Celer Network is a layer-2 scaling platform that brings fast, low-cost, and secure blockchain applications on top of blockchain platforms such as Ethereum and Polkadot.
The project's primary goal is to fully unleash the power of blockchain and revolutionize how decentralized applications are built and used by enabling cross-chain and multichain support for developers and allowing cost-efficient transactions.
The protocol has its native token, CELR.
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Read on to learn everything you need to know about the CELR Celer Network and the CELR token.
What Is Celer Network
Celer is a Layer 2 scaling solution that provides secure off-chain transactions for both payments and smart contracts. It enables developers to scale their dApps through the layer-2 protocol while providing all the necessary tools and functions to build fast, easy-to-use, low-cost, and secure blockchain applications, including DeFi platforms, games, cross-border payment systems, etc.
Celer Network describes itself as "a layer-2 scaling platform to build fast, easy-to-use, low-cost and secure blockchain applications at internet scale through off-chain scaling techniques and incentive-aligned cryptoeconomics".
As a solution framework, Celer Network supports scaling and securing some of the biggest smart contract platforms, such as Ethereum. The project was among the first to be developed using the Substrate framework and is part of the Polkadot ecosystem.
The Layer 2 cryptoeconomic structure of Celer, otherwise called cEconomy, delivers high-performance and flexible transactions. Celer network's native token, CELR, is an ERC-20 token and plays a central role in the cEconomy. It has several use cases, i.e., off-chain service providers can get payments in CELR. Also, users can stake CELR to participate in the network and secure it by carrying out services such as state monitoring, dispute response, and communication. Network participants earn rewards generated from service fees and block rewards for their services.
Another use case of the CELR token is incentivizing users to keep a stable and high volume liquidity pool. The token is also used in Liquidity Backing Auction, a crowdlending process where an off-chain service provider borrows a certain amount of liquidity and pays interest.
CELR is used to increase liquidity, backing bids, and interest payouts.
Celer Network Founders
Celer Network was founded in 2018 by four experienced computer scientists with Ph.D. degrees.
Mo Dong is a graduate of UIUC university. His research interests include learning-based networking protocol design, distributed systems, formal verification, and Game Theory. Dr. Dong's work was published in leading journals, and major internet service providers adopted his solutions.
Mo Dong previously worked as a founding engineer and product manager at network security company Veriflow. He also delivers educational content on full-stack smart contracts, produces technical blogs and videos.
Junda Liu received his Ph.D. from UC Berkeley. Before founding Celer, Dr. Liu worked for Google for almost seven years. He proposed and developed a high-performance network recovery system.
Liu was a founding member of the mobile service Project Fi, initiated in 2014. Afterward, he served as a senior engineer at Android Teck.
Xiaoxhou Li graduated from Princeton University. His scope of interest includes networking, storage, data management, and distributed systems.
Xiaozhou Li has developed scalable algorithms and protocols that offer high performance at reduced costs. Before founding Celer, the computer science expert occupied various positions in various companies, such as research intern at Microsoft Research and Intel Labs, research assistant at Princeton University, and engineer at Barefoot Networks.
Qingkai Liang is an alumnus of the Massachusetts Institute of Technology. His thesis was focused on distributed systems and optimal network control algorithms. Previously, Liang was a research intern at Nokia Bell Labs, a software engineering intern at Google, and Research Assistant at MIT.
CELR Token Launch and Tokenomics
Celer Network launched the token sale on Binance Launchpad on March 19, 2019. At the time of Initial Exchange Offering (IEO), the Celer Network price was 0.0067 USD.
Launchpad sale tokens presented 6% of the total supply, which is 10 billion. Before the IEO, there was seed sale allocation (11.5%) and private sale allocation (15.5%). The remaining amount was distributed between miners (25%), the development team (18.3%), foundation (17%), marketing and ecosystem (5%), and advisors (1.7%). Celer has max supply 10,000,000,000 CELR. As of November 2021, 6.08 billion tokens of that amount are in circulation.
The current price of CELR- US dollar is around $0.1266, with an all-time high (daily avg.) of $ 0.1777 on 9/25/2021. The token's market capitalization stands at above $769 million.
Celer Partners
Since its launch in 2019, Celer has built partnerships with various companies such as Polkadot, Chainlink, StarkWare, Dfinity, Kava Labs, Maker, MixMarvel, Nervos Network, Waves, Polygon, L4, IoTeX, etc.
Collaborations between Celer and other projects keep increasing along with the growth of the ecosystem.
How Does Celer Network Work
The Celer Network (CELR) team designed a layered architecture to provide internet-level efficiency to blockchains. This technology presents a solution for scaling and interoperability.
Layer-2 protocols represent an excellent solution for scalability as the base protocol of the underlying network doesn't have to be changed for the protocol to work. Instead, a layer-2 protocol operates as a smart contract on a blockchain like Ethereum and interacts with off-chain applications.
The core technologies that make up the Celer Network are Side Chain technology and the Generalized State Channel Network. Thanks to side chains, Celer Network facilitates interoperability while enabling off-chain operations through the SGN (Celer State Guardian Network). The SGN enables fast off-chain operations for blockchains like Ethereum, allowing dApps to scale.
Celer relies on Celer State Channel's scaling solution to bridge multichain and multi-layer assets and deliver instant transactions. The SGN ensures off-chain state security and seamless usability for the State Channel users. To achieve this in a decentralized and trustless manner, SGN relies on the staking process. Layer 1 stakeholders earn rewards, and layer 2 validators are incentivized to follow the rules.
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 additional security.
The State running algorithm of Celer allows reaching over 20X performance gain. Powered by the CELR token, the protocol provides high-speed operations, connectivity, dispute resolution, and high liquidity.
Celer has stable liquidity due to a virtual mining process called Proof-of Liquidity Commitment (PoLC). The model enables users to lock their idle crypto liquidity to the Layer 2 platform and get rewards with CELR. Also, users can hold crowdlending, through which off-chain service providers borrow funds and lenders earn interest. Being flexible and blockchain-agnostic, Celer can be easily integrated with layer 1 protocols.
The architecture of Celer consists of 4 layers:
-cApps
The application layer delivers user privacy and is used for scaling. Through cApps, users can communicate with each other directly.
-cRoute
This layer manages streamlines within the protocol, allowing increased operations. cRoute relies on the specially engineered algorithm, which ensures secure off-chain transactions.
-cOS
cOS provides a development framework and user experience for off-chain dApps. With cOS, developers can access common design patterns; while on runtime, the layer handles the workflow, including execution, storage, tracking, dispute states, etc.
-cChannel
This is the foundation layer that interacts with various blockchains. cChannel integrates components of on-chain contracts and off-chain networks. Due to its structure, Celer can support simple payments and gaming apps, online auctions, decentralized exchanges, etc.
Celer Products
Celer Network products serve different objectives. The multichain network cBridge offers token transfers across Ethereum, Arbitrum, Polygon, and Binance Smart Chain at reduced costs, allowing direct interoperability and operations between L2 rollups and Ethereum sidechains also integrating any EVM-supported chains. Users can carry out cross-chain and cross-layer transfers without any delays. The network plans to add more integrations.
cBridge was launched in July 2021. As of November 2021, the total transaction volume of the network has already crossed the $1 billion mark.
Another product from Celer is the application Layer2 Finance. To make DeFi available for more people, the platform acts as a low-cost and trust-free gateway to the DeFi ecosystem. By connecting their wallets, users can move their funds across different popular DeFi protocols such as Aave, Compound, and Curve.
Celer's gaming application, CelerX, presents a mobile esports platform. Users get rewards in crypto by playing the game. The platform provides developers with all the necessary tools for easy integration.
How to Buy Celer
You can buy CELR on cryptocurrency exchanges that support the token. It's traded on exchanges, such as Binance, OKEX, BitMart, LBank, DigiFinex, Gate.io, etc.
To buy CELR, you need to sign up on a crypto exchange that supports the token. It's essential to compare platforms regarding their security, fees, and other metrics before deciding if it suits your needs.
Follow these steps to buy CELR:
Step 1: Register on Fiat-to-Crypto Exchange. Most exchanges will require you to provide personal information and verify your account.
Step 2: Buy Bitcoin BTC with fiat currencies. Once you finish the KYC process, you will need to log in to your account and add a payment method. You can provide a credit/debit card or use a bank transfer. Depending on the country of your residence, some countries will offer instant cash deposits with low fees. Now you can buy BTC.
Step 3: Transfer BTC to an Altcoin Exchange. Since CELR is an altcoin, you must transfer your coins to an exchange that trades CELR in various market pairs. Deposit BTC to the exchange, and you're all set to purchase CELR.
Step 4: Acquire a hardware wallet: If you plan to keep your CELR for a considerably long time, you may want to securely store them in a wallet. While software wallets are easy to use, hardware wallets like Ledger Nano S and Ledger Nano X are the most secure options.
Now you can use your newly acquired coins for staking, swapping, yield farming, or becoming a network participant. You can reverse the above process to sell the tokens later if you want.
Celer network price is volatile. It depends on supply and demand, general market trends, and other factors.
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