Celer Network (CELR) has been designed to overcome all the scaling limitations faced by blockchains. It achieves this through new products and protocols. The Celer Network utilizes a mix of scaling technologies such as generalized state channels and rollups. These allow compatible blockchains to significantly increase their throughput and better interact with each other. In this post, we will find out more about the Celer network (CELR). Let’s get started.
Celer Network (CELR): All You Need To Know
What is the Celer Network (CELR)?
It is designed to facilitate the launch of highly scalable blockchain applications by providing a high-speed layer-2 platform and an easy-to-build sidechain solution.
One of the first major solutions launched by the Celer Network team was the Celer Network state channel, a sidechain solution that can be used to bridge multi-chain and multi-tier assets. It uses several components, including Celer NetworkPay, Celer NetworkApps, and Celer NetworkNodes, to produce a highly efficient platform for decentralized applications (DApps) that can help scale Tier-1 blockchains.
Beyond that, the Celer Network team is adding low-cost value across various layer-1 and layer-2 chains to Layer2.finance and Celer Network state channel network, a platform that uses Celer Network (CELR)’s layer-2 aggregation technology to improve the efficiency of DeFi. It has released several additional products, including cBridge, an upgrade that allows
Blockchain is as exciting as it is exciting, but it can also leave behind a lot of things like transaction speeds and efficiency. Celer Network (CELR) is an intelligently designed layer-2 scaling solution that enables the management of off-chain transactions. The Celer Network platform offers fast, simple and secure off-chain transactions for both payments and smart contracts. The project was one of the first to be developed using the Substrate framework and is also part of the Polkadot ecosystem. As for the overall purpose of the network, its founders envisioned unlocking the full potential of the blockchain and revolutionizing Dapps with more efficient and productive outputs.
Blockchain is a potential answer to a wide variety of problems facing many industries. Technology is now entering all industries in various forms. However, this technology is not yet perfect as it suffers from a number of difficulties. Perhaps the most obvious of these is the scaling problem. Most blockchains cannot scale to the extent required to support millions of active users (trading through apps like bit qt).
Celer Network (CELR) provides an answer to this challenge with a set of layer-2 scaling tools used to increase the efficiency of current generation blockchain networks.
When did the Celer Network (CELR) appear?
Celer Network (CELR) was secretly launched in Q3 2018. It was built primarily by a team of engineers based in the San Francisco Bay Area. The platform’s four co-founders, Mo Dong, Junda Liu, Xiaozhou Li, and Qingkai Liang, have extensive development experience and many come from leading technology companies including Google, Microsoft and Intel.
Who is behind the Celer Network (CELR)?
The Celer Network (CELR) team is composed of highly experienced founders, each academically successful, with PhD degrees from UC Berkeley, Princeton University, and MIT. Celer Network (CELR) was founded in 2018 by a strong team of engineers with incredible technical and dedicated experience.
Mo Dongm, Co-Founder: Prior to founding Celer Network, he was known as the founding engineer and product manager at Veriflow, working on official network validation. He specializes in applying algorithmic game theory to protocol design and teaches full-package smart contract courses. Dr. Mo Dong is a complete expert in algorithmic game theory and protocol development applications.
Junda Liu, Co-Founder: Junda is a PhD student at UC Berkeley. Prior to founding Celer Network, he worked at Google in 2011 to build the data center-network infrastructure. He also became a founding member of Project Fi mobile service and Android Technology Leader for carrier services in 2014.
Xiaozhou Li, Co-Founder: Xiaozhou is also a PhD student at Princeton University. He has studies on distributed systems, networking, storage and data management. These studies have become key components for Google Tensorflow, Intel DPDK, and Barefoot Deep Insight.
Qingkai Liang, Co-Founder: Qingkai holds a PhD from MIT. In his academic career, he has focused on various learning and control problems arising from networked systems, particularly online learning algorithms in competing networks. Their work has been successfully applied at Raytheon BBN Technologies and Bell Labs.
How does the Celer Network (CELR) work?
Celer Network (CELR) is developing an off-chain scaling solution to scale various blockchains to run on its platform.
“Off-Chain” (or layer 2) scaling solutions are theoretically superior because they allow the network to process smaller transactions than the blockchain and then combine them into a single transaction, known as an “On-Chain”. By doing this, it is able to reduce the transaction barrier that occurs on the main chain while increasing the operational capacity of the system as a whole.
The Celer Network (CELR) network uses a type of layer-2 solution known as state channels to monitor the status of any arbitrary interaction between two parties, such as a payment or agreement, over the blockchain. It works by allowing two or more parties (such as Ethereum) to open a high-speed, low-fee payment channel where they can reassign value to each other via a smart contract before completing events in an underlying tier-1 chain.
Celer Network (CELR)’s generalized state channel solution allows layer-1 blockchains to improve their speed and capabilities by removing most of the transaction processing burden off-chain, enabling off-chain smart contracts, payments and communication. The platform uses a suite of technologies known as cStack (cOS, cRoute and cChannel) to allow developers to easily build off-chain enabled applications that can use the Celer Network (CELR) state channels to easily resolve payments and other off-chain transactions.
Celer Network’s other products, including Celer NetworkX, layer2.finance and cBridge, use a variety of different solutions to perform their functions.
Since its launch in 2018, Celer Network (CELR) has been rapidly building and launching different layer-2 based solutions. As of July 2021, the Celer Network (CELR) team has recently released v1.0 of the Layer2.finance DeFi scaling product and version 1.0 of cBridge. Other key roadmap items for the remainder of 2021 include the addition of ZK Rollup support to layer2.finance and a DeFi synthesis feature to provide a single entry point to the DeFi ecosystem of multiple chains.
What is the Celer Network (CELR) architecture?
The Celer Network Network architecture is called Cstack and consists of four layers, these are:
cRoute: Uses DBR (distributed balanced routing) to distribute payment traffic in a decentralized and trust-independent manner. cRoute can achieve 15 times more throughput than Raiden or Lightning Network. It is a mechanism that allows increasing operational capacity by streamlining routes within the network.
cOS: It is an off-chain Dapp development framework. It handles transactions, storage, off-chain disputes and monitoring. It is the core of the network that provides the workflow.
cChannel: A sidechain package that is expected to provide liquidity and assist in fast state transitions. The eChannel layer makes it possible for gaming applications, exchanges, insurance platforms and other high-throughput applications to run on the Celer Network. Channels used to transmit transactions within the network.
cApps: An ecosystem application layer used for scaling and user privacy.
The platform uses a “Proof-of-Work” Proof-of-Stake (PoS) consensus variation called “Delegated” Delegated Proof of Stake (DPoS). With this algorithm, participants can stake their coins to receive rewards while delegating the responsibility of confirming transactions to “agents”.
CELR holders provide tokens for liquidity and are rewarded for doing so. The key to Celer Network (CELR) is that the platform allows for layer 2 scaling for any blockchain. Thus, the project covers a wide spectrum of the market, increases the liquidity potential and increases the reliability, scope and adaptability of the product.
What makes the Celer Network (CELR) unique?
Celer Network (CELR) is a networked system, not a separate blockchain. Instead, the platform runs on top of existing and future blockchains. Developers have focused on scalability to increase the throughput of crypto blockchains. The founders are confident that on-premises solutions will not bring results to future decentralized blockchains (globally). Instead, they offer to solve the problem with their off-chain platform.
The four levels of the cStack architecture are equally divided to provide several unique benefits. Its advantages include: reduced transaction delays, reduced commission for micropayments, zero commission on off-chain smart contracts, horizontal scaling in joining new nodes, availability of an off-chain crypto economics model, an optimal routing algorithm for transactions, and support for various blockchains.
cEconomy is a unique crypto economic model responsible for maintaining stable liquidity and availability for the ecosystem while creating a network effect. The mining algorithm does not require the use of Proof-of-Work. Users simply need to install the software and hold CELR in their account to earn income as a reward for providing liquidity.
As one of the leading layer-2 scaling platforms, Celer Network (CELR) incorporates a number of unique features that help it differentiate itself from the competition. These include support for a number of different scaling solutions, including optimistic rollups and generalized state channels, with the potential to support others in the future, potentially including Plasma, Validum, and ZK Rollups.
But perhaps its main distinguishing feature is the diversity of different products in the Celer Network ecosystem. Rather than creating a one-size-fits-all solution, the team behind Celer Network created several different products to solve specific industry problems.