What is Celer Network (CELR) | What is Celer Network token | What is CELR token

Celer Network came out of stealth in Q3 2018. Though it is only less than a year, we have made so many achievements and progresses. It is without a doubt that Celer is leading the charge in the red-hot area of layer-2 scaling. We hear community’s feedback that it is sometimes hard to keep track of what has happened and what is happening right now. Thus, we decided to create this post where you can always come back to and find what you’re looking for. Think of it as a “one-stop-shop” for everything you want to know about Celer Network.

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What is Celer Network?

Celer Network is the most advanced layer-2 scaling platform to build fast, easy-to-use, low-cost and secure blockchain applications at internet scale. Celer was founded by experienced entrepreneurs with PhDs degrees from MIT, Princeton, UC Berkeley and UIUC and has a fast-growing all-star team with years of engineering, product, user growth and marketing experience from tech giants like Google, Amazon, Cisco, Oracle, HP and more.

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At its core, Celer is a layer-2 infrastructure on top of blockchains, the ecosystem also includes dApps and cryptoeconomic models to incentivize usage of our layer-2 scalability solution.

We continue to lead the technology innovation in the space of off-chain (or “layer-2”) infrastructure with many of the world’s first:  we led the cutting-edge research and development of layer-2 scaling; we delivered the world’s first and most advanced  generalized state channel network Testnet; we released  CelerX: the first-ever mobile application that can access layer-2 dApps; we released first-ever mobile native  layer-2 scaling SDK; we delivered on our promise to become the world’s first blockchain agonistic layer-2 scaling platform by supporting two architecturally very different blockchains, Ethereum and  DFINITY, at the same time.

What are Layer-2 scaling platforms?

Layer-2 scaling platforms are built “on top of” the layer-1 blockchains like Ethereum and Bitcoin. They do not require changes to the base level protocol — rather, they exist simply as smart contracts on main-chain like Ethereum that interact with off-chain software.

What are the core technologies behind Celer?

Celer focuses on  Generalized State Channel Network and Side Chain technology. It provides a coherent architecture with It enables smart contract on layer-2. To know about the underlying technology, please read our  white paper. We also have a  more reader-friendly summary here. To dive a bit deeper into deeper, please check out this  explanatory article about Celer state channel and this three-part blog series about generalized state channel. Long term, Celer Network’s vision is to combine all layer-2 scaling technology pieces together into  a coherent solution.

One simple analogy we can use is that if you compare Celer to Lightning, it’s like comparing Ethereum to Bitcoin. Ethereum introduced the general smart contract functionality layer-1 blockchain and Celer introduces the general smart contract flexibility on layer-2.

Celer’s Cryptoeconomic Model and CELR token

**Celer’s Crypto Economic model (cEconomy) **is a staking system that provides security, stable and abundant liquidity, and state connectivity for the Celer Network.

We introduced the first-ever layer-2 crypto economics cEconomy with the CELR token playing a central role. cEconomyis a staking-based system that provides security, stable and abundant liquidity, and state connectivity for Celer Network. To give a high-level summary:

  • CELR token can be used to pay the service fee and transaction fee to off-chain service providers and additional service provided.
  • One can stake CELR in State Guardian Network and become a State Guardian. State Guardians perform services like state monitoring, dispute response and connectivity to protect the security and improve the efficiency of Celer Network. During the service process, State Guardians receive service fee and side-chain block rewards.
  • CELR also serves as an incentive for maintaining a stable and abundant liquidity pool in Proof of Liquidity Commitment process.
  • CELR can also be used in Liquidity Backing Auction to increase the priority of liquidity backing bids and therefore statistically increase the liquidity interests payout.

Interested in learning more on cEconomy? We’ve also published a series of “How to Use CELR Token?” videos on Celer’s Youtube Channel.

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How is Celer different from other layer-2 scaling solutions?

To help everyone better understand the difference between Celer and other layer-2 scaling solutions, Binance did an independent research report and here is what was found.

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Competitor Overview (Key comparables)

Celer Points of Differentiation

  • Multi-blockchain support
  • Support not only payments but also off-chain smart contracts
  • Provably optimal state routing algorithm with more than 20X performance gain
  • First and only off-chain crypto economic model to provide state availability, connectivity, dispute resolution and abundant liquidity for off-chain scaling platform, where CELR token plays an indispensable role.

What is CelerX?

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Our consumer-facing product,  CelerX is the FIRST AND ONLY layer-2 application platform on iOS and Android. Backed by the most advanced off-chain scaling platform, CelerX users can transfer instant and zero-fees payment through Celer Pay, and play diverse skill-based games. Since July the 8th mainnet launch, CelerX has reached $1.4M+ total prizes awarded, 11K players and 300K matches from 88 countries.

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Have you ever wondered how to use low latency and zero gas fees Celer Pay in CelerX? Check out the 1-min video which explains all the details! Let us walk you through on transferring funds using Celer Pay.

See what our users say about CelerX:

ETHNewYork Celer User Interviews — What did users say about CelerX?

ETHDenver Celer User Interviews — What did users say about CelerX?

Want to experience the ⚡️speedy⚡️ dApps on the blockchain with a 10,000X faster, interactive user experience? Download the CelerX app** NOW **to try it out!

Celer SDK: Build dApps with best user experiences

If you are a developer and want to build mobile Ethereum games, online auction, prediction market or microservices, but are so annoyed by the slow transaction confirmation, the high transaction fees and have experienced losing dApp users because of laggy UX. You should try out Celer SDK to build layer-2 highly interactive and scalable dApps!

Read our Alpha Mainnet Technical Guide for all the key features and tutorial videos. Happy BUIDLing!!

You can also refer to Celer’s iOS, Android and Web SDK, which expose almost all raw functionality of Celer and GitHub repo for open source code.

Who are our partners?

We’ve built strategic partnerships with a lot of Top-tier partners:

  1. TROY, Celer and TROY formed a strategic partnership focusing on the DeFi application of the state channel technology.
  2. Bytom Blockchain, Celer and Bytom Blockchain signed a Memorandum of Understanding which indicates that both sides will collaborate on strengthening Bytom’s ecosystem
  3. NEO, Celer built a strategic partnership with NEO, one of the largest public blockchains. NEO will integrate Celer Network’s layer-2 scaling technology to significantly expand the scalability and usability of its dApps. Meanwhile, Celer will benefit from the vigorous march of NEO 2.0 and tapping into NEO’s diverse dApps ecosystem.
  4. Mixmarvel, Celer formed a partnership with one of the top blockchain projects Mixmarvel in the collaborative creation of popular blockchain-powered casual games.
  5. SkyDream Technology, Celer formed a strategic partnership with SkyDream Technology, a multi-million-daily-active-user mobile mini-game studio on platforms such as WeChat, Facebook and more. This partnership will bring many of SkyDream Technology’s popular games and users to CelerX eSport gaming application
  6. MakerDAO, Celer partnered with MakerDAO, the creator of Dai, the world’s first decentralized stablecoin based on the Ethereum blockchain, to bring Dai stable tokens to Celer’s layer-2 scaling platform.
  7. Wyre, Celer and Wyre Partner for Zero Fee Mobile dApps with Liquidity
  8. Binance Labs, Celer Network partners with Binance Labsas a mentor for the Binance Labs incubation program.
  9. Binance’s Trust Wallet and Celer have formed a strategic partnership to create seamless integrations and fluid interactions and user experiences on decentralized applications for developers and the industry.
  10. L4 Ventures, L4 is helping build Counterfactual, an open-source framework for generalized state channels on ethereum. Celer is working with L4 to develop common off-chain scaling standard for the Ethereum ecosystem.
  11. 500 Startups, After sorting through 1700+ applications, Celer Network was selected to be one of the final 22 teams joining 500 Startups’ Batch 24 in San Francisco. Celer joined the 500S’ blockchain track with a focus on accelerating growth and aiming to contribute to the development of the blockchain ecosystem globally.
  12. DFINITY is a public blockchain system whose protocols generate a reliable “virtual blockchain computer” running on top of a peer-to-peer network upon which software can be installed and can operate in the tamperproof mode of smart contracts. Celer has implemented full smart contract support as the first off-chain scaling solution on DFINITY platform.
  13. Nervos Network is a blockchain network and DApp platform built with a layered architecture. Celer is collaborating with Nervos to refine the layered blockchain architecture with a close feedback loop and has identified several key cases of cross-layer optimization and interface alignment.
  14. QuarkChain is a next-generation public blockchain system that leverages sharding as a horizontal scalability approach. Celer is piloting a cross-shard off-chain transactions system in Quarkchain’s sharded blockchain architecture.
  15. QTUM, With its unique account abstraction layer, QTUM successfully bridges Bitcoin’s UTXO model with Ethereum smart contract execution. Celer is testing out Qtum’s new x86 virtual machine and comparing that with EVM and other VM architectures for off-chain scaling.
  16. Atlas Protocol (ATP) is an application layer protocol of tokenized marketing, aiming to define a new on-chain interactive ads paradigm. Celer is partnering with Atlas Protocol to break the technical barriers of on-chain interactive advertising by using off-chain scaling techniques.
  17. DxChain is the world’s first decentralized big data and machine learning network powered by a computing-centric blockchain. Celer will develop and integrate off-chain scaling solutions on top of DxChain to further boost its scalability.
  18. Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Celer is working on a design pattern that combines off-chain conditional state transition with an on-chain oracle dependency. This collaboration introduces the capability to combine real-world information and layer-2 scalability.
  19. Hashed Labs is an acceleration program of Hashed, Celer Network cofounder joins Hashed Labs as blockchain gaming incubation program mentor.
  20. GXChain is a fundamental blockchain for the global data economy, designed to build a trusted data internet of value. Celer formed a strategic partnership with GXChain to deploy off-chain solutions and accelerate the hundreds of dApps’ transactions on its platform.
  21. Matic, side chain layer-2 scaling solutions. A successful integration of the Celer state channel and Matic testnet sidechain happened during ETHNewYork.
  22. Conflux the next generation blockchain protocol that optimistically processes concurrent blocks without discarding any as forks. Celer is partnering with Conflux aims to boost the mass adoption of decentralized applications and equip developers with tools to tackle blockchain scalability, security and extensibility.
  23. Mobi(Mobility Open Blockchain Initiative), a nonprofit smart mobility consortium. Celer Network will be actively involved in the consortium and drive blockchain scalability solutions forward in partnership with MOBI.

Looking for more information…

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What is Celer Network (CELR) | What is Celer Network token | What is CELR token
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