The Generalized State Channel Network, a sidechain solution that helps to push the frontier of layer2 scaling with advanced Rollup technology, is one of the unique introductions made possible by the Celer Network.
What is Celer Network?
Celer is a layer-2 platform designed to operate across a variety of top decentralized finance (DeFi) networks. Celer makes use of state channels to make blockchain interoperability possible at minimal costs and fast speeds. Celer’s applications support Ethereum, Polkadot, and Binance Smart Chain, as well as attract customers in the gaming industry.
Celer is a blockchain interoperability protocol that enables users to access tokens, DeFi, GameFi, NFTs, governance, privacy solutions, and more across several chains with a single click. Developers may use the Celer Inter-chain Message SDK to construct inter-chain native dApps with efficient liquidity utilization, consistent application logic, and shared states.
Founder of the Celer Network
The Celer Network team is made up of highly experienced founders who have all earned PhDs from UC Berkeley, Princeton University, and MIT, respectively.
Dr. Mo Dong, Co-Founder: Before founding Celer, he worked at Veriflow as a founding engineer and product manager on formal network verification. He teaches full-stack smart contract courses and is an expert in applying algorithmic game theory to protocol design.
Dr. Junda Liu, Co-Founder: Junda holds a Ph.D. from the University of California, Berkeley. Before founding Celer, he spent 2011 at Google, where he worked on the company’s data center networking infrastructure. He was also the Android Tech Lead for carrier services and a founding member of Project Fi’s mobile service in 2014.
Dr. Xiaozhou Li: He went to Princeton for his education. Li worked as a software engineer at Barefoot Networks after interning at Microsoft. His academic works on distributed systems, networks, storage, and data management have all been published and widely read.
Dr. Qingkai Liang: He is an MIT graduate. He has interned at the MIT Laboratory for Information and Decision Systems (LIDS), Bell Labs, and Google as a software developer. His research focuses on learning and control difficulties in networked systems, with an emphasis on online learning algorithms in adversarial networks.
How does Celer Network work?
The Celer Network employs a layer-2 solution known as state channels to track the status of any interaction between two parties, such as a payment or a blockchain agreement. It works by allowing any two or more parties to open a high-speed, low-fee payment channel through which they can assign value to each other using a smart contract before finalizing the events on an underlying layer-1 chain.
By offloading much of the transaction processing burden from the chain, Celer’s state channel solution helps layer-1 blockchains improve their speed and capabilities. It makes use of the cStack technology stack (cOS, cRoute, and cChannel), which enables developers to create off-chain applications that can use Celer’s state channels to quickly resolve payments and other transactions.
Key Features of Celer Network
Privacy: Celer offers privacy-enabled DApps in addition to being an open-source protocol that has been vetted by the community. It also makes private off-chain transactions possible.
Efficiency: Celer could make DApp development much more efficient. Users can easily scale DApps with the option of selecting from a variety of software development kits (SDKs). These SDKs are both inexpensive and secure, and they allow you to create interactive applications in a much shorter amount of time.
Layer-2.Finance: It promises to revolutionize all existing DeFi protocols for a nominal fee, addressing two of the biggest challenges of DeFi: high transaction fees and lack of usability. It’s been dubbed the “DeFi Public Transportation System” because it has the potential to slash fees by nearly 100 percent.
cBridge: Transferring data between blockchains has never been easier or faster. In the future, cBridge has the potential to enable instant transfers between any decentralized network.
Delegated Proof of Stake (DPoS): Delegated Proof of Stake (DPoS), a variant of the Proof of Stake mechanism, allows users to stake tokens in exchange for rewards while delegating or assigning the process of transaction validation to someone else, making the Proof of Stake cycle extremely efficient.
Liquidity: Celer can focus on efficient liquidity and capture a larger market by allowing blockchain interoperability. As a result, the network’s adaptability, reliability, and coverage improve.
Layers of the Celer Network
Celer designed a stable and profitable architecture to ensure speed and minimize traffic congestion. The layers combine cutting-edge decentralized technology with scaling economics.
cChannel: This is the lowest layer, which is in charge of interacting with the blockchain. On this layer, private networks operate. The Celer Network’s state channels and side chains are all active here.
cRoute: This is the critical middle layer for highly scalable DApps. This layer controls the speed and volume of transactions per second. cRoute makes the system run more smoothly and efficiently, especially when there are a lot of transactions.
cOS: The cStack’s top-most layer creates DApps directly on the network. This layer contains the entire development framework that supports DApps. It is the network’s very core that is in charge of the workflow.
Celer Network’s token: CELR
CELR has a total supply of 10 billion tokens, which are distributed in the following manner: PoLC mining reward and Off-chain ecosystem building account for 25% of the total; 20% of the total goes to the team (18.3%) and advisors (1.7%); 17% goes to the foundation; 5% goes to marketing and ecosystem, and 33% goes to the sale. CELR is an Ethereum-based standard token based on the ERC-20 protocol.
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