• Average rating of 98% based on 2 reviews.
• Founded 2 years ago in 2021.
• Use anonymously. No KYC required.
• Decentralised exchange.
Celer Network is an advanced layer-2 scaling platform that brings fast, secure, and low-cost blockchain applications on Ethereum, Polkadot, and other blockchains to mass adoption. Celer Network was founded in California, in 2018, by a successful team of engineers: Mo Dongm, an algorithmic game theory, and protocol development applications expert, Junda Liu who was a leader in Android technology for mobile services, Xiaozhou Li who has studies on distributed systems, networking, storage, and data management, and Qingkai Liang who has focused on various learning and control problems arising from networked systems, especially online learning algorithms in competing networks.
Celer Network (CELR) is designed to overcome the scaling limitations faced by some of the most popular blockchains through various new products and protocols. As it declared on its website, currently Celer Network supports 42 chains and 154 tokens. Celer Network is a network on the Polkadot network and serves to increase significantly trading capacity and provide easy interaction among the most famous chains.
To learn about how Celer Network works and makes transactions fast increases capability, we might take a look at the cStack technology that Celer Network uses. Basically, it is a technology that removes the transaction processing burden from the state channels(layer-1) to off-the-chain (layer-2). The Celer Network structure that is called cStack consists of four useful blocks:
cRoute is a mechanism that uses distributed balanced referrals to distribute payments in a decentralized and trustless way and increase operation capacity by putting routes in order on the network.
cOS is an off-chain frame to improve DApp. It organizes transactions, storage, off-chain(layer2) disputes, and monitoring. It is the core of the network that provides the workflow.
cChannel is a side-chain package that works for fast state transitions and is expected to provide liquidity. The eChannel layer makes it possible for gaming applications, exchanges, insurance platforms, and other high-throughput applications to run on the Celer Network. Channels in this block are used to transmit transactions within the network. cApps is an ecosystem application layer used for scaling and user privacy.
Celer Network offers us three main products: State Guardian Network(SGN), Celer cBridge, and Layer2 Finance. State Guardian Network is a special Proof-of-Stake (PoS) chain service that tracks the Layer-1 transactions related to the Layer-2 state and faithfully passes the layer-2 information back to layer-1 if it is necessary.
Celer CBridge has launched in July 2021. Celer cBridge is a multi-cross-chain token bridge that enables quick and easy transfer with lots of chains and DApps. The platform has extended its range along lots of DeFi networks and that makes transactions easy to one click. CBridge allows users to bridge not only their assets but also messages. Message passing through the networks on the bridge is a quite new and exciting advancement for the DeFi world. So, the CBridge is a significant and promising platform on the Celer Network.
Layer-2 Finance protocol is an independent off-chain solution for scaling problems. Celer Network uses Layer-2 to make transactions fast and provide more security. To start layer-2 finance, users can go to the Celer Network website and click Layer2 finance on the product then connect their wallet and then get their transaction done easily.
To mention tokenomics, Celer Network has its governance token CELR which is used for network economy(cEconomy). CELR provides advantages such as paying commissions for services and transactions to off-chain providers and meeting additional costs, accessing the State Guardian position by staking CELR on the State Guardian Network (SGN). Those with State Guardian powers monitor the status of transactions, respond to disputes, and ensure network efficiency and security. The distribution of a total of 10 billion CELR token supply is 25% for PoLC mining rewards and the development of the off-chain ecosystem. 20% for the team. 17% foundation. 5% for marketing and ecosystem. 33% for sales.
In the Celer Network history, there has been only one exploit issue in august 2022. Celer network shut down the cBridge over a suspicious attack on DNS.
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