The Celer Network is a system constructed on a layer-2 scaling protocol that allows off-chain transactions to be handled within its ecosystem. Celer provides a series of advantages such as its speed, simplicity, and the security protocols involved in its off-chain transactions which are incorporated for both smart contracts and payments. In as much as blockchain is a leading solution in the world of technology, it faces several shortcomings as seen in first-generation cryptocurrencies.
The project was developed using the Substrate framework and this by extension makes it a part of the Polkadot ecosystem. While the system is considered a pioneer in the use of the Substrate framework, the grand goal of the network is to harness the full potential of blockchain technology as a whole. This involves the revolutionization of decentralized apps with an increase in their productive outputs and overall increased efficiency.
Who are the Founders of Celer Network (CELR)?
The Celer Network was established by a team of well-respected and well-read professionals in 2018, most of whom are engineers with strong backgrounds and specializations. It was co-founded by 4 individuals, all of whom currently hold Ph.Ds from different fields relating to computer science from top-tier universities. These founding partners are Dr. Junda Liu, Dr. Mo Dong, Dr. Qingkai Liang, and Dr. Xiaozhou Li.
Dr. Junda Liu is a product of UC Berkeley. Before entering into the world of blockchain technology to partake in the establishment of the Celer network, he worked with Google for a few years and helped in the creation of their infrastructures used to facilitate their data centers. Later in 2014, he participated in the founding of Project Fi mobile service, before landing a position as Android Tech’s technical manager. Dr. Mo Dong is also a renowned veteran in applying algorithmic game protocols and development to provide solutions. Before joining the Celer network, he worked at Veriflow as a product manager and development engineer, apart from these, he also lectures a series of comprehensive smart contract-related courses.
Dr. Qingkai Liang obtained his degree from MIT. He prides himself as a researcher concentrating on learning and regulating issues in interconnected systems, most of which are usually virtual learning algorithms in opposing networks. Before Celer, he worked as a software engineer at Google and MIT.
Dr. Xiaozhou Li Is a graduate of Princeton University. Upon his graduation, Li landed an internship opportunity at Microsoft before later working his way up to Barefoot Networks where he served as a software engineer. Currently, is a published author with a plethora of academic works on storage, data management, and distributed systems.
What is Celer Network (CELR) used for?
Celer Network is aimed at the development of a scaling solution that provides off-chain services to blockchains looking to be hosted on the network.
The layer 2 scaling solutions, also known as off-chain, are superior to other systems in theory because they provide an avenue for the network to process smaller transactions from the blockchain, before later bundling them into a single transaction, whose details get recorded after. The system is able to reduce the pressure of heaps of transactions that usually happens on the main chain, while it also improves the entire system’s capacity of operation.
The CELR token is the dedicated cryptocurrency token of the caller network that facilitates transactions on its blockchain. Additionally, the token also provides its holders with the opportunity to trade their tokens with other cryptocurrency pairs Litecoin and Polkadot to earn profits.
What Is the Unique Point of Celer Network (CELR)?
The Celer Network is a collection of interconnected systems that are operational on the same blockchain. The network is being run over an existing blockchain that has future compatibility. While the platform was being developed, the main focus of the team behind it was to provide scalability in the highest form and apply it all through the blockchain. The founders of the Celer network are certain that the in-house solutions are not the future of decentralized blockchains. Rather, they believe the solution to the world of blockchain technology lies in their off-chain system.
The Celer Network has a dedicated architectural development design that features four levels which are evenly divided to the end of providing several distinct benefits. Some of these advantages include a reduction in the delays of transactions, no commission in executing smart contracts on its Off-chain system, discounted amounts in micropayments, horizontal scaling for new nodes joining the network, a dedicated routing algorithm specifically for transactions, and a system that is supported on various blockchain networks.
The network also has a Ceconomy cryptocurrency model that essentially makes it unique among other cryptocurrencies which was created to keep the liquidity stable and readily available on the platform while creating an interconnection effect.
How many Celer Network (CELR) coins are in circulation?
The dedicated cryptocurrency of the Celer Network, CELR has its maximum supply pegged of 10 billion tokens. This supply was distributed in the following way: 20% was dedicated to the team and advisors; 25% set aside as rewards for mining operations and all-round development of its Off-Chain system; 17% was assigned to the foundation; 5% dedicated to marketing and ecosystem at large, finally, 33% was dedicated to the sale.
Additionally, the fact that CELR was developed under the ERC-20 standard on the Ethereum blockchain implies that it manages the network’s economy; economy which has many use cases. Some of these include Payment of the commission fees for the execution of transactions and services to users of the off-chain system. Furthermore, CELR coins are also used in the maintenance of large liquidity pools as required by the Proof of Liquidity Commitment (PoLC) platform.
Is the Celer Network (CELR) Network secured?
The Celer network is secured by several protocols, among which is the SGN (State Guardian Network). The system offers a decentralized infrastructural L2 service that ensures the Celer network is consistently running without any problems. The system has a protocol that securely saves the state of users on the Celer state Channel, as such, the platform is able to respond to L1 computations when the users are not online. Also, it also enables the users a way to guard their savings before leaving the platform.
In addition to all the other layers of protection provided by the system, Celer Rollup, incorporates a decentralized block producer level, thus securing the network. On the Celer network, there is a requirement for participants to stake CELR in order to become part of the SGN. Holders of CELR tokens also facilitate the security of the network as a whole just by holding the tokens.
How do I buy Celer Network (CELR)?
Celer is different from the average cryptocurrency in every way. Apart from its varying layers of security, the platform also offers its users several mouth-watering incentives such as its removal and discounting of gas fees. Due to this, there are currently more people adopting the token, and its availability on several exchanges has become more prominent. Celer tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy CELR through your trading account.
Which Cryptocurrency Wallet Supports Celer Network (CELR)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Celer Network (CELR). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their CELR wallet because it offers a simple and interactive interface making it easy for people to navigate its system.