In this article, we will review the Celer Network, which is also one of the projects in the Polkadot ecosystem that uses substrated based.
In the Polkadot ecosystem. Celer Network (CLER) is at number ten on the list, while the cryptocurrency is ranked at $148 overall. With a market capitalization of nearly $300 million. Current price Price: $0.04809 was recorded up 0.21% from the opening price.
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What is the Celer network?
More and more, there are currently emerging new cryptocurrencies that offer and promise solutions from their predecessors, which face the problem of scalability, the higher the user allows the slow transaction speed and requires high energy.
The Celer network is no exception, which promises to solve scalability problems and is capable of performing transactions billions of times per second. It seems that this is an extraordinary vision, where the Celer network builds its infrastructure through off-chain techniques.
Off-chain here uses layer 2 in the blockchain which offers a scaling platform for speed and low cost. It can be adopted both on the Polkadot network, Ethereum, and other blockchains.
Decentralized application users can use the Celer network that utilizes smart contracts for secure payment transactions. Celer Network owns the CLER symbol token, which is an ERC-20 token compatible with the Ethereum blockchain.
How does the Celer network work?
The Celer network using layer 2 technology built on a layer 1 blockchain supports the Ethereum blockchain and the Polkadot enabled technology that leads to scaling solutions for transaction speed and low fees.
The layer 2 protocol can be the best solution for scalability without having to change the protocol at layer 1. Instead, it uses Ethereum and Polkadot blockchain smart contracts.
Applying the main technology of Side-Chain and Generalized State Channel Network (GSCN). Side Chain, giving the Celer Network the power to facilitate interoperability while enabling off-chain operations with the use of GSCN.
Adopting GSCN technology, enables faster and lower fees transactions on the Bitcoin blockchain. This is equivalent to the Lightning Network which also allows fast transactions.
Celer network launch date
Celer Network was founded in 2018 and is still in the development stage. But on 7 July 2019, they launched Alpha Mainnet which they called Cygnus.
It was the first time network used Generalized State Channel Network technology, which at that time started on the Ethereum blockchain.
Celer Network has launched him Testnet, namely. Testnet Centauri with cWallet, launched in Oct.2018. And the second Testnet is Testnet 2.0, Sirius with CelerX in February 2019.
Who is behind the Celer network?
Who is the Founder of Celer Network? Mo Dong, Xiaozhou Li, Junda Liu, and Qingkai Liang founded Celer Network in 2018. They also launched an alpha Mainnet – dubbed as Cygnus – in July 2019 providing the world’s first GSCN.
The founders also have Ph.D. academic degrees from various universities and have experience in building enterprise software including Google Fi, Intel DPDK, Veriflow, and B4.
Why Celer network unique?
While Celer Network is not the only layer-2 scaling platform, this protocol has unique characteristics.
- First, Celer Network provides blockchain environment support for multiple platforms. For example, DFINITY Internet Computer and Ethereum are different platforms, but Celer Network works efficiently on both networks.
- Second, are supporting off-chain smart contract operations and payments by adopting state-optimized algorithms for routing that are 15 times higher throughput than other advanced solutions.
- Third, is the first and only solution protocol of its kind capable of resolving disputes, enabling connectivity, supporting country availability, and driving excess liquidity for off-chain operations.
Celer network Polka dot
Celer Network Polkadot, according to information from Parachain.info, is currently still in the announced stage. If this stage has ended, the next step is Testing on Rococo/Westend. Then the next stage is Auction, and the final stage is launching on the Polkadot blockchain ecosystem.
It is not known exactly how long it will take Celer Network to reach the final stage of rolling out the layer 2 Polkadot blockchain. Meanwhile, referring to Polkaproject these protocol uses the Substrate network in the scaling and grant categories.
Ticker name Celer Network
Celer Network’s native token is with the ticker symbol CELR. This token is created with a maximum supply of 10,000,000,000.
The current market capitalization of CELR tokens according to Coinecko has reached $270,206,615. with the current circulating supply of 5,645,454,935 CELR. Meanwhile, the 24-hour trading volume reached $74,169.99.
Celer Network’s value is from the CELR crypto market price. Although the price of the crypto market does not always reflect the fundamentals and intrinsic value of crypto. It is still considered as an assessment of the prospects of a crypto asset.
However, crypto assets with good fundamentals, such as the Celer Network, will usually pay off in the long run. In essence, the intrinsic value lies in the use of technology, adoption of usage, technical capacity, tools, features, and CELR market cap.
Celer network infrastructure
In building the Celer network’s infrastructure, the development team revealed the reasons why it utilizes layer 2 over layer 1 blockchain. Because at layer 1, the network is already filled with transactions and faces scalability problems that reduce throughput and increase costs.
By choosing to use layer 2 off-chain, horizontal scaling through low consensus results in instant finality lower costs, and more privacy.
There are three important parts to the infrastructure. CelerPay, CelerApp, and CelerNode.
CelerPay
Using on-chain smart contracts and off-chain communication protocols. CelerPay becomes part of a common payment channel for efficient off-chain token transfers with arbitrary conditions on on-chain verified status.
CelerApp
It uses standard APIs required by CelerPay. CelerApp off-chain is virtual without on-chain initialization, but they can communicate with each other in a peer-to-peer manner without multi-hop forwarding.
CelerNode
This is the endpoint in the CelerPay and CelerApps status channel process. CelerNode becomes part of the Celer Network infrastructure which manages the CelerPay channel with other nodes in the network. CelerNode can send off-chain payments to other nodes in the network.
To achieve this goal, they develop principles to minimize on-chain footprint, relay node on-chain interaction, on-chain view calls off-chain communication overhead, and Enable low-cost decentralized system upgrades.
Security Celer Network
It uses an off-chain and on-chain operating security system, namely through the use of the Delegated Proof of Stake (DPoS) protocol. It uses a voting system in staking. CELR token holders who stake can earn rewards for securing the network.
DPoS is a secure and cost-effective solution that enables Celer Network to obtain the best possible security, not only for developers but also for network users. DPoS is an extension of the Proof of Stake (PoS) consensus.
Does the Celer network have a future?
We find optimistic voices about the future of the Celer Network, including from cryptocurrency influencer Michaël van de Poppe. Poppe also serves as CEO of Amsterdam-based crypto consulting platform Eight BV.
Confidence in the future value of CELR, because currently, the price is approaching the $0.02 support zone whereas at the moment the price at the time of writing is $0.05107. Poppe believes the price of CELR will rally in the future.
Several forecasting platforms, such as Wallet Investor, which uses artificial intelligence analysis, predict that the CELR price could reach $0.09 in the future.
CryptonewsZ, which is a portal for cryptocurrencies, is also optimistic about the Celer Network, where the CELR price can reach a price level of $05 in the next few years.
However, despite many positive voices regarding the future, the current market capitalization is still relatively low at around $300 million. Celer Network still has to be able to compete with other crypto assets to be the best.
Why is Celer Network Dropping?
Celer Network dropping prices are more influenced by fundamental factors in the network. The declining mass adoption could be the cause of the drop in the value of the CLER token.
CELR’s year-long price history for this token managed to reach an all-time high price in October 2021 with a value of $0.1987.
Even though has launched a Mainnet version of cBridge in 2021, there are still limitations that affect the Celer ecosystem.
That environment still requires anti-fraud bonds from block proposers that are commensurate with the transfer rate of value at stake. And more, the risk of off-chain operating networks may pose a risk of centralization and may create mismatches that could affect mass adoption.
Is Celer network coin a good investment?
As in the previous description, there are some optimistic voices about the future of Celer Network. But that doesn’t mean it’s without risk. Investors should measure how much risk they are ready to bear.
How to buy Celer network?
Celer Network may be of interest to some investors. But how to buy CELR?
- The first step is to find a broker that provides CELR on their platform.
- Next is to register with the broker by following all the instructions that are the rules of the broker. You may have to comply with AML and KYC rules that require you to submit the required documents. Follow the instructions if the broker requires them.
- The third step is to fund your account with the broker. Each broker may have different payment systems supported, maybe you will pay attention to this before deciding to register with the broker.
- Next, there is a need for a wallet as a medium for storing CELR tokens. For long-term storage, a hardware wallet is more recommended in terms of security.
- The final step is to buy CELR at the broker. You can use the search box to make it easy to find CELR trading assets.
Where to buy CELR?
Don’t worry about finding an exchange or broker that supports CELR at this point. Because CELR is listed on some of the most popular exchanges including Binance and Coinbase.
It is known that CELR took advantage of the IEO of the Binance Launchpad platform in March 2019 with the most traded on CELR/USDT, CELR/BTC, CELR/BUSD, CELR/BNB.
Where to buy CELR you can find on any of the exchanges, including Binance, Coinbase,Gate.io, Bithumb, OKEx, Crypto.com Exchange, WazirX (India), AscendEX (Bitmax), CoinDCX, MXC.com, Bitay, DigiFinex, BKEX, AEX, BiKi, Hotbit, HitBTC, TOKOK, Uniswap V2, TOCENCAN, DragonEX, ZT.
If you want to buy Celer Network through Coinbase, you can follow the tutorial on how to buy CELR Coinbase.
However, you may be interested in buying CELR on the best exchanges. According to securities.io the best exchanges to buy CELR are, Binance, Gate.io, and WazirX (India).
Celer network price prediction
Wallet Investors predict that CELR is an awesome investment, it will increase in the next five years to a price level of $0.463, and by the end of 2022, it is predicted to be at a price level of $0.132.
CryptonewsZ, the CELR price level in mid-2022 is predicted to start at $0.07, and increase at $0.122. Prediction 2023 price level in the range of $ 0.273 and rise again in 2024 in the range of $ 0.3
Cryptopolitan, the price of CELR in 2022-2024 is expected to be $0.17 with an average of $0.25. 2025 is expected to be up to $0.3, then 2026-2027 is expected in the range of $0.4. 2028 is expected a price level of $0.5.
Price prediction, CELR prices increase from year to year with a single-digit difference from 2023 -2031 with a maximum price of $2.16 and an average of $1.96
Final thought
Celer Network is a platform that uses layer 2 scaling and is one of the interoperable platforms. It can bridge and work on the Polkadot ecosystem, as well as on other blockchains.
All predictions about CELR are probably all positive. However, the risk of future conditions is not known with certainty. Keeping track of the development team’s performance and news surrounding the Celer Network might help whether it’s worth holding down CELR or selling it.
Note: this article is informational only and does not constitute investment advice. Each investor is responsible for their investment.
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