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Table Of Contents
The Celer Network (CELR) is a layer-2 solution that has seen a lot of support from the crypto community. The protocol is unique in that its blockchain agnostic. Celer can operate across many of the top-performing DeFi networks in the market today. As such, it’s powering the next generation in DeFi, GameFi, cross-blockchain interaction, and micro-payment services.
The Celer Network integrates a technology known as state channels to improve performance and cost-efficiency. Celer leverages generalized state channel networks to provide interoperability between the network’s participants. Celer state channels are generic which enables them to function in a seamless manner across multiple blockchains including Ethereum, Polkadot, and the Binance Smart Chain.
What Problems Does Celer Network (CELR) Solve?
The Celer Network was designed to reduce many problems found in today’s top blockchain networks. The protocol operates as an inter-blockchain and cross-layer communication platform that provides much-needed relief to the growing congestion found on layer-1 networks. Celer has made partnerships with Arbitrum, Ethereum. BSC, Polygon, Fantom, Avalanche, and many more networks.
The Celer Network improves scalability significantly. The protocol is capable of achieving horizontal scaling and instant finality while retaining a higher level of privacy. Additionally, the cost of completing Celer transactions is just a fraction of using layer 1 solutions.
Lack of Privacy
There is a real drive from privacy-focused individuals to find solutions for the current state of the market. The availability of blockchain analysis firms has made tracking and revealing who owns what particular digital assets easier than ever. Celer integrates a variety of technologies to enable private off-chain transactions for both crypto payments and smart contract executions. This structure enables developers to create privacy-centric Dapps for the market.
Benefits of Celer Network (CELR)
The Celer Network is an open-source protocol that has been vetted by the community and third-party smart contract security firms. The network provides users with the ability to leverage their favorite blockchain while avoiding high fees or transaction delays. Celer is a cost-effective and functionality-expanding layer-2 solution that improves the user experience.
The Celer Network was designed to fast-track Dapp development. The protocol includes a variety of SDKs (software development kits) to accomplish this task. The protocol has a full suite of SDKs specifically dedicated to creating low-cost, secure, and scalable Dapps. These Dapps can be highly interactive and immersive thanks to the time saved during the creation process.
How Does Celer Network (CELR) Work
The Celer Network combines advanced decentralized technology and economic architecture to create a robust and profitable user ecosystem. The protocol leverages off-chain scaling techniques to reduce congestion. These systems were built from the ground up to function on top of other blockchains. The entire Celer Network depends on a multi-layered structure to ensure it remains valid.
The Celer core architecture sets cChannels as the base layer of the platform. This network is responsible for interacting with the layer 1 blockchains. Notably, these can include private networks as well. The cChannel is vital to the functionality of the network because it’s where state channels and sidechains operate.
The cRoute layer was built to support highly scalable dApps. The protocol is in charge of value transfer routing which improves throughput. The cRoute protocol ensures that the network is running at optimal efficiency during high transaction volume.
The cOS layer is for developers seeking to build Dapps directly on the Celer Network (CELR). Here you will find the development framework used to support hosted Dapps. Items like the runtime environment exit on this layer as well.
The Celer Network improves basic transactions through the integration of the CelerPay system. CelerPay operates as a generalized payment channel that can interact with multiple networks. It supports efficient off-chain token transfers. These transfers can be set up with arbitrary conditions. The CelerPay system leverages on-chain verifiable states and can multi-hop payments through multiple channels to reduce fees and congestion further. The CelerPay system does all of this autonomously as the outside layer of the state channels.
Developers can create CelerApps that can integrate generic state channels. Users can use these channels to communicate directly, exchange value, and express application logic. The actions of all CelerApps are supported by the CelerNodes that execute these computations.
The C-Bridge system operates as a multi-chain system built to enable instant, low-cost, and flexible value transfers. Developers envision a day when the Celer Network can communicate data and value between any decentralized network.
The Celer Network leverages a DPoS (Delegated-Proof-of-Stake) consensus system to remain valid. DPoS system improves on both Proof-of-Work (PoW) networks and Proof-of-Stake (PoS) options by reducing the number of nodes required to validate transactions. In a DPoS network, token holders vote for Validators by delegating their tokens.
CELR is the main utility token for the Celer Network. This token operates as an ERC-20 standard token that lives on the Ethereum mainnet. CELR can be used to send funds directly in a peer-to-peer manner. The token also serves a vital role as the main way to pay fees and cover the cost of smart contract executions.
The Layer2.finance Dapp is a vital addition to the Celer Network. This protocol enables users to take advantage of all the DeFi features across all the top networks. The developers describe this Dapp as a “DeFi public transportation system.” Users can secure low-risk rewards and pay lower fees.
How to Buy Celer Network (CELR)
Celer Network (CELR) is available on the following exchanges:
Binance – Best for Australia, Canada, Singapore, UK, and most of the world. USA residents are prohibited from buying Celer Network (CELR). Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
Gate.io – This exchange was established in 2013, and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. Canada & USA Residents are prohibited.
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
The Celer Network (CELR) – Fills a Vital Niche
The Celer Network fills a vital niche in the crypto market. Its interoperability and blockchain-agnostic nature make it ideal for the budding DeFi communities. Users can leverage Celer’s features to gain access to more ROI opportunities, save on fees, and lower transaction times.
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