What is Celer Network (CELR)? – News Sept 08

Blockchain is the potential reply to all kinds of issues confronted by many industries. This know-how is now utilized in varied types in all industries.

The blockchain is removed from excellent, nevertheless, because it faces many challenges – maybe most of all scaling. Most blockchains can’t scale as a lot as is required to assist thousands and thousands of energetic customers.

Celer Network offers an answer to this problem by means of a Layer 2 scaling toolkit that is used to enhance the effectivity of present technology blockchain networks.

What is Celer Network (CELR)?

Celer is designed to beat the scaling limitations of among the hottest blockchains on many new merchandise and protocols. It consists of many scaling applied sciences resembling generalized state channels and rollups that permit the interoperable blockchain to dramatically enhance throughput and higher work together.

In addition, it simplifies the launch of purposes on a extremely scalable blockchain by offering a high-speed Layer 2 platform and an easy-to-build sidechain answer.

One of the primary main options the Celer crew launched was the Celer State Channel. The Celer State Channel is a sidechain answer that can be utilized to attach multi-chain and multi-layer property. It consists of assorted parts (CelerPay, CelerApps and CelerNodes) with the goal of making a extremely environment friendly platform for decentralized purposes (DApps) that extends the Layer 1 blockchain.

In addition, the Celer crew has launched many extra merchandise, together with Layer2.finance, a platform that makes use of Celer’s Layer 2 roll-up know-how to enhance DeFi effectivity, and cBridge, a state-of-the-art Channel community improve that permits Celer a cheap switch of values ​​a number of layer 1 and layer 2 chains.

When was Celer based?

Celer was first launched within the third quarter of 2018 by a crew of engineers primarily based within the San Francisco Bay Area. All 4 co-founders of the platform, Mo Dong, Junda Liu, Xiaozhou Li and Qingkai Liang, have in depth improvement expertise and are well-known know-how corporations resembling Google, Microsoft and Intel.

How does Celer work?

Celer Network makes use of a kind of Layer 2 answer known as State Channels to trace the standing of any interactions between two events, resembling funds or agreements over the blockchain. The platform works in such a means that two or extra events can open up a quick and toll-free cost channel by means of which they’ll assign values ​​to one another utilizing good contracts earlier than finishing occasions on the extent 1 chain (ether).

Celer’s common state channel answer allows Layer 1 blockchain to enhance velocity and capability by transferring many of the transaction processing load off-chain. That is, good contracts, funds, and communication happen off-chain. The platform makes use of the cStack know-how stack (cOS, cRoute, and cChannel) to make it simple for builders to construct off-chain-enabled purposes. These purposes can use Celer’s authorities channel to course of off-chain funds and different transactions.

In addition, Celer has a number of merchandise resembling CelerX, layer2.finance and cBridge, which use completely different options to meet their features.

Since its inception in 2018, Celer has been quickly creating and releasing many Layer 2 primarily based options, and from July 2021, the Celer crew launched v1.0 of the Layer2.finance DeFi extension product in addition to v1.0 from cBridge. From now till the tip of 2021, the venture will proceed so as to add ZK rollup assist for layer2.finance in addition to DeFi aggregation to offer a single entry level into the DeFi multi-chain ecosystem.

What makes Celer distinctive?

As one of many main Layer 2 scaling platforms, Celer has many distinctive options that set it aside from the competitors, together with supporting varied scaling options resembling Optimistic Rollups and General State Channels. As if that weren’t sufficient, it is doubtless that the venture may also assist different potential options resembling Plasma, Validum, and ZK rollups sooner or later.

But maybe the primary differentiator of Celer is the number of completely different merchandise within the Celer ecosystem. Instead of creating a single one-size-fits-all answer, the Celer crew develops completely different merchandise to resolve each industry-specific drawback. Consists:

cbridge

cBridge is a multi-chain community that allows low-cost token transfers between a number of blockchains and Layer 2 options with out utilizing Ethereum (or some other Layer 1 chain) as the bottom layer. This know-how can be utilized to attach Celer’s state channel community to any community, permitting limitless worth transfers.

layer2.finance

Celer’s new flagship software is layer2.finance, which makes use of optimistic rollups to present customers environment friendly entry to Ethereum’s DeFi space. Through layer2.finance, customers can transfer their funds to, from and between many common DeFi protocols resembling Compound and Aave to maximise income whereas retaining transaction charges down. The platform securely aggregates person funds in Celer’s Layer 2 chain to bypass the excessive transaction charges on Ethereum when interacting with supported DeFi purposes.

CelerX

One of the primary merchandise from Celer was the CelerX. CelerX is an esports cellular platform and crypto recreation app that rewards gamers who compete with video games of talent. The platform is designed to make recreation integration simpler and provides builders a brand new method to monetize their concepts.

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