What is Celer Network (CELR)? We will answer the question and provide detailed information about the project.
What is Celer Network (CELR)?
Celer Network is a layer 2 scaling platform that aims to enable fast, easy and secure off-chain transactions for payments and generalized off-chain smart contracts. The mission of the project is to provide “mass adoption for blockchain” by providing a frictionless experience powered by layer-2 scalability technology.
Celer Network allows anyone to quickly build, run and use decentralized applications that are scalable, with innovations in off-chain scaling techniques and crypto-economic mechanism designs compatible with incentives.
The Celer team has launched CelerX, an application that demonstrates the fast transaction process in Celer Network. It also has a dedicated SDK and developer portal.
The CELR token is an ERC-20 token that offers multiple incentive systems in Ethereum and multiple functions such as service and transaction fees to off-chain service providers.
Celer Network (CELR)
Celer Network is a layer 2 scaling platform that provides fast, easy and secure off-chain transactions for payments and generalized off-chain smart contracts.
Founded by four PhDs from MIT, Princeton, UC Berkeley, and UIUC, the network allows anyone to quickly build, run, and deploy scalable decentralized applications with crypto economy mechanism designs compatible with innovations and incentives in off-chain scaling techniques.
The Celer team has launched CelerX, a testnet application that demonstrates the fast transaction process in Celer Network.
Some of its key features include:
Zero-fee off-chain smart contracts: Celer has no off-chain smart contract transaction fees.
In-chain delay and fee reduction: It has already achieved 10,000x transaction delay reduction. Also, a 100x fee discount for micropayment on Ethereum compared to trading directly on Ethereum.
Intelligent scalability: It can scale horizontally as additional nodes join. It also offers the optimum off-chain payment routing algorithm.
Blockchain agnostic: Celer currently supports Ethereum, DFINITY and all EVM compliant blockchains.
The CELR token drives the Celer Network’s off-chain crypto economic incentive structure, cEconomy, in the following ways:
CELR tokens serve as an incentive to maintain a stable and abundant liquidity pool during the Proof of Liquidity Commitment process.
CELR is used in the Liquidity Support Auction to increase the priority of liquidity support offers and therefore statistically increase the liquidity interest payment.
CELR is used as a membership staking token in the State Guardian Network to maintain state availability, provide connectivity oracle, and act as a dispute state migration calculation engine. CELR token stakers charge a service fee for the various services they provide for the network.
The CELR token can also be used to pay the service fee and transaction fee to off-chain service providers.
Celer offers a two-sided value proposition for both developers and end users of the network.
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