The Celer Network (CELR) is a Layer-2 scaling solution that is intelligently built to handle off-chain transactions. It is currently in beta testing. In addition to payments and smart contracts, the Celer platform facilitates off-chain transactions by making them quick, easy, and safe.
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The project was one of the first to be created using the Substrate framework, and it is now a member of the Polkadot ecosystem of open-source projects.
For the network's main purpose, its creators envisioned releasing the full potential of blockchain and modernizing DApps by providing them with more efficient and productive outputs, among other things.
|Component||Celer Network (CELR)|
|Technologies||Layer 2 scaling, smart contracts, cStack, cOS, cRoute, Channel, cApps, DpoS|
|Market Capitalization||$2.02 Billion+|
|Consensus Mechanism||$480.6 Million+|
|Founders/Authors||Dr Mo Dong, Dr Junda Liu, Dr Xiaozhou Li, Dr Qingkai Liang|
|Circulating Supply of Coins||6,135,981,458 CELR|
|Maximum Coin Supply||10,000,000,000 CELR|
|Is Celer Network a Stablecoin?||No|
|Does Celer Network have a burn rate?||No|
|Does Celer Network have a Whitepaper?||Yes, the white paper can be viewed here|
Evolution and Development of Celer Network
Celer emerged from stealth in Q3 2018. It was constructed by a group of engineers centred mostly in the San Francisco Bay Area.
Mo Dong, Junda Liu, Xiaozhou Li, and Qingkai Liang, the platform's four co-founders, all have substantial development expertise, with several coming from notable technology firms like Google, Microsoft, and Intel.
Celer Network released its alpha-mainnet on July 7th, 2019, known as Cygnus. This heralded the beginnings of the world's first Generalized State Channel Network, which will be powered by Ethereum.
It also ushered in a new age of blockchain Layer-2 scalability by enabling real-time and fee-free interaction, rapid micropayments, as well as innovative and reliable low-latency interoperability for decentralized applications (DApps).
CelerX, a renamed version of cWallet, was introduced in February 2019 by the project. CelerX, the mobile user interface for Celer Network's new Sirius testnet, currently has over 3,300 users and over 28,000 Gomoku games played.
Users come from more than 40 nations, and opponents might be from the United States, China, the United Kingdom, India, Germany, Singapore, Japan, or Russia, among others. Each user spent an average of around 18 minutes on CelerX.
What makes Celer Network unique?
Celer, being one of the main layer-2 scaling platforms, has a variety of unique characteristics that set it apart from the competition.
These include support for a variety of various scaling solutions, such as optimistic rollups as well as generalized state channels. The project also offers the possibility of future support for others, such as Plasma, Validum, and ZK-rollups.
However, its most striking aspect is the breadth of the Celer ecosystem's offerings. Rather than creating a one-size-fits-all approach, the Celer team developed many distinct solutions to address industry-specific issues. These include the following:
cBridge is a multi-chain network that enables low-cost token transfers across a diverse set of blockchains and layer-2 solutions without relying on Ethereum, or any other Layer-1 blockchain, as a foundation layer.
Celer's state channel network may be connected to almost any other network through this technology, enabling genuine value transfers without constraints. Layer2.finance is Celer's new flagship application, layer2. Finance enables customers can effectively access Ethereum's DeFi environment through optimistic rollups.
Layer2.finance enables users to transfer money to, from, and between a variety of popular DeFi technologies, including Compound and Aave, to optimize return while minimizing transaction costs.
The solution securely aggregates user money on Celer's layer-2 chain, allowing users to avoid the high transaction costs associated with Ethereum while dealing with compatible DeFi applications.
What are the main uses for Celer Network?
The Celer Network (CELR) is utilized in a variety of applications. For example, CELR coin users can easily construct liquidity pools using their tokens. It is also utilized in liquidity-backed auctions, which enable parties not on the primary blockchain to draw liquidity in exchange for interest.
It is engaged in protecting the system, with a specific amount of CELR being staked to help keep things secure, as well as assisting in connecting the system.
Additionally, the token is used to compensate individuals who maintain nodes and offer other network-related activities, as well as to pay off-chain network operators.
What is the future potential for Celer Network?
The CELR token is unusual in that it is intended for purposes other than serving as the native currency of the Celer Network. It goes beyond on-chain consensus to allow off-chain scaling for high-volume users with a cohesive architecture that scales present and future blockchains to internet size. Therefore, users can continue to benefit from increased scalability and flexibility.
Price analysis on Celer Network
Celer Network was initially launched in 2019, and its price analysis over the past five months are as follows:
|2019||2020||2021 to date|
|CELR Price High||$0.021||$0.013||$0.178|
|CELR Price Low||$0.0035||$0.0011||$0.004|
Price prediction on Celer Network
Algorithm-based forecasting services provide a bullish prognosis for the CELR coin price. Wallet Investor forecasts that the price will reach $0.17 by the start of 2023 and $0.53 in five years.
What is Celer Network’s largest Competitor?
Polygon is the largest competitor of Celer Network.
Celer and Polygon are both layer-2 scaling blockchain-based solutions. While the Celer Network focuses on generalized state channel technologies, the Polygon blockchain focuses on side-chain technologies.
Integration with Polygon enables considerable cost and latency reductions in start-up, final settlement, and protocol failure prevention for state channel networks, therefore removing some critical user experience friction.
For a side chain, integration with Celer Network's generalized state channel technology enables zero-cost high-frequency, real-time interaction between users.
In addition to this, there is also cross-side-chain and side-chain-to-root-chain instant fund transfer along with comprehensive smart contract interaction, allowing side-chain users to move assets freely without incurring any cross-chain delay.
What is the Staking Process involved with Celer Network?
Celer's layer-2 platform rewards all shareholders on the mainchain and enables rapid transactions on the sidechain using DPoS. DPoS is a widely used consensus method that leverages token staking and election to provide optimal performance and decentralization.
It enables shareholders (delegators) to vote on sidechain validators by staking tokens on them, allowing each shareholder to influence and profit from network behaviour.
Since the features of DPoS and its comparison to other consensus mechanisms have been thoroughly studied in the blockchain community, they will not be covered in detail on this site. We adapted some ideas and design decisions from current DPoS methods.
Although SGN is a layer-2 sidechain, staking occurs on the layer-1 mainchain. CELR shareholders engage with the mainchain contract to a stake, withdraw, and claim their tokens.
On the mainchain, validators are chosen to perform certain functions such as creation, broadcasting, and validation for the sidechain. Both the Celer Layer-2 systems and the hybrid roll-up side-chain will share the mainchain DPoS.
What can Celer Network smart contracts do?
The absence of support for generic state transitions is a significant drawback of contemporary payment network solutions. The growth of smart contract platforms necessitates the development of generic state transitions.
A smart contract facilitates the asynchronous transfer of value depending on any contractual logic.
To increase the scalability of such blockchains via the use of on-chain state channel ideas, on-chain state changes should be encapsulated in on-chain state channels and the associated value transfer made aware of such state transitions.
Celer Network's mission is to develop a blockchain-agnostic platform capable of running on a variety of blockchains that enable smart contracts. As a result, a standardized data structure architecture and a layer of indirection are necessary.
Is Celer Network a Good Investment?
Celer Network can be a good investment.
On the one hand, the coin's value has reached new heights within the last year, and the outlook is favourable. However, the coin has been trending lower in recent months.
While Celer Network is the only organization that specializes in level-2 scaling solutions, it is not the only one.
While the work it performs is critical, regardless of the organization's price prediction, it would be prudent to monitor the operation and behaviour of other, not dissimilar, systems before investors determine whether CELR is the best choice.
What is the supply and distribution of Celer Network?
There is a supply cap of 10 million CELR, and coins are distributed as follows:
- 25% is reserved for the PoLC mining reward as well as off-chain ecosystems
- 20% is reserved for the Team as well as Advisors
- 17% is designated to the Foundation
- 5% is reserved for Marketing and the overall Ecosystem
- 33% is for sales
Is Celer Network a viable Alternative Coin?
Yes, Celer is a good alternative coin.
- Hacking – The blockchain does not have any record of hacking events
- Security – The unique technology used ensures that the blockchain and system can remain secure.
- Technology – Celer Network uses some of the best technology, including Layer 2 scaling, smart contracts, cStack, cOS, cRoute, Channel, cApps, DpoS.
- Potential Investment – because of its unique and powerful technology, Celer Network is a good investment option for beginner and professional investors.
Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.
What are the differences between Celer Network and Bitcoin?
While Bitcoin is the original blockchain, cryptocurrency, and alternative payment system that has seen widespread adoption, Celer Network is a networked system that can be deployed on top of existing blockchains, ensuring reduced transaction delays, decreased commissions, and horizontal scaling, to only name a few.
|Price change 20/21||+400%||+1,100%|
|Market Cap||$800 Billion+||$480.6 Million+|
|Altcoin Rank||#1 – Original Crypto||#137|
What are the differences between Celer Network and Ethereum?
Ethereum is a programmable blockchain on which Celer Network was constructed and launched. Its native cryptocurrency, CELR, is an ERC-20 token that was built on Ethereum.
Celer is a Layer 2 solution that brings fast, secure, cost-effective DApps to Ethereum, Polkadot, and other programmable blockchains that could benefit from Celer Network's innovative technology.
|Price change 20/21||+880%||+1,100%|
|Market Cap||$460 Billion+||$480.6 Million+|
What are the differences between Celer Network and Dogecoin?
Dogecoin is a cryptocurrency that is based on blockchain technology and is a cryptocurrency that has seen widespread popularity recently. Dogecoin began as a joke but swiftly evolved into a community-driven cryptocurrency intended to reward content producers on social media sites. Dogecoin is gaining significant acceptance as a medium of exchange among retailers and merchants worldwide.
Celer Network is a layer-2 scaling system with the goal of enabling rapid, simple, and secure off-chain payments and generic off-chain smart contracts. The project's objective is to accelerate blockchain adoption by offering a seamless experience that is powered by layer-2 scalability technology.
|Price change 20/21||+7,300%||+1,100%|
|Market Cap||$22 Billion+||$480.6 Million+|
What are the differences between Celer Network and NEO?
NEO's mission is to automate the administration of digital assets using smart contracts, with the goal of establishing a decentralized network-based smart economy.
Celer Network is a layer-2 blockchain-based scaling solution that can be used with Ethereum, Polkadot, and several other programmable blockchains, allowing them to provide quick, secure, and cost-efficient blockchain applications.
In 2019, Celer Network partnered with NEO to not only improve the scalability of the blockchain but to boost its usability in terms of the DApp ecosystem, preparing it for mass adoption.
|Price change 20/21||+160%||+1,100%|
|Market Cap||$1.70 Billion+||$480.6 Million+|
What are the differences between Celer Network and NFTs?
Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Celer Network, on the other hand, is fungible, which means that one CELR has the same value and characteristics as another CELR.
What are the differences between Celer Network and Polkadot?
While Polkadot is a programmable blockchain where DApps and smart contracts can be launched, Celer is a Layer 2 solution that can help blockchains achieve advanced optimizations.
Polkadot and Celer Network partnered in 2020, ensuring that Polkadot's scaling solution increased along with flexibility and interoperability.
|Price change 20/21||+100%||+1,100%|
|Market Cap||$26.7 Billion+||$480.6 Million+|
Which wallets support the CELR tokens?
The following digital wallets are the best option for Celer Network (CELR) tokens:
- Ledger Nano S
- Ledger Nano X
- Trezor Model T
1. Ledger Nano S: The Ledger Nano S secure hardware wallet is widely available to crypto users from around the world who want a secure, affordable wallet solution.
It has a built-in OLED display that double-checks and confirms transactions, as well as buttons on the device that users must push to manually authenticate.
2. Ledger Nano X: The Ledger Nano X provides support for more than 1,250 cryptocurrencies, including the Celer Network and many other ERC20 tokens.
This device is more expensive than the Ledger Nano S, but it has a bigger screen and simpler Bluetooth interaction with mobile devices than its predecessor, allowing users to use it with mobile phones instead of a computer.
3. Trezor Model T: In addition to the Model T, TREZOR also provides the Model T, a hardware device that was introduced in early 2018 with a huge colour display that accepts a wide range of cryptos and any ERC20 token.
The device features an intuitive touchscreen along with several security measures such as double verification, PIN protection, and more.
4. KeepKey: KeepKey is another household brand in the world of cryptocurrency storage. It is a secure wallet on the new ShapeShift Platform that allows a variety of popular currencies. This hierarchical deterministic (HD) wallet saves Bitcoin, Bitcoin Cash, Ethereum, and Litecoin and supports over 40 other crypto assets.
Best Bitcoin Wallets are the same as CELR wallets.
Where can CELR be bought?
CELR can be bought, sold, and exchanged on any of the following exchanges:
1. CoinDCX: CoinDCX is a crypto exchange trading platform that was established in 2018 and is headquartered in Singapore. The exchange lists over 200 crypto coins that can be bought, sold, and exchanged, including Ethereum, Bitcoin, and a wide range of other altcoins.
The CoinDCX interface is simple, and this makes it easier for beginners to use the exchange. CoinDCX is known as a safe exchange with low trading costs.
2. BKEX: BKEX was established in 2018, and it is a crypto exchange based in the British Virgin Islands. The exchange is frequented by beginner and professional traders who buy and sell crypto coins.
BKEX is typically referred to as the “sunshine trading” platform that has a significant market share in the cryptocurrency market. The exchange is closely monitored by regulators and frequently audited by independent organizations.
3. DigiFinex: DigiFinex has been around for years and has established itself as a central cryptocurrency trading platform using native exchange tokens and its proprietary ecosystem.
DigiFinex has several user-friendly features and offers more than 100 cryptocurrency trading pairs.
4. HotBit: HotBit is a popular and leading crypto exchange that has been in operation since 2018. The exchange is known for its advanced features and innovative mobile trading app, which has an intuitive user interface.
HotBit is also well-known for its strategic partnerships with Spark Pool, Mytoken, F2pool, and several others. The exchange also offers an immersive trading experience for its 7 million active users.
5. BiKi: BiKi is a crypto exchange based in Singapore that provides a wide range of trading opportunities, with more than 470 cryptocurrencies as well as over 515 trading pairs.
The exchange features more than 3.5 million registered users, more than 1 million community users, high liquidity and impressive 24-hour trading volumes overall, drawing investors and crypto trader to its platform.
You can buy CELER safely from these cryptocurrency platforms.