Celer Network

What is the Celer Network (CELR)?

CELR is Celer network’s native token, which is a blockchain interoperability protocol. If you want to know the current price of CELR, take a look at the Celer Network price chart above. The Celer protocol is built on its own blockchain called State Guardian Network (SGN). SGN was developed based on Tendermint consensus. Essentially, it’s like a message router with multiple circuits.

For users, Celer is a convenient one-stop platform where they can find crypto assets. NFT, cryptocurrency-based games and other DeFi features on multiple blockchains. For Celer developers dApps creation tool. However, instead of creating multiple separate copies of smart contracts on different chains, they can create cross-chain decentralized applications using the Celer Inter-Chain Message (Celer IM) framework. dApps built with Celer offer lean application logic, efficient use of available liquidity, shared states, and a single-transaction user interface.

Founders of the Celer network

The Celer Network cryptocurrency project was founded in 2018 Junda Liu, Mo Dong, Xiaozhou Li and Qingkai Liang.

Junda Liu was the one who developed DAG-based routing, which allows network recovery in milliseconds. Before founding Celer Network, Liu worked at Google as a technical lead and co-founded Google Fi.

Mo Dong is an expert in the application of algorithmic game theory. Dong has a degree in computer science and trains others in developing fully functional smart contracts. Prior to founding Celer Network, he worked at Veriflow as an engineer and product manager.

Xiaozhou Li also has a degree in computer science. Before joining the founding team of Celer Network, Lee worked at Barefoot Networks as a software engineer.

Qingkai Liang’s main research interests include various learning and control problems encountered in networked systems. Prior to founding the Celer Network, Liang worked as a research scientist at the Information and Decision Systems Laboratory at the Massachusetts Institute of Technology.

How does the Celer cross-chain messaging platform work?

To achieve interoperability between multiple blockchains, Celer deploys smart contracts on every chain and connects to the State Guardian Network..

Users must first communicate their ideas through a message and pass them to the message bus smart contract on the original chain to activate a specific smart contract function or send a message to another chain. However, their message must have a structured header and a random binary payload.

The State Guardian Network must then agree that such a message exists while simultaneously creating a stake-weighted multi-signature confirmation. The performer who subscribes to the message passes this acknowledgment to the destination chain.

After all, the message passes through the same message bus contract in the destination chain. It checks the legitimacy of the message before activating the corresponding logic instantly or after a certain period of time.

Additionally, dApps built using the Celer Network have two security options: Proof-of-Stake (PoS) consensus mechanism or optimistic pooling-like security model.

dApps are protected by default PoS algorithm based on Tendermint used by State Guardian Network. Essentially, users bid their CELR tokens to become validator nodes (State Guardians) that evaluate and develop new blocks. Whenever Guardians become malicious, they are immediately kicked out of the network and their CELR tokens are destroyed.

However, dApps can also be protected using Optimistic convolution style buffer. The dApp can add the necessary delay buffer and use a separate watchtower service to double check the message on the original chain, rather than having it processed immediately by the State Guardian Network. Any violations detected by the watchtower service may stop message processing before the delay expires.

Purpose of CELR Tokens

CELR tokens are mainly used for Celer network protection through bets. In addition to securing the network, CELR tokens can also be staked by SGN validator nodes to become eligible to receive block rewards.

However, Celer Network tokens can also be used to pay the fee required to use the SGN message routing service. CELR stakers and validators receive these fees in exchange for their efforts to keep the network secure.

Finally, Celer Network coins also provide stakers with management rightswhich means that they can participate in decision-making processes regarding the further development of the Celer network.

You can see the current (or previous) price of CELR on the Celer Network price chart mentioned earlier.

CELR Tokenomics

The maximum supply of CELR tokens is 10 million. 33% of shipments went to seed, private and Launchpad sales. 25% was set aside for mining rewards. The remaining 58% was dedicated to the team, consultants, Celer Foundation, marketing and ecosystem development.

If you are considering purchasing Celer Network tokens, you should be aware that the price of CELR is subject to fluctuations. Although this generally applies to most crypto assets, as cryptocurrency market fluctuations affect all prices, including the Celer network price.