What is cryptocurrency Celer Network (CELR) and how does it work?

What is Celer Network (CELR)?

Celer Network is a layer-2 scaling platform for deploying decentralized applications on various blockchains, which enables interoperability within the ecosystem and network incentives.

Celer Network exists as smart contracts on top of other blockchain structures such as Ethereum and Polkadot, while the team is said to be leading layer-2 scaling research and building applications that foster functionalities for the Celer Network ecosystem. The Celer dev team released a mobile application in the form of a blockchain-based esports platform, making it the first of its kind. The app is dubbed CelerX. The team also released the first-ever mobile SDK for layer-2 scaling.

Celer has the main goal of providing smooth operations for smart contracts, fast off-chain transactions, and offering a secure environment for dApps on all types of blockchain platforms. The idea behind the project is to help developers scale their dApps through the layer-2 protocol while providing all the necessary tools and functions to solve some of the biggest issues that smart contract platforms currently experience. As a solution framework, Celer Network acts as a support for scaling and securing some of the biggest smart contract platforms, such as Ethereum.

How Does Celer Network Work?

Celer Network is a layer-2 protocol built on top of other blockchain platforms to enable scaling and secure operations through off-chain transactions for platform users and dApp developers. The anatomy of layer-2 platforms presents a solution for scaling and interoperability, with these being two of the biggest problems for many blockchain-based networks.

Layer-2 protocols represent a great solution for scalability as the base protocol of the underlying network doesn’t have to be changed or updated for the protocol to work. Instead, a layer-2 protocol operates as a smart contract on top of a blockchain like Ethereum and interacts with off-chain applications.

The core technologies that make up the Celer Network are Side Chain technology and the Generalized State Channel Network. Thanks to side chains, Celer Network facilitates interoperability while enabling off-chain operations through the use of the GSCN. The GSCN is fairly complex but it can be compared to the Lightning Network. Just as the Lightning Network enables faster and more cost-effective transactions on the Bitcoin blockchain, the GSCN enables fast off-chain operations for blockchains like Ethereum, allowing dApps to scale.

Who Are the Founders of Celer Network? (Celer Network History)

Founded in 2018 by Mo Dong, Junda Liu, Xiaozhou Li, and Qingkai Liang, Celer Network launched its alpha mainnet, dubbed Cygnus, in July 2019, providing the world’s first Generalized State Channel Network.

The founders of Celer Network have PhDs from Princeton, MIT, UC Berkeley, and UIUC, as well as experience of building enterprise software including Google Fi, Veriflow, Intel DPDK, and B4.

What Makes Celer Network Unique?

Celer Network is not the only layer-2 scaling platform but it nevertheless has some unique characteristics.

Celer Network provides support for multiple blockchain platforms and environments. For example, DFINITY’s Internet Computer and Ethereum are substantially different platforms, but Celer Network works efficiently on both networks. Moreover, Celer Network supports off-chain smart contract operations and payments, using an optimal state algorithm for routing which provides 15 times higher throughput than other state-of-the-art solutions.

Celer Network is said to be the first and only solution of its kind to enable dispute resolution, connectivity, state availability, and excess liquidity for off-chain operations.

What Gives Celer Network Value?

The value of Celer Network can be observed through the market price of CELR, although the market price doesn’t always line up with the intrinsic value of Celer Network technology. When it comes to intrinsic value, Celer Network is evaluated through its technical capacity, technology, use cases, and features, as well as the rate of use of CELR coins.

Celer Network CELR

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Ethereum ETH

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XRP XRP

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Celer Network acts as a solution for off-chain scaling for transactions and smart contract operations, supporting multiple blockchain environments while not requiring any changes to base protocols. Celer Network can be used on major networks such as Ethereum to solve some of the biggest issues for blockchain environments, namely effective scaling and interoperability. This use case is what gives Celer Network value and makes it a prominent project.

How Many Celer Network (CELR) Coins Are in Circulation?

Celer Network has a limited total supply of 10 billion CELR. The finite supply means that there shouldn’t be any more coins minted once all the coins from the total supply are in circulation. This acts as an anti-inflation mechanism and potentially makes CELR a good store of value in the long term.

The number of CELR tokens in the circulating supply multiplied by the current market price of CELR is equal to the market cap. The market cap ranks the crypto among its peers and determines its market share.

Other Technical Data

Celer Network is compatible with numerous blockchain platforms, including Polkadot, Ethereum, NEO, Mobi, and many other blockchain networks that benefit from scaling solutions.

Users can send and receive payments and make fast transactions through the CelerX mobile app, while they can also use it to access and play interactive blockchain-based games. Celer’s SDKs allow developers to build and deploy scalable dApps at lower costs,  while being compatible with multiple blockchain environments.

How Is the Celer Network Secured?

Celer Network and its off-chain and on-chain operations are secured through the use of the delegated Proof of Stake protocol, which facilitates the system of voting and staking. The system rewards stakeholders who work on securing the network by staking the native token CELR.

Delegated Proof of Stake is said to be one of the most secure and cost-effective solutions among blockchain-based protocols, which enables Celer Network to offer top security for developers and network users.

How to Use Celer Network

Celer Network is used for off-chain scaling techniques and cost-effective and fast dApp development, playing blockchain-based games, and liquidity. As a framework for interoperability and scaling, Celer Network is used on top of other blockchain environments such as Ethereum. Celer Network solves the issues that most smart contract blockchain networks have with scalability, which is its main use case.

Celer Network token, CELR, is an ERC-20 token which is the native currency of the system. CELR can be used as the payment method on the network, within the mobile app CelerX, and staked in Liquidity Backing Auctions. LiBAs enable users to crowd lend liquidity to off-chain service providers. Lenders receive interest and are more likely to be chosen to provide liquidity if they stake more CELR.

CELR can also be staked to join the State Guardian Network – a compact sidechain that guards the states when users are offline. Guardians in the SGN earn guarding opportunities and service fees for staking their CELR.

How to Choose a Celer Network Wallet

As an ERC-20 token, CELR can be stored in any wallet that supports Ethereum and the type you choose will likely depend on what you want to use it for and how much you need to store.

Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of CELR for more experienced users.

Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of CELR or more novice users.

Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your CELR, you should select a reputable service with a track record in security and custody. As such, they are most suited to holding smaller amounts of cryptocurrencies or for those making more frequent trades.

Kriptomat offers a secure storage solution, allowing you to both store and trade your CELR tokens without hassle. Storing your CELR with Kriptomat provides you with enterprise-grade security and user-friendly functionality.

Buying and selling CELR, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.

Celer Network Proof of Stake

Celer Network relies on a variation of the Proof of Stake protocol, known as delegated Proof of Stake. DPoS is said to be one of the most cost-effective and efficient protocols when it comes to transaction speed and scaling.

DPoS requires fewer resources and less energy, makinging it more eco-friendly and cheaper than other protocols such as Proof of Work. This is how scaling and using dApps via Celer Network is made fast, reliable, secure, and less costly.

Conclusion

Celer Network presents a solution for scaling and interoperability, which are two of the most common problems for many of the blockchain networks that operate with smart contracts and dApps. The platform offers a suite of products with a focus on providing a smooth user experience for developers and dApp users. Celer Network is powered by a layer-2 architecture and its main goal is to bring blockchains to mass adoption through optimization of the speed, performance, and interoperability of dApps, smart contracts, and off-chain operations.

Join the crypto revolution and get started on your Celer Network journey today.

Celer Network FAQ

How to buy Celer Network

Buying CELR is as easy as visiting Kriptomat’s how to buy Celer Network page and choosing your preferred method of payment.

How to sell Celer Network

If you already own CELR and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.

Celer Network Price

Celer Network price is subject to frequent changes and is in constant flux, partly due to the volatility in the cryptocurrency market. CELR price can change radically within a relatively short period, but you can always track live changes on Kriptomat.

CELR price is influenced by a lot of the traditional factors such as project news and development details, market sentiment, the flow of cryptocurrency on exchanges, and the economy in general.

In addition to this, the price of CELR is also affected by demand from participants in the SGN and LiBAs, as well as the popularity of the Celer Network scaling platform.

The current CELR price is EUR.

The 24-hour trading volume of CELR is EUR. CELR is currently ranked of all cryptocurrencies by total market cap, with a market cap of EUR. It has a circulating supply of and a max supply of .

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