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Celer Network(CELR)
CELR (Celer Network) Token Price & Latest Live Chart
2023-08-17 12:09:25
0.01241 USDT

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What is CELR (Celer Network)?

Celer Network, often referred to CELR, is a pioneering blockchain interoperability protocol that facilitates seamless access to an array of blockchain services such as tokens, Decentralized Finance (DeFi), GameFi, Non-Fungible Tokens (NFTs), and governance, across numerous chains. Aided by the Celer Inter-chain Messaging Framework, developers can construct inter-chain native decentralized applications (dApps), thereby tapping into resourceful liquidity utilization, cohesive application logic, and shared states.

CELR exists as a robust layer-2 scaling solution for deploying dApps across multiple blockchains, thereby enabling fluid interoperability within the vast and varied ecosystem, alongside lucrative network incentives. Crafted atop existing blockchain structures like Ethereum and Polkadot via smart contracts, CELR primarily aims to offer efficient operations for smart contracts, rapid off-chain transactions, and provide a fortified environment for dApps on various blockchain platforms.

Celer Network emboldens developers to scale their dApps utilizing its layer-2 protocol, with all the requisite tools and functions to troubleshoot the most prevalent challenges in contemporary smart contract platforms. As a holistic solution framework, CELR operates as a bedrock for scaling and securing some of the largest smart contract platforms while the team behind the protocol continues to pioneer layer-2 scaling research and innovative applications to bolster the CELR ecosystem.

How does CELR (Celer Network) work?

The central technologies underpinning the Celer Network are Side Chain technology and the Generalized State Channel Network (GSCN). CELR facilitates interoperability while also empowering off-chain operations through the GSCN. Although the GSCN is complex in its own right, it shares many similarities with the Lightning Network, enabling swift and cost-efficient off-chain transactions for blockchains like Ethereum, thereby aiding in dApp scalability.

The Celer Network facilitates the execution of off-chain smart contracts between parties. Additionally, it serves to enable various functions such as payments, auction bids, token exchanges, gaming, and more. By utilizing a network of state channels, the emphasis is placed on off-chain operations to promote quicker and more cost-efficient transactions. Moreover, on-chain liability is reduced for end-to-end payments, enhancing scalability and decreasing the likelihood of malicious attacks. The key components of the system are CelerPay, CelerApp, and Celer Node:

  • CelerPay: A payment channel that enables out-of-network payments in verifiable on-network states, leveraging smart on-network contracts and an off-network communication protocol.

  • CelerApp: A state channel designed to articulate application logic, such as payment terms, and to act as a virtual contract for off-chain usage by developers and future participants. Deployment within the chain occurs when a dispute arises.

  • Celer Node: These nodes are part of the state channel networks, allowing out-of-chain payments to the network nodes.

CARL's PoS and security models are similar to Optimistic Rollup. Inter-chain dApps constructed using Celer have the ability to select between two distinct security models, each having unique considerations concerning delay. By default, the security of the State Guardian Network (SGN) is relied upon for inter-chain dApps. These dApps process messages from other chains without any delay, thanks to the SGN. This network provides L1-blockchain level security, akin to what's found in systems like Cosmos or Polygon, since it's constructed as a Proof-of-Stake (PoS) blockchain using Tendermint and CELR for staking. If any guardian acts with malicious intent, the staked CELR will be forfeited through the consensus protocol. This economic security, which escalates with the value of the staked CELR, isn't something that can be found in simpler Multi-signature or MPC-based methods. Still, the inter-chain dApps are still able to maintain complete security through a delay buffer. Instead of immediate processing of a message that's routed by the SGN, an inter-chain dApp can introduce a compulsory delay buffer and activate an autonomous watchtower service. This service would double-check the message on the originating chain. If any inconsistencies are found by the watchtower service, the message's processing can be halted prior to the expiration of the delay.

As a layer-2 protocol, Celer Network is ingeniously structured atop various blockchain platforms to facilitate secure operations and scaling via off-chain transactions for platform users and dApp developers. Layer-2 protocols like CELR offer a scalable solution without necessitating any modifications or updates to the base protocol of the underlying network. Rather, a layer-2 protocol operates as a smart contract over a blockchain like Ethereum, interacting with off-chain applications to ensure efficiency and security.

CELR (Celer Network) market price & tokenomics

When assessing the value of the Celer Network, it is crucial to consider both the market price of CELR tokens and the intrinsic value of Celer Network technology. The intrinsic value is derived from the technical capacity, technology, use cases, and features, along with the CELR coin's usage rate. The CELR token's value stems from its role as a solution for off-chain scaling for transactions and smart contract operations, its compatibility with multiple blockchain environments, and its ability to address prominent blockchain issues such as effective scaling and interoperability. The limited total supply of 10 billion CELR coins acts as an anti-inflation mechanism and potentially makes CELR a good store of value in the long term. As of now, CELR (Celer Network) is ranked #189 by CoinMarketCap with market capitalization of $106,077,784 USD. The current circulating supply of CELR coins is 7,592,840,545.

Why do you invest in CELR (Celer Network)?

Investing in CELR holds potential promise for various reasons. Its unique interoperability and scalability features make it a sought-after solution for developers looking to create efficient and reliable dApps. Moreover, the team's continuous efforts in advancing layer-2 scaling research indicate its commitment to technological advancement and its potential to generate innovative applications within the blockchain space. CELR's value is fortified by its intrinsic technological capabilities, which are perceived through its application use cases and its role in enabling off-chain operations across different blockchain environments. The limited total supply of CELR tokens also gives it anti-inflationary properties, potentially making it a good store of value over the long term.

Is CELR (Celer Network) a good Investment?

The prospect of investing in CELR is dependent on an array of factors, including an individual's investment goals, risk tolerance, and understanding of the blockchain technology landscape. From a technological standpoint, CELR is a compelling option due to its unique layer-2 scaling capabilities, its broad compatibility with multiple blockchain platforms, and its continuous development and improvements. However, as with any investment, it's crucial to perform comprehensive research before making an investment decision. It's worth noting that the crypto market is volatile and subject to rapid fluctuations, and any investment should be approached with caution and due diligence.

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