Celer Network (CELR): How it Enhances Blockchain Efficiency

• 1 Celer is a blockchain interoperability protocol that facilitates DeFi, GameFi, NFTs, and governance.
• 2 It employs layer-2 scaling solutions to enhance the performance of blockchain networks.

Celer network enables faster and more cost effective transactions by conducting them off chain while also maintaining the security and trust of the underlying blockchain.

It utilizes technologies like state channels and sidechains. Celer network enables faster and more cost effective transactions by conducting them off chain. The network also maintains the security and trust of the underlying blockchain. 

Founders of Celer Network

Celer Network was founded in 2018 by a strong team of experienced engineers. The four co-founders of Celer are Dr. Mo Dong, Dr. Junda Liu, Dr. Xiaozhou, and Dr. Qingkai Liang.

Dr. Mo Dong is an expert in applying algorithmic game theory to protocol design. Dr. Junda Liu joined Google in 2011 to build its data center networking infrastructure. In 2014, he became a founding member of Project Fi mobile service. 

Dr. Xiaozhou received his Ph.D. from Princeton University. His work has been published at premium venues in distributed systems, networking, storage, and data management. Dr. Qingkai Liang received his PhD from MIT. His research focuses on online learning and control problems arising from network systems.

How is Celer Unique?

Celer is unique because it has changed how fundamentally multi-blockchain dApps are built. Instead of applying isolated copies of smart contracts on the blockchain, developers can build the native chain dApps on native chains. Users of Celer will enjoy the benefits of a diverse multi-blockchain ecosystem without complicated manual interactions across multiple blockchains.

The network supports the execution of off-chain smart contracts that can be executed off-chain, contributing to improved scalability and responsiveness.

About CELR and its Market Analysis 

CELR has a market cap of $135,440,005. Developers can build inter-chain-native Dapps using the Celer Inter-chain Messaging Framework. The users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem.

The circulating price of the token is 7,743,424,107 CELR. The total supply of the token is 10,000,000,000 CELR. The distribution of the token is as follows:

25% is for PoLC mining reward and Off-chain ecosystem building, 20% to team and advisors (18.3% to team and 1.7%) to advisors, and 17% to foundation. 5% is for Marketing and Ecosystem and 33% for Sales.

CELR is an ERC-20 standard token built on the Ethereum blockchain. It has several use cases. Some of them are:

Staking CELR in the State Guardian Network (SGN) and gaining the status of State Guardian. State Guardians have the power to monitor the status, resolve and respond to disputes, and provide security and network efficiency. Staking CELR or delegating CELR to obtain PoS staking rewards and transaction fee earnings captured from Celer cBridge and Celer IM-based inter-chain dApps. Celer holders can participate and vote in network governance.

How is Celer Network Secured?

Celer’s network is secured through a Proof-of-Stake blockchain that serves as a message router between different blockchains. SGN facilitates the general message passing and cross-chain fund transfers. It also provides PoS security, fast finality, and low cost for Celer-enabled dApps.

The platform is secured because it has completed three separate smart contracts with SlowMist, PeckShield, and Certik.

The Celer Network Architecture is supported and secured by its blockchain State Guardian Network. It uses a proof-of-stake 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 the delegate.

The Celer State Guardian Network (SGN) is built on Tendermint. It serves as a messenger between different blockchains.

The Celer IM framework is very easy to use and permits plug-and-play upgrades that need no modifications with already deployed code.

Inter-chain App Use Cases

The common practice of making a multi-blockchain dApp involves simply replicating the same code on multiple chains where the application functioning, logic, and liquidity are completely isolated from one another. Only UI and the protocol token are shared between the instances.

This approach comes with the disadvantage of liquidity and degraded user experience. Celer IM allows single click user experience that benefits liquidity efficiency and application logic. Some high-level examples are:

• DEXes allow users to swap tokens across multiple chains from one chain and with just a single transaction.
• NFT Bridge permits users to send NFTs across various chains.
• Yield aggregator from a single chain permits the users to manage multi-blockchain vaults.
• Metaverse games where users can play and interact in the virtual world with virtual items from different chains.
• NFT marketplace where users from one blockchain can bid on the NFT or take part in the auction held on different chains.
• DAO governance protocols permit unified governance on different chains without the need to transfer the governance tokens to be moved on different chains.
• Lending protocol where collateral can be provided on one chain to burrow the assets on the other chain.

Celer IM Design Pattern

For many inter-chain-native applications, the basic flow is the processing of sending funds to one or more chains. And, using this bridged fund to do something on the destination chain. It includes the following steps:

User initiates the transaction to dApp: Instead of interacting directly with the smart contract of the dApp, the user now interacts with a new dApp plugin. They express their intention of cross-chain execution.

This dApp plugin becomes the core of overall business logic and may interact with the smart contract on the source chain.

dApp plugin sends the message and associated cross-chain fund transfer: SGN is the message router on a different blockchain. The SGN is a proof-of-stake blockchain built on Tendermint. To join the consensus process of the SGN as a validator, the node provider has to stake CERL tokens.

Executors perform cross-chain application logic: An Executor can be run by anyone for any application as the functionality is simply relaying the message. 

Cross-chain logic execution without fund transfer: Many applications only need to send cross-chain messages or logic execution instructions without fund transfer. If any user has taken part in an NFT auction then they have to lock the fund without actually transferring the funds. This will be done only after they win the auction. The fund then will be transferred to the destination chain.