Blockchains often run into the problem of scalability. They’re not built to grow, so they won’t. Consider, for example, Bitcoin, which has major problems with the growth of the platform. Yet more and more blockchains have found a solution to this problem. And they all do that in a different way, so that they are all identical to each other.
Celer Network is one of the blockchains that has found a solution for this. In this article, we’ll tell you more about Celer Network so that after reading this article, you’ll know everything you need to know.
- 1 What is Celer Network?
- 2 Objective of the project
- 3 The Celer Network (CELR) token
- 4 What are CELR tokens used for?
- 5 Distribution of the tokens:
- 6 How do I buy Celer Network (CELR)?
- 7 How do I save Celer Network (CELR)?
- 8 The price of CELR
- 9 Is it smart to invest in CELR?
- 10 The history of Celer Network
- 11 Celer Network Partners
- 12 The team behind Celer Network
What is Celer Network?
Celer Network is a layer 2 extension platform that uses off-chain blockchains. This allows users to make a payment or transaction quickly, easily and securely, without any of the problems that occur with other blockchains. Off-chain smart contracts are also supported, allowing for widespread deployment of the blockchain.
Founded by four PhD students from four prestigious universities: MIT, Princeton, UC Berkeley and UIUC. The project enables developers to create, operate and use decentralized applications (dApps). In addition, it is also highly scalable due to innovation in off-chain scalability technology.
Not long ago, the project launched a testnet application called CelerX. This application shows the transaction process on Celer Network.
Objective of the project
Celer’s development team aims to bring widespread adoption of blockchain by providing the best experiences, using the most advanced layer 2 scaling technology.
What does Celer Network offer users?
- Instant interaction: With advanced off-chain networking, Celer upgrades slow interactive dApps up to 10,000 times faster. This allows users to pay immediately; decentralized transactions become faster and games are played with latency in milliseconds.
- Many games: Celer is the gateway to a decentralized world. Here users can find many applications; from instant payments to interactive games or market forecasts. In addition, new applications are regularly integrated
- Spend less and earn more: With off-chain payments, users can exchange small amounts for 0. This means that users can earn an income with Celer Network.
What does Celer Network offer developers?
- Easily build apps : The Celer SDK is available for all operating systems: iOS, Android and Web. There is no need to “learn” a new smart contract language for an existing blockchain platform. In addition, Celer will support the conversion of slow interactive dApps to highly interactive dApps
- Boosting Mass Adoption : To dramatically improve user experience, Celer will reduce friction between users and blockchain applications. This ensures that applications can be used much faster and better.
- Make Money Easily : Application developers can host an entire node to join the decentralized Celer network; so they can easily earn money with the application that have created.
The Celer Network (CELR) token
CELER is the native token of the Celer network ecosystem. The CELER token has been issued as an ERC-20 token, meaning it runs on the Ethereum blockchain .
What are CELR tokens used for?
- To pay service fees and transaction costs for service providers outside the blockchain
- Join the State Guardian Network and become a State Guardian. During the protection process, the State Guardians will receive service fees and rewards from the side chain block
- Maintaining liquidity stability
- Token management and fund usage
Distribution of the tokens:
- 70% – Technology Development
- 15% – Marketing for the acceptance and distribution
- 10% – Legal fees and business development
- 5% – Business development and other matters
Celer has prioritized development progress; as a result, the group has spent most of its funding hiring talent from the blockchain sector.
How do I buy Celer Network (CELR)?
It was very difficult to get hold of Celer Network (CELR) at first. This is because in the past it was not for sale on traditional crypto exchanges, such as Binance or Gate.io for example .
Fortunately, that is no longer the case at the moment. It is possible to buy CELR tokens on the crypto exchanges that you probably already use. However, this is not always the best choice to buy CELR for the following reasons.
Many crypto exchanges do not have enough liquidity or are not safe enough, making it risky to use these exchanges. We therefore recommend that you buy CELR on, for example, Binance or Bitvavo. These are reliable crypto exchanges where you can buy CELR tokens without a doubt. You can do this by paying with iDeal, PayPal or, for example, credit card.
How do I save Celer Network (CELR)?
Since the CELR is an ERC-20 token, it can be stored on almost any wallet that supports Ethereum. There is no shortage of both hot and cold wallets to store your CELR coins. If you have a lot of CELR in your possession, it is usually recommended to store it in a cold wallet . This is a hardware wallet , such as a USB, where you can store crypto coins. A hot wallet is a wallet that is online and is, for example, linked to an exchange. In general, a cold wallet is a lot safer, because crypto coins cannot be stolen when there is no internet connection. By storing large amounts of cryptocurrencies on a cold wallet, you ensure that your cryptocurrencies are not stolen.
The price of CELR
Of course, the price of CELR is constantly rising and falling. Obviously you want to buy these tokens for the best price. That is why it is wise to keep an eye on the price of CELR on a regular basis. This way you can determine for yourself when is the best time to get into this cryptocurrency.
Is it smart to invest in CELR?
Of course you would like to know whether it is wise to invest in CELR. Unfortunately we cannot answer that. And we are not alone in that. It is important that you base your choice mainly on your own research, and not on what others say. But how do you do that research?
- You can use a fundamental analysis. With such an analysis you look for all kinds of information about the blockchain and crypto currency. For example, you look at who is on the team of the project, how the project works and who the competitors are. Based on this research, you can then determine whether it is wise to buy CELR at the moment. You obviously want to buy CELR when the token is undervalued (meaning it’s too cheap for what it could/should be worth).
- It is also possible to carry out a technical analysis , in which you go deeper into the figures of the project. For example, consider the price. By recognizing certain patterns from the past in the present, you can make an expectation on what the price is likely to do. You also know whether it is smart to invest in CELR at that moment.
The history of Celer Network
Celer Network is continuously evolving. The team wants to continuously improve the project. To this end, they are improving current features, as well as adding more and more new features to the platform. Let’s take a look at how the team worked on their project throughout history, and when which features were added.
On February 2, the CelerX (formerly cWallet) project was launched. CelerX currently has more than 3,300 users in 2019 and more than 28,000 games have been played. Users from over 18 countries around the world. On average, each user spends about 40 minutes on CelerX.
On October 10, Celer Network released cWallet for Android and iOS operating systems. In recent updates, cWallet has been rebranded as CelerX. CelerX allows users to send payments instantly with no transaction fees. In addition, users can play community games and be rewarded with ETH for winning. Here are the other key events of the project:
Quarter 3 of 2018
- cRoute: further research and evaluation
- COS: SDK Private Beta Released
- cEconomy: PoLC test launched
- cChannel: release the channel
Quarter 4 of 2018
- cChannel: multi-blockchain support
- cRouter: Algorithm Adjustment
- cOS: Public SDK v1.0
- cEconomy: Mainnet PolC is ready
- Community: First Blockchain Service Provider Launches
Quarter 1 of 2019
- Making the alpha version of the off-chain application platform public to cWallet users (now replaced by CelerX)
- Launch of two off-chain applications for users
- Integrated wallet within the platform
- cRoute: initial implementation and testing
- COS: Public SDK v2.0, focused on mobile and web integration
- cEconomy: PoLC and LiBA safeguards, SGN testnet alpha
Quarter 2 of 2019
- cChannel: Ethereum mainnet has been implemented
- cRoute: first tests and execution
- COS: Public SDK v3.0
- cEconomy: launch PolC mainnet
- Community: start the off-chain onboarding service
Quarter 3 of 2019
- cChannel: improving interoperability between channels
- cRoute: Optimization
- cEconomy: start SGN and LiBA backbone
- cOS: Public SDK v4.0
- Community: Ecosystems continue to evolve
Celer Network Partners
It is important for a crypto project to form the right partnerships. Partners can provide valuable support to the project. The larger the partners are, the higher the chance of success for the project. These are the partnerships that Celer Network has entered into:
- DFINITY : a reliable blockchain system that runs on peer-to-peer networks; can run anti-counterfeiting smart contracts. Celer used DFINITY to support smart contracts as its first scaling solution
- L4 : A tool to build Counterfactual. Celer partners with L4 to scale the Ethereum ecosystem
- Nervos Network : A blockchain network, DApp platform built with a layered architecture. Celer has partnered with Nervos to refine its decentralized blockchain architecture.
- Quarkchain : A next-generation public blockchain system. Celer is testing an off-chain cross-shard transaction system in Quarkchain’s fragmented blockchain architecture.
- QTUM : Celer tests Qtum’s new x86 virtual machine and compares it to EVM and other VM architectures to scale off-chain.
- Atlas Protocol : A token-based protocol for the marketing application layer. Celer partners with Atlas Protocol to remove the technical barriers to interacting with blockchain advertising
- DxChain : the world’s first Big Data hierarchy. To increase scalability, Celer will develop out-of-chain scaling solutions and integrate them into DxChain.
The team behind Celer Network
Not only the partners of a project are important. The people on the team are perhaps much more important for the chance of success. When there are many people with expertise and experience in the team, they know what mistakes not to make and how to lead a project. This ensures that a crypto project has a high chance of success. Here are the key people on the Celer Network team (there are actually even more team members):
- Mo Dong (co-founder) . He is a researcher and engineer with extensive experience in network protocol design and distributed system. He also received an award for innovative application for Internet2 and is awarded by service providers.
- Qingkai Liang (co-founder). He is the author of more than 15 leading papers and the inventor of 5 optimal anti-counter routing algorithms that have been successfully applied in industry (Raytheon BBN Technologies and Bell Labs). In addition, he has received many important industry awards
- Junda Liu (co-founder). This is the one who first proposed and developed routing based on DAGs. At Google, he developed a dynamic data center topology capable of splitting a bandwidth of 1000 terabit/s and connecting more than a million nodes. 1 US patent received
- Xiaozhou Li (co-founder). He is very important to Celer Network for the distributed systems, networking, storage, data management. This is also exactly where his experience lies.
In addition, the members of Celer Network also hold doctorates (PhD) from famous universities such as: MIT, Princeton, UC Berkeley, UIUC. Also, the project gathers a team of technical professionals who are former employees of big names such as Google, Amazon, Cisco, HP. So it looks like the team is full of experience, which is of course a very good sign for this project.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com