Introducing Celer Network: The Inter-Chain Messaging Framework Powering Multi-Blockchain DApps with Efficient Liquidity

Modified on Fri, 5 Sep at 3:37 PM

What is Celer Network?

Celer is a blockchain interoperability protocol that gives users access to tokens for DeFi, GameFi, NFTs, governance, and more across multiple blockchains. It allows developers to build inter-chain-native dApps using the Celer Inter-chain Messaging SDK to access efficient liquidity utilization. On the user side, Celer-enabled dApps benefit from a diverse multi-blockchain ecosystem with the UX simplicity of single-transaction experiences, all from one network.

Celer Inter-chain Messaging Overview -

Image Source: Celer Network

Celer Network: Solving Blockchain Challenges

Celer Network is designed to mitigate several issues found in today's leading blockchain networks. It acts as an inter-blockchain and cross-layer communication platform, significantly alleviating the growing congestion problem in Layer-1 networks. Celer has partnered with various networks, including Arbitrum, Ethereum, BSC, Polygon, Fantom, Avalanche, and many more.

Here are some key blockchain challenges that Celer Network addresses:

Scalability: Celer Network enhances scalability for instant transactions while maintaining a higher degree of privacy. Transaction costs on Celer are also just a fraction of those on Layer-1.
Lack of Privacy: Blockchain analytics can track and potentially reveal the owners of digital assets, compromising privacy. Celer integrates technologies to enable private off-chain transactions for cryptocurrency payments and smart contract execution. This framework allows developers to build privacy-focused dApps.

Benefits of Celer Network

Celer Network is an open-source protocol that has been audited by the community and third-party smart contract security firms. The network allows users to take advantage of their favorite blockchains while avoiding high fees or transaction delays. Celer is a cost-effective Layer-2 scaling solution that enhances the user experience.

The People Behind the Development of Celer Network

Celer Network was founded in 2018 by a team of highly experienced and accomplished engineers. All four co-founders hold PhDs in computer science from prestigious universities like MIT and UC Berkeley and have impressive backgrounds working with leading technology companies.

Here's a closer look at the co-founders:

Dr. Mo Dong: With a PhD from UIUC, Dr. Dong was a founding engineer and product manager at Veriflow, specializing in network formal verification. He is an expert in applying algorithmic game theory to protocol design and has taught full-stack smart contract courses to hundreds of students.
Dr. Junda Liu: Dr. Liu earned his PhD from UC Berkeley. He joined Google in 2011 to build data center network infrastructure and later became a founding member of Project Fi, Google's mobile service, in 2014. He also served as the Android tech lead for carrier services, impacting over 1.5 billion devices.
Dr. Xiaozhou Li: A PhD graduate from Princeton University. Dr. Li's work has been published in top venues in distributed systems, networking, storage, and data management. His research has become core components of Google TensorFlow, Intel DPDK, and Barefoot Deep Insight.
Dr. Qingkai Liang: Dr. Liang holds a PhD from MIT. His research focuses on learning and control problems in networked systems, particularly online learning algorithms in adversarial networks. His work has been successfully applied at Raytheon BBN Technologies and Bell Labs.

CELR Token Distribution

CELR is the utility token for the Celer Network. It's an ERC-20 token residing on the Ethereum mainnet. CELR can be used for direct peer-to-peer payments. The token also plays a crucial role in settling fees and covering the costs of smart contract executions.

Furthermore, CELR serves as a governance token, essential for updating and changing protocol parameters, such as:

Supported blockchains and tokens
Fee configurations for each blockchain, token, and new module
Upgrades or modifications to the State Guardian Network (SGN)

Any upgrades or changes to the SGN, including these parameters, require governance through the SGN using CELR tokens.

CELR has a maximum supply of 10 billion tokens, distributed as follows:

25% - PoLC Mining Rewards and Off-chain Ecosystem Building: This portion incentivizes users to participate in Proof-of-Liquidity Commitment (PoLC) mining and contribute to the off-chain ecosystem.
20% - Team (18.3%) and Advisors (1.7%): Allocated to the Celer Network team and advisors for their contributions to the project.
17% - Foundation: Reserved for the Celer Network foundation to support long-term development and growth.
5% - Marketing and Ecosystem: Dedicated to marketing efforts and fostering the overall Celer ecosystem.
33% - Sale: Distributed through token sales to raise funds for the project's development.

Interesting Price Information for CELR

According to data from the Coinmarketcap website on 13 December 2024,

the CELR has a market capitalization of $115,242,729 or 4,010,274,129 THB.

At the time of writing this article, the CELR coin is trading at approximately $0.01489 or 0.5194 THB per 1 CELR. CELR reached an all-time high of $0.1987 or 6.78 Baht per 1 CELR on September 26, 2021.

References Celer Network, CoinMarketCap, TokenInsight

Disclaimer:

Cryptocurrency and digital tokens involve high risks; investors may lose all investment money and should study information carefully and make investments according to their own risk profile.
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