Celer Network Is An Interoperability Platform That Supports Cross-chain Fund Transfers

What Is Celer Network?

Celer Network is the most advanced layer-2 scaling platform to build fast, easy-to-use, low-cost and secure blockchain applications at internet scale. Celer was founded by experienced entrepreneurs with PhDs degrees from MIT, Princeton, UC Berkeley and UIUC and has a fast-growing all-star team with years of engineering, product, user growth and marketing experience from tech giants like Google, Amazon, Cisco, Oracle, HP and more.

At its core, Celer is a layer-2 infrastructure on top of blockchains, the ecosystem also includes dApps and cryptoeconomic models to incentivize usage of our layer-2 scalability solution.

We continue to lead the technology innovation in the space of off-chain (or “layer-2”) infrastructure with many of the world’s first:  we led the cutting-edge research and development of layer-2 scaling; we delivered the world’s first and most advanced  generalized state channel network Testnet; we released  CelerX: the first-ever mobile application that can access layer-2 dApps; we released first-ever mobile native  layer-2 scaling SDK; we delivered on our promise to become the world’s first blockchain agonistic layer-2 scaling platform by supporting two architecturally very different blockchains, Ethereum and  DFINITY, at the same time.

The Celer Network Architecture

The Celer Network architecture is supported and secured by its own blockchain State Guardian Network, which uses a Proof-of-Stake (PoS) consensus variation called Delegated Proof of Stake (DPoS). With this algorithm, participants may stake their coins for a reward while transferring the responsibility of validating transactions to “delegates.”

The Celer State Guardian Network (SGN) is built on Tendermint, and serves as a message router between different blockchains. Validator nodes have to stake CELR tokens to join the consensus process of the SGN. The CELR staking process is a crucial pillar that supports the economic security of the Celer Inter-chain Messaging Framework. To use the SGN’s message routing service and to store the multi-signature attestation, users must pay a fee to the SGN for these services. Adding on top of block rewards, these usage fees are distributed to CELR stakers and validators for their work in securing the network.

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Who Created The Celer Network?

Celer Network was founded in 2018 by a strong team of engineers with incredibly technical and specialized experience. All four co-founders of Celer hold PhDs in Computer Science from universities like MIT and UC Berkely, and all have a work history with high-profile tech companies.

  • Dr. Mo Dong received his Ph.D. from UIUC. He was founding engineer and product manager at Veriflow, working on network formal verification. He is an expert in applying algorithmic game theory to protocol design, and teaches full-stack smart contract courses with hundreds of students graduated.
  • Dr. Junda Liu received his Ph.D. from UC Berkeley. He joined Google in 2011 to build its datacenter networking infrastructure, and then was founding member of Project Fi mobile service since 2014. He was also the Android Tech Lead for carrier services, which run on more than 1.5 billion devices.
  • Dr. Xiaozhou Li received his Ph.D. from Princeton University. His works have been published at premier venues in distributed systems, networking, storage, and data management, and have become core components of Google TensorFlow, Intel DPDK, and Barefoot Deep Insight.
  • Dr. Qingkai Liang received his Ph.D. from MIT. His research focuses on various learning and control problems that arise in networked systems, especially on online learning algorithms in adversarial networks, which have been successfully applied in Raytheon BBN Technologies and Bell Labs.

Use Celer

 

Stake $CELR, Help Secure Celer And Capture Network Value.

The Celer State Guardian Network (SGN) is a Proof-of-Stake (PoS) blockchain built on Tendermint that serves as the message router between different blockchains. Validator nodes have to stake CELR tokens to join the consensus process of the SGN. The CELR staking process is crucial part of the economic security of the Celer Inter-chain Message Framework. To use the SGN’s message routing service and to store the multi-signature attestation, users must pay a fee to the SGN for these services. These usage fees are distributed to the CELR stakers and validators for their work in securing the network in addition to the block reward.

Multi-blockchain asset bridge, instant transfer, zero trust

Celer cBridge is a decentralized and non-custodial asset bridge that supports 80+ tokens across 20+ blockchains and layer-2 rollups. Built on top of the Celer Inter-chain Message Framework, cBridge has processed ~$5B cross-chain asset transfer volume on 20+ blockchains for more than 110K unique users, and is quickly growing and expanding into more blockchains and layer-2s.

Easy access, 100X lower cost for DeFi

Layer2.finance tackles the two largest challenges preventing DeFi from reaching mass adoption: the extraordinarily high transaction fees and being very difficult to navigate and use. Layer2.finance is a novel solution that allows people to access all existing DeFi protocols at a fraction of the cost by acting like a “DeFi Public Transportation System”.

What Are Layer-2 Scaling Platforms?

Layer-2 scaling platforms are built “on top of” the layer-1 blockchains like Ethereum and Bitcoin. They do not require changes to the base level protocol — rather, they exist simply as smart contracts on main-chain like Ethereum that interact with off-chain software.

What Are The Core Technologies Behind Celer?

Celer focuses on  Generalized State Channel Network and Side Chain technology. It provides a coherent architecture with It enables smart contract on layer-2. To know about the underlying technology, please read our  white paper. We also have a  more reader-friendly summary here. To dive a bit deeper into deeper, please check out this  explanatory article about Celer state channel and this three-part blog series about generalized state channel. Long term, Celer Network’s vision is to combine all layer-2 scaling technology pieces together into  a coherent solution.

One simple analogy we can use is that if you compare Celer to Lightning, it’s like comparing Ethereum to Bitcoin. Ethereum introduced the general smart contract functionality layer-1 blockchain and Celer introduces the general smart contract flexibility on layer-2.

Celer’s Cryptoeconomic Model And CELR Token

Celer’s Crypto Economic model (cEconomyis a staking system that provides security, stable and abundant liquidity, and state connectivity for the Celer Network.

We introduced the first-ever layer-2 crypto economics cEconomy with the CELR token playing a central role. cEconomy is a staking-based system that provides security, stable and abundant liquidity, and state connectivity for Celer Network. To give a high-level summary:

  • CELR token can be used to pay the service fee and transaction fee to off-chain service providers and additional service provided.
  • One can stake CELR in State Guardian Network and become a State Guardian. State Guardians perform services like state monitoring, dispute response and connectivity to protect the security and improve the efficiency of Celer Network. During the service process, State Guardians receive service fee and side-chain block rewards.
  • CELR also serves as an incentive for maintaining a stable and abundant liquidity pool in Proof of Liquidity Commitment process.
  • CELR can also be used in Liquidity Backing Auction to increase the priority of liquidity backing bids and therefore statistically increase the liquidity interests payout.

How Is Celer Different From Other Layer-2 Scaling Solutions?

To help everyone better understand the difference between Celer and other layer-2 scaling solutions, Binance did an independent research report and here is what was found.

Celer Points of Differentiation

  • Multi-blockchain support
  • Support not only payments but also off-chain smart contracts
  • Provably optimal state routing algorithm with more than 20X performance gain
  • First and only off-chain crypto economic model to provide state availability, connectivity, dispute resolution and abundant liquidity for off-chain scaling platform, where CELR token plays an indispensable role.
     

What Makes Celer Network (CELR) Unique?

Celer fundamentally changes how multi-blockchain dApps are built and used. Instead of deploying multiple isolated copies of smart contracts on different blockchains, developers can now build inter-chain-native dApps with efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, without complicated manual interactions across multiple blockchains.

Celer uses smart contracts that are deployed on each chain paired with the State Guardian Network, a Tendermint-based blockchain, in order to enable seamless multi-blockchain interoperability. To send a message or invoke a smart contract function cross-chain, a user or a dApp will first send their intention as a message with a structured header and arbitrary binary payload to a Message Bus smart contract on the source chain. Then the validator, the State Guardian Network, will first reach a consensus on the existence of such a message, and concurrently generate a stake-weighed multi-signature attestation. This attestation then is relayed to the destination via an Executor subscribing to the message. On the destination chain, the same Message Bus contract exists to check the validity of the message and triggers the corresponding logic associated with the message either immediately or after a timeout.

The CELR Token

A CELR token is an ERC20 token built on the Ethereum blockchain. It is also the native token of the Celer Network that will be sold during the ICO.

  • The total supply of CELR tokens is 10 billion
  • About 6% of which will be available for the token sale.
  • 1 CELR token = $0.02 ( 09 may 2022 )
Celer Token Allocation
Source: Celer Whitepaper

Use Cases

CELR’s primary use case is as a platform currency, but it can also be used for other functions such as:

  • Proof of liquidity (PoLC)
    • PoLC is a virtual mining process that provides liquidity for the off-chain ecosystem. Users who lock up CELR tokens for some time are later rewarded with more CELR tokens.
  • Liquidity backing auction (LiBA)
    • LiBA allows off-chain service providers to request liquidity through crowdlending (Interest rates are negotiated). There is a ranking system for lenders based on a “happiness score.” The score is determined by the interest rate, the amount of provisioned liquidity, and the amount of CELR staked. As a lender, the more CELR you stake, the higher priority you have to provide liquidity to off-chain service providers.
  • State Guardian Network (SGN)
    • SGN is a unique side chain that allows any user to submit their state before going offline to have it protected for a period of time. Users pay a fee for this protection. CELR token holders can stake their tokens to earn service fees for providing protection.

Core Team

The Celer Network team consists of highly experienced founders who are each accomplished academically, having received PhDs from UC Berkeley, Princeton University, and MIT.

Mo Dongm, Co-Founder: Before founding Celer, he was the founding engineer and product manager at Veriflow, working on formal network verification. He is an expert in applying algorithmic game theory to protocol design and teaches full-stack smart contract courses.

Junda Liu, Co-Founder: Junda is a Ph.D. recipient from UC Berkeley. Prior to founding Celer, he worked at Google in 2011 to build its data center-networking infrastructure. He was also the founding member of Project Fi mobile service in 2014, and the Android Tech Lead for carrier services.

Xiaozhou Li, Co-Founder: Xiaozhou is also a Ph.D. recipient from Princeton University. He has published works in distributed systems, networking, storage, and data management. These works have become core components for Google Tensorflow, Intel DPDK, and Barefoot Deep Insight.

Qingkai Liang, Co-Founder: Qingkai got his Ph.D. from MIT. In his academic career, he focussed on various learning and control problems that emerge from networked systems, exclusively on online learning algorithms in adversarial networks. His work has been successfully implemented at Raytheon BBN Technologies and Bell Labs.

Roadmap

Celer Network first released its whitepaper in June 2018. Since then they have made significant progress in the development of the project, most of which can be viewed on Binance’s Research report which reveals their progress on their private GitHub accounts.

Celer Github Acitvity
Celer Private GitHub Repository Activity, Source: Binance.com

Pros

Short Term Project Potential:  The Celer token sale will be conducted on the top of the Binance Launchpad, this has already proven itself to be a major advantage in the current bear market with the latest tokens sales from BitTorrent (10X in ATH) and Fetch AI (5X in ATH).

Use case: The most significant progress that has occurred in the last year is the emergence and adoption of off-chain solutions (Lightning Network, Raiden, Plasma, etc.). These solutions solve one of the main pain points suffered by distributed ledger technologies, scalability. The fact that only 4-7 Bitcoin transactions per second can be processed is a significant obstacle in the path to mass adoption.

If Celer is able to execute its vision and overcome the existing solutions, it will have a substantial impact on its long term value.

Strategic Partners: Celer has succeeded in creating very impressive partnerships with some of the most influential institutions in the crypto market: Pantera, DHVC, FBG Capital, Fenbushi Capital, 500 Startups, NGC, Waves, and many more.

Cons

Competitors: scalability is a subject that has been observed for a long time in the crypto industry, so there are some serious competitors in the current market. Of course, the most famous one is the Lightning Network (LN). LN provides an off-chain solution to the Bitcoin network. It currently has almost 4K nodes, 32.3K channels, and a daily capacity of more than 3.1M USD. It will not be an easy task for Celer to integrate into the off-chain solutions market and to get mass adoption.

Final Score 8.5

Key for the evaluation: IF = Impact Factor WA = Weighted Average

Fetch Impact Factor

Team & Advisory boardA medium-sized team that consists of 17 members composed of scientists, developers, designers, and marketers. All four founders hold a Ph.D. degree from top world-class institutions (MIT, Berkeley, Princeton, and UIUC).   Score: 8.7

Stage of the project: CelerX, the Celer Testnet app has already launched. According to the company announcements their private GitHub accounts are very active with more than 1,000 commits, Score: 8.4

Project Potential: Considering this ICO is being launched on Binance Launchpad the short-term potential is excellent, long-term this is also very interesting due to the strong use case and great implementation, Score: 9.1

Community: 30K on telegram and 8.9K on Twitter. Also, this project enjoys a lot of attention since it is being launched on the Binance Launchpad, and the Binance user base is, in a sense, the community, Score: 9.25

Token Use: Not sure there are enough justifications for a native token, Score: 7.8

Token Sale Terms: 30M of the 34M USD has already been raised, the Public Token Sale will have a hard cap of 4M USD for 6% of the tokens, which is a small percentage of the tokens. With 27% already sold in the seed and private sale rounds, it is problematic. Score: 7.6

White Paper: Well written and highly detailed whitepaper,  Score: 8.3

Technology and Code: Active. Most of the code is currently placed in their private GitHub, which according to the company statements has a lot of activity (~1,000 commits). The technology itself seems a breakthrough and can overcome the current off-chain solutions. Score: 8.9

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 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.

CELR/USD Price Analysis

According to ICODrops, CELR’s Initial Coin Offering (ICO) concluded in March 2019 at a token price of $0.0067. Since then, it’s returned an ROI of 25%, according to CoinMarketCap, as of 5 May 2022.

According to the CELR historical price chart, there were no significant price swings until 2021. At the start of 2021, the price action turned bullish. It surged from $0.0048 on 1 January to $0.0926 on 30 March. However, amid the meltdown in the global cryptocurrency market, the CELR token declined to $0.0267 on 23 May, having lost 71% of its value.

After a bearish summer in 2021, the Celer Network cryptocurrency rebounded and reached its all-time high of $0.1987 on 26 September. The retracement sent the price to $0.06 on 14 December. It closed the year at $0.0732.

According to Wallet Investor’s Celer Network prediction, the CELR token is an ‘awesome’ long-term investment. It estimated that the coin’s average price could reach 0.082 by the end of 2022 and $0.2 by the end of 2025. Its five-year CELR prediction indicated that the token could reach $0.264 in Mayl 2027.  

The Celer Network crypto price prediction from Price Prediction was even more bullish, as of 5 May. It suggested that the average price in 2022 could be $0.049, and 0.073 in 2023. Its Celer Network price prediction 2025 suggested it could trade at $0.15 in 2025 and hit $0.91 in 2030. 

In line with other algorithmic tools, the CELR crypto price prediction from DigitalCoinPrice also indicated that the token could rise. Its CELR token price prediction estimated that the average price could be $0.05 in 2022, $0.056 in 2023, $0.075 in 2025 and $0.18 in 2030. 

When looking for a celer network coin price prediction, bear in mind that analysts’ and algorithm-based expectations can be wrong. Their projections are based on fundamental and technical studies of the CELR token’s past performance. Past performance is no guarantee of future results.

It’s essential to do your research and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your portfolio, and how comfortable you feel about losing money. You should never trade more money than you can afford to lose.

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