Table of ContentsToggle
- What is Celer Network(CELR)?
- Who are the founders of Celer Network?
- How does the Celer Network work?
- Key Attributes of Celer Network
- How to buy Celer Network Coin(CELR) in India
What is Celer Network?
Celer Network is a layer-2 scaling platform that brings fast, secure, and low-cost blockchain applications on Ethereum, Polkadot, and other blockchains to mass adoption. The Celer Network is designed to overcome the scaling limitations that some of the most popular blockchains face through a variety of products and protocols. Taking a space within the Polkadot Ecosystem, it uses a combination of scaling technologies which includes generalized state channels and rollups, that allow blockchains to drastically increase their throughput and better interact with one another.
One of the unique introductions made possible by the Celer Network is their Generalized State Channel Network, a sidechain solution that helps to push the frontier of layer2 scaling with advanced Rollup technology. Core applications like CelerPay, CelerApps, and CelerNodes and middlewares like cBridge, layer2.finance built on Celer have garnered more large audiences in DeFi, blockchain interoperability, and gaming space.
Who are the founders of Celer Network?
The Celer Network was founded in 2018 by a strong group of engineers who has experience in incredibly technical and specialized domains. A group of 4 engineers with experience in high-tech companies and all of whom holds PhDs in subjects like Computer Science from prestigious colleges of MIT and UC Berkeley.
The 4 founders of Celer Network are Dr. Mo Dong, a bonified expert in the application of algorithmic game theory and protocol development. Dr. Junda Liu, who worked with Google in 2011 to create the infrastructure for their data center. Dr. Xiaozhou Li, who interned at Microsoft before working at Barefoot Networks as a software engineer.
Dr. Qingkai Liang, who holds a degree from MIT and has worked for the MIT Laboratory for Information and Decision Systems (LIDS), Bell Labs, and Google as a software engineering intern.
How does Celer Network work?
The Celer Network uses a type of layer-2 solution also called state channels to track the state of any interaction between two parties; for example, payment or agreement over the blockchain. It works by giving permission to any two or more parties to open a high-speed, low-fee payment channel, using which they will assign value to one another using a smart contract before finalizing the events on an underlying layer-1 chain.
Celer’s state channel solution helps layer-1 blockchains in improving their speed and capabilities by moving much of the transaction processing burden off the chain. It uses a technology stack known as cStack (cOS, cRoute, and cChannel) that allows developers to create off-chain enabled applications that can use Celer’s state channels to easily resolve payments and other transactions.
Key Features of Celer Network
Celer incorporates a number of unique features, as one of the leading layer-2 scaling platforms, that helps it in standing out from its competitors. They are:
- Layer2.Finance: This helps in solving the two largest challenges that is barring DeFi from reaching mass adoption: the extraordinarily high transaction fees and being very difficult to navigate and use. It also allows access to all existing DeFi protocols at a fraction of the cost by acting like a “DeFi Public Transportation System”.
- cBridge: A multi-chain network that enables instant, low-cost, and ANY-to-ANY value transfers within and across Ethereum’s layer-2 chains and Ethereum main chain. The cBridge is working towards providing the same service to other layer-1s, and layer-2 on top of those other layer-1 chains.
- Celer SDKs: The open-source platform of Celer Network contains a full set of SDKs to help developers in building fast and low-cost blockchain applications for DeFi, gaming, cross-blockchain interaction, and micropayment services.
Additional Read: How will DeFi reshape the future of Finance
How to buy Celer Network(CELR)?
Use these three-step processes to buy your first Celer Network Coin(CELR) at the CoinDCX crypto investment app for beginners
- Sign Up for the CoinDCX account
Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account
You need to complete your KYC, to buy XMR on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy Celer Network
After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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