What is Celer Network? A project Launchpad on Binance in 2019. Celer Network was born to provide expansion solutions for current blockchains, especially connection issues. So what is Celer Network? How does it solve the above problems? Let’s find out with Weakhand in this article.
To understand more about this article, you can read the following articles:
- What is Nomad? Nomad Cryptocurrency Overview
- Working Mechanism of LayerZero, a New Generation Multi-Chain Bridge
- What is Wormhole? Wormhole Cryptocurrency Overview
- Bridges: Design, Trade-offs, and Opportunities
What is Celer Network?
Celer Network is a platform built using the Cosmos SDK toolkit, allowing for fast, easy, and secure transfer of cross-chain messages. Celer Network helps chains communicate with each other and users can transfer assets from one Chain to another through cBridge.
Messages on Celer Network are divided into two streams and relayed independently. Messages will be transferred from dApps and authenticated by SGN. SGN is an authentication layer consisting of Validators, operating according to the Pos consensus mechanism.
Celer allows developers to build and operate decentralized applications (dApps). dApps built on Celer Network will be compatible with all Chains connected to Celer. That helps users easily transfer assets from other Chains.
Celer products
- State Guardian Network (SGN – Guardian Network): SGN is a Proof-of-Stake (PoS) chain specialized The application serves the purpose of monitoring L1 transactions relative to L2 state and faithfully passing layer 2 information back to layer 1 when needed. Help secure cross-chain interoperability by staking CELR with SGN.
- Celer cBridge: Provides decentralized, cross-chain interoperability through SGN; Providing deep liquidity, high liquidity efficiency, easy to use; cross-chain bridge for NFTs; covered bridge, … cBridge
- Layer2.finance: Considered the public transportation system of a DeFi city, allowing people to access all existing DeFi protocols at the most economical cost. Layer2.finance can connect to all DeFi protocols on layer2 chains and layer1 chains.
Highlights of Celer
- Completely decentralized.
- Protect your privacy.
- Supports 42 chains and 152 tokens, cross-chain transactions for NFTs.
- Save transaction costs, off-chain transaction fees are zero.
- Fast transaction speed, scalability, cross-chain transactions
Operating Model
Architecture of Celer Network
Celer Network includes a clearly layered architecture that decouples the platform into hierarchical modules. This architecture greatly simplifies system design, development, and maintenance so that individual components can easily evolve and adapt to changes.
Celer Network arranges layers in a stack and can be mounted on different blockchains, called cStack, the structure includes 3 layers:
- cChannel: General status channel of the Sidechain set. This is the bottom layer of Celer Network that supports flexible and efficient state transitions.
- cRoute: State-transmitting routers make payments transparent. Throughput is 15 times higher than other solutions.
- cOS: Celer Network introduces the coOS operating system, a framework for anyone to easily develop, operate, and interact with dApps.
Celer Network’s operating mechanism
The picture above is the operating mechanism of Celer Network when processing a command from a user. The order will be divided into 2 parts and transmitted according to 2 information streams, the asset part moves according to the blue arrow and the other blue arrow represents the data transmission line. And the process will go like this:
Asset transmission
- The DApp will transfer users’ assets to the cBridge bridge. Here, assets will be transferred to cBridge’s liquidity pool.
- CBridge transmits proof of receipt of the user’s assets to the SGN.
- After authentication, SGN will transfer the evidence to cBridge on the destination chain.
- At cBridge in the destination chain, if the assets the user transfers have enough liquidity in the Pool, cBridge will transfer the assets in the Pool to the destination chain dApp. If there is not enough liquidity in the Pool, cBridge on the destination chain will Mint Token as a wrapper to transfer to the dApp on the destination chain for the user.
Data transmission line
- The DApp in the first chain transmits the data of the user command to MassageBus. MassageBus is part of Celer Network. (first)
- MassageBus continues to transfer data to SGN. Here the Validators will validate the data. (2)
- After authentication, the data will be passed to the Executor. This is the data forwarding layer. (5)
- The Executor continues to pass data to MassageBus on the destination thread. (6)
- MassageBus passes the data to the destination chain cBridge for cBridge to check with the proof sent from the SGN. If they match, then cBridge transfers the assets to the destination chain dApp. (7)
- MassageBus transmits that data to the dApp so that the dApp clearly knows the wallet address as well as the assets it needs to transfer to the user. (8)
Core Team
Mo Dong I Co-Founder: PhD from University of Illinois Urbana Champaign (UIUC). He has held positions such as: technical team leader and product development director at Veriflow, Trresearch assistant at University of Illinois and dfounder Tongqu Inc.
Junda Liu I Co – Founder: He holds a PhD from UC Berkeley. After graduating, he started working as an Android technical team leader, providing services running on more than 1.5 billion devices. He was the first to propose and develop DAG-based routing to achieve nanosecond network resiliency (1000x improvement over the state of the art). He joined Google in 2011. In 2014, he became a founding member of Project Fi.
Xiaozhou Li
I Co – Founder: He graduated PhD at Princeton University. Xiaozhou worked at Barefoot Networks and has 6 patents. He specializes in developing scalable algorithms and protocols to achieve high performance at low cost. Some of them have become core components of widely deployed systems on the Google TensorFlow machine learning platform and Intel’s DPDK packet processing framework.
Qingkai Liang I Co-founder: He holds a PhD from MIT University (USA). He specializes in optimal network control algorithms in adversarial environments. He is the first author of more than 15 leading papers and has invented 5 powerful and high-performance routing algorithms that have been successfully applied in industry such as in Raytheon BBN Technologies and Bell Labs. He has received a number of awards such as: best article at IEEE MASCOTS 2017 and best presentation at IEEE INFOCOM 2016 and 2018.
Investor
Both the Seed and Pravite rounds successfully raised $30M from funds such as Binance Labs, Pantera Capital, Arrington XRP Capital, DFG Capital, Signum Capital, Asteroid Capital.
March 19, 2019: Successful IEO on Binance, raising $4M from individual investors.
Tokenomics
Information about Celer Network’s Token
- Token name: Celer Network
- Symbol: CELR
- Token type: Utility
- Blockchain: Ethereum
- Contract: 0x4f9254c83eb525f9fcf346490bbb3ed28a81c667
- Total supply: 10,000,000,000 CELR
Token Allocation
- Seed round: 11.5%
- Private rounds: 15.5%
- Binance Launchpad: 6.0%
- Development team: 18.3%
- Project advisor: 1.7%
- Foundation: 17%
- Marketing and Ecosystem: 5.0%
- Mining bonus: 25%
Token Release
Until now, most Tokens are allocated to unlocked parties. Only the regular portion for Mining will still be paid in installments over the next 4 years. 0
Token Use Case
CELR is a Utility Token, used for the following purposes:
- Pay fees incurred when performing services on the platform.
- Make rewards for users based on their contributions.
- Used to Stake, users can become State Guardian to protect and maintain the system during operation.
Exchanges
CELR Token is traded on many major exchanges: Binance, Gate, OKX, CoinEX, XT.Com, Crypto.com, LBanhk, MEXC, …
Celer Network Project Information Channel
- Website: https://www.celer.network/
- Twitter: https://twitter.com/CelerNetwork
- Discord: https://discord.gg/Trhab5w
- Medium: https://medium.com/celer-network
- Telegram: https://t.me/celernetwork
- Github: https://github.com/celer-network
Summary
Celer is a multi-chain interoperability protocol that connects liquidity, NFTs, and common message passing across 40+ blockchains in a fast, low-cost, and secure manner.
Celer Network is developed by a highly qualified and experienced Core Team. Invested by large funds and is the 3rd Launchpad project on Binance in 2019.
Celer Network supports asset transfer through Pool on cBridge and Token wrapping. That helps the assets that can be transferred across the chain through Celer be more diverse. With a simple and secure mechanism by dividing into 2 information relay streams for authentication. Thanks to that, Celer operates very stably.
Hopefully the above information helps people have an overview of Celer Network and make their own investment decisions.