Celer Network
Celer Network is a platform that anybody can use to develop and deploy decentralized applications (dApps). Scalability is attained by allowing each node to operate independently and by moving the majority of transactions off-chain to reduce the chain's load. This is known as Layer 2 scaling. The off-chain scaling mechanism utilized by Celer Network is made possible by its state channel solution.
The Celer Network was founded in 2018 by an accomplished team of engineers with expertise in highly technical and specialized sectors. A group of four engineers who have all worked in high-tech firms and all hold PhDs in subjects like computer science from well-known colleges such as MIT and UC Berkeley.
Dr. Mo Dong, one of the four people who started Celer Network, is a proven expert in algorithmic game theory and protocol development. In 2011, Dr. Junda Liu contributed to the infrastructure development of Google's data center. Dr. Xiaozhou Li was a Microsoft intern prior to joining Barefoot Networks as a software engineer.
Dr. Qingkai Liang holds a degree from MIT and has interned as a software engineer with the MIT Laboratory for Information and Decision Systems (LIDS), Bell Labs, and Google.
Today's economic activities are dependent on the flow of information and value. Information used to be sent one at a time through pigeon networks, but now information is sent all the time through the internet at the speed of light. However, the transfer of value remains slow, causing a mismatch in the growth of economic activity, indicating that scalability is a key barrier to the widespread use of blockchain technology.
Another important point is that blockchain is based on an on-chain consensus mechanism, which puts limits on the technology. On-chain consensus threatens privacy because all transactions are always public. Therefore, it is necessary to look beyond on-chain consensus to enable internet-scale blockchain systems with decentralization, trust, and improved privacy.
The team at Celer Network places a greater emphasis on off-chain scaling technologies, bringing internet-scale technology closer to present and future blockchain technology. Celer Network is built with an off-chain technology stack that gives it more flexibility and scalability. In addition, Celer Network seeks to provide the privacy and robust security of the crypto-economic model in order to balance any new tradeoffs.
The system's primary components are Celer Pay, Celer App, and Celer Node:
Celer Pay is a payment channel that allows for off-chain payments on verifiable on-chain states. It does this by using on-chain smart contracts and an off-chain communication protocol.
Celer Apps is a state channel that shows the logic of an application, such as the conditions for making a payment. It also serves as a virtual contract that can be used off-chain by developers and future players. When a dispute is raised, on-chain deployment occurs.
Celer Nodes join state channel networks, which makes it possible for payments to be made to nodes in the network off-chain.
CELR's main purpose is as a platform currency, but it can also be used for other things, such as: Proof of liquidity (PoLC) - PoLC is a virtual mining technique that provides liquidity for the off-chain environment. Those that store CELR coins for a period of time receive additional CELR tokens in the future. Liquidity backing auction (LiBA) - LiBA permits off-chain service providers to request liquidity via crowdfunding (Interest rates are negotiated). There is a ranking system for lenders that is based on a "happiness score." The interest rate, amount of supplied liquidity, and amount of CELR staked all contribute to the score. The more CELR you hold as a lender, the higher your priority to offer liquidity to off-chain service providers. State Guardian Network (SGN) - SGN is a one-of-a-kind side chain that lets any user submit their state before going offline to have it protected for a certain amount of time. Users pay a fee to get this protection. CELR token holders can stake their tokens to receive protection service fees.
| DATE | NEWS/EVENTS | IMPACT |
| 07/09/2021 | Demand and activity on layer-two protocols have increased, driving Celer Network to new heights | +60% Increase |
| 22/07/2021 | Celer announces the cross-chain Bridge main net, promising multichain compatibility | +35% Increase
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As more significant bridges and interoperability solutions arise, many platforms may face service trade-offs that impact the user and developer experience. By promoting blockchain technology to a wide range of people, Celer Network may have more chances to be the first provider to offer benefits and services based on blockchain. Celer is getting user feedback and rewarding its network to improve the user experience. Besides this, Layer 2. Finance cuts costs by a lot for developers and investors who are interested in the DeFi platform. Celer also has its cBridge, which is now awaiting further collaborations. Overall, Celer Network's ecosystem has interesting projects and a fantastic solution to scaling difficulties.
