Celo president Rene Reinsberg believes Web3 adoption will require more block space and that Celo will be what the majority will choose on smaller screens.
On Episode 10 of Cointelegraph’s Hashing It Out podcast, Celo president Rene Reinsberg joins Elisha Owusu Akyaw (GhCryptoGuy) to discuss the regenerative finance (ReFi) movement, which focuses on the building blocks of decentralized finance (DeFi) and the principles of regenerative economics. Reinsberg also explains how Celo intends to stay relevant in the multichain world of layer-1 blockchains and layer-2 networks.
The blockchain world is getting crowded, with multiple layer-1 blockchains launching and layer-2 networks becoming more popular. Reinsberg said the layer-1 Celo blockchain is not worried about the increase in options for users — instead, it sees it as an opportunity to bring more people into crypto. Regardless, to set Celo apart from other networks, the team has added elements that improve its mobile experience. According to Reinsberg, Celo caters to those users who access DeFi on devices or interfaces with limited screen size by incorporating increased functionality and particular features. Reinsberg said he sees this as an important step for adoption, considering the numbers at play.
“The way that most people in the world access the internet is not on a desktop computer but it on a mobile phone.”
Further regarding adoption, Reinsberg pointed out that Celo has decided to focus on developing economies where its impact can be seen and felt. According to the Celo president, creating a “10x better payment experience in a place like San Francisco or London” is difficult, but the changes made in developing countries can be felt. Due to this, the blockchain network has set up shop on the African continent, where Reinsberg claims there are over 50 startups built on Celo that have raised funds to accelerate their projects.
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