Celer Network (CELR)
Celer —— A Layer-2 Scaling Platform to Build Blockchain Applications
- 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 project’s mission is to bring "mass adoption for blockchain" by providing a frictionless experience powered by layer-2 scalability technology.
- The Celer Network enables anyone to quickly build, operate, and use highly-scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned crypto-economic mechanism designs.
- It contains a layered architecture, each layer has major technological innovations, which include: cStack; cChannel; cRoute; cOs; cApps; cEconomy.
- CELR token is an ERC-20 token on Ethereum serving multiple functions such as for multiple incentive system, and for service and transaction fee to off-chain service providers.
About Celer Network
Celer Network is a high-performance Layer 2 scalability platform that aims to achieve the grand vision of bringing the scale of the Internet into the blockchain and helping the commercialization of the blockchain through the above technological innovations. It puts forward a new technical solution and economic model on the basis of the traditional off-chain solution, and the experimental simulation results of this solution show an order of magnitude performance improvement.
Some of its key features include:
- Zero-fee off-chain smart contracts: Celer does not have any off-chain smart-contract transaction fee.
- On-chain latency and fee reduction: it has already achieved 10,000x transaction latency reduction. Besides, a 100x fee reduction for micro-payment on Ethereum comparing to directly transacting on Ethereum.
- Smart scalability: Horizontally scalable as additional nodes join. Also, it offers the optimal off-chain payment routing algorithm.
- Blockchain agnostic: Celer currently supports Ethereum, DFINITY, and all EVM-compatible blockchains.
CELR token is an ERC-20 token on Ethereum serving multiple functions such as for multiple incentive system, and for service and transaction fee to off-chain service providers. The CELR token drives cEconomy, the off-chain cryptoeconomic incentive structure of Celer Network in the following ways:
- CELR tokens serve as an incentive for maintaining a stable and abundant liquidity pool in Proof of Liquidity Commitment process.
- CELR is used in Liquidity Backing Auction to increase the priority of liquidity backing bids and, therefore, statistically increase the liquidity interest payout.
- CELR is used in State Guardian Network as a membership staking token to protect state availability, provide connectivity oracle, and act as a dispute state transition computation engine. CELR token stakers receives service fee for the various services they provided for the network.
- CELR token can also be used to pay the service fee and transaction fee to off-chain service providers.
Celer is a fast-growing team of highly qualified researchers and engineers with extensive expertise in distributed systems, networks, formal verification, game theory, mobile operating systems, smart contracts, and implicit economics.
The founding members have PhD degrees from world-renowned institutions such as MIT, Berkeley, Princeton, and UIUC, and have the industry's leading development records of some of the most advanced network systems. The team brings a wealth of experience to the establishment of a large-scale, high-performance, low-cost, flexible and secure blockchain technology software system.
Mo Dong is the co-founder of Celer Network, has research and engineer experience on networking protocol design, distributed systems, formal verification and Game Theory to scalability challenges of blockchain systems. Work was published in top conferences, won Internet2 Innovative Application Award and is being adopted by major Internet content and service providers.
Qingkai Liang, co-Founder, authored over 15 top-tier papers and invented 5 provably-optimal adversarial resistant routing algorithms that have been successfully applied in the industry (Raytheon BBN Technologies and Bell Labs). Recipient of Best Paper Nominee at IEEE MASCOTS 2017 and Best-in-Session Presentation Award at IEEE INFOCOM 2016 and 2018.
Celer Network is a unified technical and economic architecture, and it is also a blockchain that uses off-chain expansion technology to expand the Internet to the existing and future blockchains. It can be scaled horizontally, is trustless, distributed, and has privacy protection. It contains a layered architecture, each layer has major technological innovations
Features of layering technology:
cStack: Hierarchical structure, clear abstraction and interface. Reduce the complexity of system design, development and maintenance. Makes the rapid evolution of each component possible.
cChannel: Generalized state channel and side chain kit. Support general fast state transitions relying on DAG on the network channel. Flexible structure maximizes liquidity utilization.
cRoute: The optimal value of the transparent channel balance is used to transmit the route. Compared with the state-of-the-art solutions, the throughput is increased by 15 times. Fully dispersed high failure resilience.
cOS: The development framework and runtime of applications that support offline functions. Provide general design patterns, and handle the operation, storage, tracking and disputes of the off-chain state.
cApps: Run an application ecosystem on Celer Network. The trust or decentralization guaranteed by the blockchain will not affect billions of private external chain transactions per second.
cEconomy: Provide a cryptoeconomic model with network effects, stable liquidity and high availability of the ecosystem. Including proof of liquidity commitments, liquidity support auctions and national guardian network.