What Is Celer Network (CELR)?

As exciting as blockchain is, it can leave much to be desired with transaction speeds and throughput. The Celer Network (CELR) is a smartly designed layer-2 scaling solution that provides off-chain transactions handling. The Celer platform offers fast, simple, and secure off-chain transactions for both payments and smart contracts. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem. As to the overall goal of the network, its founders envisioned unleashing the full potential of blockchain and revolutionizing Dapps with more efficient and productive outputs.

To learn more about this project, check out our deep dive of Celer Network.

The Celer Network Architecture

The Celer Network architecture (cStack) is built on four elements:

1) cOS: The core of the network that provides the workflow.

2) cRoute: A mechanism that allows an increased operations capacity by streamlining routes within the network.

3) cChannel: Channels for transmitting transactions within the network.

4) cApps: An ecosystem application layer used for scaling and user privacy.

The platform uses a Proof-of-Stake (PoS) consensus variation called Delegated Proof of Stake (DPoS). With this algorithm, participants may stake their coins for a reward while transferring the responsibility of validating transactions to "delegates."

CELR holders will provide tokens for liquidity and will receive a reward for doing so. The key point of Celer is that the platform allows layer-2 scaling for any blockchain. Thus, the project covers a wide spectrum of the market, multiplies the liquidity potential, and increases the product's reliability, coverage, and adaptation.

Who Created The Celer Network?

Celer Network was founded in 2018 by a strong team of engineers with incredibly technical and specialized experience. All four co-founders of Celer hold PhDs in Computer Science from universities like MIT and UC Berkely, and all have a work history with high-profile tech companies.

Dr. Mo Dong is a bonified expert in the application of algorithmic game theory and protocol development. He also teaches comprehensive courses on smart contracts. He previously worked as a development engineer and product manager at Veriflow.
Dr. Junda Liu graduated from UC Berkeley and worked with Google in 2011 to create the infrastructure for their data center. In 2014, he became one of the founders of the Project Fi mobile service. After that, he took the position of technical manager at Android Tech.
Dr. Xiaozhou Li received his education at Princeton. Li interned at Microsoft before working at Barefoot Networks as a software engineer. Today, his published and widely-read academic works span distributed systems, networks, storage, and data management.
Dr. Qingkai Liang holds a degree from MIT. He has worked for the MIT Laboratory for Information and Decision Systems (LIDS), Bell Labs, and Google as a software engineering intern. His research focuses on learning and controlling problems in networked systems, namely online learning algorithms in adversarial networks.

What Makes Celer Network (CELR) Unique?

Celer is a networked system and not a separate blockchain. The platform instead runs on top of existing and future blockchains. The developers focused on scalability in order to improve the throughput of crypto blockchains. The founders are confident that in-house solutions will not bring results to future decentralized blockchains (globally). Instead, they propose to solve the problem with their off-chain platform.

The four levels of the cStack architecture are evenly partitioned to provide several unique benefits. The advantages include: reduced transaction delays; decreased commission for micropayments; zero commission in working off-chain smart contracts; horizontal scaling in joining new nodes; availability of an off-chain model of cryptoeconomics; an optimal routing algorithm for transactions; and support for various blockchains.

The cEconomy is a unique cryptoeconomic model that is responsible for maintaining stable liquidity and availability for the ecosystem while creating a network effect. The mining algorithm doesn’t require the use of Proof-of-Work (PoW). Users only need to install the software and keep CELR in their accounts to receive income as a reward for providing liquidity.

Related Pages:

Read about Binance Coin (BNB) and Polkadot (DOT).

Read more about smart contracts.

What are ERC-20 tokens? Learn more with CMC Alexandria.

Check out product updates, announcements, and crypto news from CoinMarketCap.

How Many CELR Are In Circulation?

CELR has a maximum supply of 10 billion tokens, which is distributed as follows: 25% - PoLC mining reward and Off-chain ecosystem building; 20% - Team (18.3%) and Advisors (1.7%); 17% - Foundation; 5% - Marketing & Ecosystem; 33% - Sale.

CELR is an ERC-20 standard token built upon the Ethereumblockchain. It’s used to manage the network economy - cEconomy and has several uses:

Paying commission fees for service and transactions to off-chain providers and covering additional costs.
Staking CELR in State Guardian Network (SGN) and acquiring the status of State Guardian. State Guardians have access to status monitoring, respond to disputes, and provide security and network efficiency.
CELR tokens maintain a large pool of liquidity in a Proof of Liquidity Commitment (PoLC) process.
CELR tokens can be useful in a Liquidity Backing Auction (LiBA) to increase the priority of applications for liquidity support and, as a consequence, increase the payment of interest on liquidity.

How Is the Celer Network Secured?

The SGN (State Guardian Network) is a decentralized L2 service infrastructure that keeps the Celer L2 platform running smoothly. It securely stores the user state on the Celer State Channel Network and responds to L1 calculations when users are offline. Moreover, the technology allows users to protect their savings before going offline. It also acts as a decentralized block producer level for the Celer Rollup, thus maintaining a high level of viability and providing an additional level of security. Users are required to stake CELR to join the SGN. And CELR holders facilitate the protection of the network as a whole.

Where Can You Buy The Celer Network Token (CELR)?

The top exchanges for Celer Network (CELR) trading are currently Binance, Gate.io, Bithumb, OKEx, Crypto.com Exchange, WazirX, AscendEX (Bitmax), CoinDCX, MXC.com, Bitay, DigiFinex, BKEX, AEX, BiKi, Hotbit, HitBTC, TOKOK, Uniswap V2, TOCENCAN, DragonEX, ZT.

You can find others listed on our crypto exchanges page.

In March 2019, the sale of CELR tokens took place on the IEO platform, Binance Launchpad. As of June 2021, the most liquid trade pairs for CELR on Binance are CELR/USDT, CELR/BTC, CELR/BUSD, CELR/BNB.

Find out what you need to purchase Bitcoin or other cryptocurrencies here.

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