day.

However, while Facebook's cryptocurrency is struggling to stay alive, the Celo project is proceeding quite positively and has recently struck another blow at Facebook with the announcement of its own alliance.

Celo announces an alliance similar to the Libra Association

In an official announcement published yesterday, the Celo Foundation revealed the Celo Alliance for Prosperity. The alliance is already made up of fifty founding members of an "open, decentralized and transparent approach" to cryptocurrency and blockchain technology.

“The goal of the Alliance is to bring organizations together to support them with the shared vision of making digital resources more accessible and useful in the real world. Today, less than 0,5% of global citizens benefit from the speed, transparency, usefulness and low cost of using blockchain technology.

Alliance members have a plan to change it and are committed to harnessing the power of Celo's innovative blockchain technology to create solutions that work on different devices, operators and countries. "

Celo competing with Libra

The project's Celo token is a dollar stablecoin very similar to Libra's original plan. The most interesting thing is that some members of the Libra Association are also part of the new Alliance for Prosperity.

These split members include Andreessen Horowitz, Bison Trails, Anchorage and also Coinbase Ventures. The announcement also specifies that Alliance members will promote Celo Dollar use cases in different scenarios.

These include simplifying payments, simplifying microlending and "enabling faster and cheaper remittances". Celo says the alliance has a combined reach of over 400 million people.

The use cases shown above, in general, are very similar to what was advertised by Facebook with the Libra Association. Furthermore, it is important to think about how the members of both associations intend to give their best in the same way, to competing projects.

Another point to watch out for is that while the Libra Association requires a minimum investment of $ 10 million, Celo doesn't have that requirement.

Celo to change the payment system

Celo was founded in 2017 and the project is still going through a test phase. It plans to release its mainnet for public use in April, as a blockchain platform but with a different twist.

Celo wants to allow users to initiate and receive payments using only phone numbers. This method would avoid long and intricate wallet addresses, too difficult to save in memory.

Celo Wallet is already available on Android and iOS platforms. There are excellent chances that Celo can actually compete favorably with regards to cryptocurrency and blockchain payments.

The name of the members of the Alliance and the ease of payments, in particular without the use of addresses from the technical wallet, could attract a large number of customers on the platform, which subsequently, it could also be possible to exchange with automatic trading software such as Bitcoin Pro.