What is Celer Network?

Celer is a popular choice among investors looking to trade altcoins. However, before you Trade CELR, it is essential that you know what you are investing in. Let's find out what's Celer and how it works.

Celer is a blockchain interoperability protocol that makes it easy to use tokens, DeFi, GameFi, NFTs, governance, and more from other chains with just a single click. Using the Celer Inter-chain Messaging Framework, developers may create inter-chain-native Dapps with features like efficient utilization of liquidity, consistent application logic, and shared states. Users of dApps powered by Celer will be able to take advantage of a multi-blockchain environment without sacrificing the convenience of a single-transaction UX.

The Celer Network architecture is maintained and safeguarded by its proprietary blockchain State Guardian Network, which utilizes a variation of the Proof-of-Stake (PoS) consensus called the Delegated Proof of Stake (DPoS). By using this mechanism, users may stake their tokens for a payout while transferring the burden of authenticating transactions on to a group of trusted third parties called "delegates."

Built on top of Tendermint, the Celer State Guardian Network (SGN) is a blockchain-agnostic message aggregator. Validator nodes have to stake CELR coins to join the consensus process of the SGN. The CELR staking process is a cornerstone of the Celer Inter-chain Messaging Framework's monetary stability. In exchange for the SGN's message routing service and the ability to store the multi-signature attestation, users are required to pay a fee. Besides the block rewards, these transaction fees are shared among the CELR validators and stakers who have contributed to keeping the network safe.

How is Celer Network different?

In a revolutionary move, Celer alters in every respect the process of developing and deploying multi-blockchain dApps. Developers can now create inter-chain-native dApps that efficiently utilize liquidity, have coherent application logic, and communicate states across blockchains rather than deploying several copies of smart contracts on each blockchain individually. Users of Celer-enabled dApps will be able to make use of a multi-blockchain environment while still enjoying the convenience of a single-transaction UX and without having to deal with the complexities of manual interactions across many blockchains.

The State Guardian Network, a Tendermint-based blockchain, and the smart contracts deployed on each chain are what allow Celer to achieve flawless multi-blockchain interoperability. When a user or decentralized application (dApp) wants to send a message to another blockchain, they will first transmit its intention as a message to a Message Bus smart contract on the source blockchain. This message will include a structured header and an arbitrary binary payload. The State Guardian Network, acting as the validator, will then agree that the communication exists before producing a multi-signature attestation that takes into account the stakes involved. An Executor who has subscribed to the message will then forward the authentication to its intended recipient. This identical Message Bus contract also exists on the destination chain, where it verifies the message's correctness and, either immediately or after a timeout, initiates the relevant logic.

How many CELR tokens are in circulation?

With its foundation in the Ethereum network, CELR is a token that adheres to the ERC-20 standard. It has a number of applications in the management of the network economy. There is a total of 10 billion CELR tokens, and they are split up as follows:

25% goes to PoLC mining reward and Off-chain ecosystem development; 20% goes to the Team (18.3%) and Advisors (1.7%); 17% goes to the Foundation; 5% goes to the Marketing and Ecosystem; 33% goes to Sale.

Network Security

The State Guardian Network is a Proof-of-Stake blockchain that acts as a message gateway for the Celer network and other blockchains. For Celer-enabled dApps, SGN enables universal message forwarding and cross-chain financial transfers with PoS security, rapid finality, and cheap cost.

Celer has successfully passed audits by CertiK, PeckShield, and SlowMist, all of whom specialize in the security of smart contracts.

As a further incentive for community and whitehat efforts to secure and improve the network, Celer maintains a $2 million bug bounty program on Immunefi.

Where can you buy CELR?

CELR is available on the licensed cryptocurrency exchange CryptoForce and several other national and international exchanges.

Disclaimer: Cryptocurrencies are highly volatile and subject to market, technical, and regulatory risks. Crypto trading requires one’s own diligence, and Cryptoforce will not be responsible for any losses incurred. Any information provided here should not be regarded as Cryptoforce’s technical or financial advice.