Celer Network (CELR) is now available on Kriptomat

Celer Network (CELR)

2 June 2021

The use cases for blockchains today are limited by their insufficient scalability, similar to how the dial-up internet of the 90s wouldn’t be able to support 4K video streaming. Every operation on a blockchain has to be processed by the vast majority of nodes in order to reach an on-chain consensus. This not only leads to low throughput but also means poor privacy as nodes can see the full transaction history of one another.

With current blockchains often only processing tens of transactions per second, the technology appears to be a long way from matching the scale of the internet, which supports hundreds of millions or billions of transactions per second. The only way to support fully scaled decentralized applications (Dapps) is through off-chain scaling – and that’s where Celer Network comes in.

The vision of Celer Network is a future in which computers, people, and mobile and Internet of Things devices can all exchange information and value privately, securely and trustlessly on a massive scale. The innovative architecture of Celer Network brings internet scale to existing and future blockchains – without compromising on trust or decentralization.

Celer Network brings applications on blockchains such as Ethereum and Polkadot to mass adoption by enabling them to operate quickly, securely, and at low cost. This is achieved through a combination of state channel and rollup technology.

The Celer State Channel offers frictionless bridging of multi-chain and multi-layer assets, with real-time interaction and instant transaction settlement. Celer Rollup, on the other hand, acts as a separate chain from the Layer 1 blockchain which carries out computation and stores data of its own.

There is also the Celer State Guardian Network (SGN), which acts as a decentralized “watch tower” service as well as a decentralized block producer layer, providing security and ensuring smooth operation.

Celer’s technology has a diverse range of uses, including micropayments, gaming, and decentralized finance (DeFi). Applications and middleware built on Celer have already attracted more than 1 million users. These include low-cost DeFi solution Layer2.finance, multi-chain cross-layer asset bridge cBridge, and mobile esports platform CelerX. The platform also contains a full set of software development kits for developers.

The team behind Celer Network comprises experienced computer scientists who have previously worked on software such as Google Fi, Veriflow, B4, and Intel DPDK. The project also has a range of partners well known in the blockchain space, including Chainlink, Maker, Wyre, and Dfinity.

CELR is the protocol’s token and is used in the State Guardian Network. State Guardian Network (SGN) is a decentralized L2 service infrastructure. It serves multiple purposes essential to the Celer L2 platform’s smooth operation. First, it serves as a decentralized “watch tower” service that ensures users’ state in the Celer State Channel Network is safely stored and responds to any L1 settlements when users are offline. Second, it serves as a decentralized block producer layer for Celer Rollup to ensure high level of liveness, incentive compatible block producer election and finally additional layer of security. Users are required to stake CELR token in order to join SGN and earn fees for providing related services. CELR token is also used in decentralized protocol governance through voting. 

Kriptomat is continuing to list new cryptocurrencies and new tools for our users to improve overall investing experience. Customers can sign up for a Kriptomat account here to buy, sell, convert, send, receive, or store CELR today.