What Is Celer Network (CELR)?
Celer is a blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, and more across multiple chains. Developers can build inter-chain-native Dapps using the Celer Inter-chain Messaging Framework to gain access to efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, all from a single chain.
The Celer Network Architecture
The Celer Network architecture is supported and secured by its own blockchain State Guardian Network, which uses a Proof-of-Stake (PoS) consensus variation called Delegated Proof of Stake (DPoS). With this algorithm, participants may stake their coins for a reward while transferring the responsibility of validating transactions to "delegates."
The Celer State Guardian Network (SGN) is built on Tendermint, and serves as a message router between different blockchains. Validator nodes have to stake CELR tokens to join the consensus process of the SGN. The CELR staking process is a crucial pillar that supports the economic security of the Celer Inter-chain Messaging Framework. To use the SGN’s message routing service and to store the multi-signature attestation, users must pay a fee to the SGN for these services. Adding on top of block rewards, these usage fees are distributed to CELR stakers and validators for their work in securing the network.
Who Created The Celer Network?
Celer Network was founded in 2018 by a strong team of engineers with incredibly technical and specialized experience. All four co-founders of Celer hold PhDs in Computer Science from universities like MIT and UC Berkely, and all have a work history with high-profile tech companies.
- Dr. Mo Dong received his Ph.D. from UIUC. He was founding engineer and product manager at Veriflow, working on network formal verification. He is an expert in applying algorithmic game theory to protocol design, and teaches full-stack smart contract courses with hundreds of students graduated.
- Dr. Junda Liu received his Ph.D. from UC Berkeley. He joined Google in 2011 to build its datacenter networking infrastructure, and then was founding member of Project Fi mobile service since 2014. He was also the Android Tech Lead for carrier services, which run on more than 1.5 billion devices.
- Dr. Xiaozhou Li received his Ph.D. from Princeton University. His works have been published at premier venues in distributed systems, networking, storage, and data management, and have become core components of Google TensorFlow, Intel DPDK, and Barefoot Deep Insight.
- Dr. Qingkai Liang received his Ph.D. from MIT. His research focuses on various learning and control problems that arise in networked systems, especially on online learning algorithms in adversarial networks, which have been successfully applied in Raytheon BBN Technologies and Bell Labs.
What Makes Celer Network (CELR) Unique?
Celer fundamentally changes how multi-blockchain dApps are built and used. Instead of deploying multiple isolated copies of smart contracts on different blockchains, developers can now build inter-chain-native dApps with efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, without complicated manual interactions across multiple blockchains.
Celer uses smart contracts that are deployed on each chain paired with the State Guardian Network, a Tendermint-based blockchain, in order to enable seamless multi-blockchain interoperability. To send a message or invoke a smart contract function cross-chain, a user or a dApp will first send their intention as a message with a structured header and arbitrary binary payload to a Message Bus smart contract on the source chain. Then the validator, the State Guardian Network, will first reach a consensus on the existence of such a message, and concurrently generate a stake-weighed multi-signature attestation. This attestation then is relayed to the destination via an Executor subscribing to the message. On the destination chain, the same Message Bus contract exists to check the validity of the message and triggers the corresponding logic associated with the message either immediately or after a timeout.
Related Pages:
Learn more about Celer Inter-chain Messaging Framework
Check out product updates, announcements, and news from Celer Network.
How Many CELR Are In Circulation?
CELR has a maximum supply of 10 billion tokens, which is distributed as follows: 25% - PoLC mining reward and Off-chain ecosystem building; 20% - Team (18.3%) and Advisors (1.7%); 17% - Foundation; 5% - Marketing & Ecosystem; 33% - Sale.
CELR is an ERC-20 standard token built upon the Ethereum <span style="text-decoration:underline;"> blockchain</span>. It’s used to manage the network economy and has several uses:
- Staking CELR in the State Guardian Network (SGN) and acquiring the status of State Guardian. State Guardians have access to status monitoring, respond to disputes, and provide security and network efficiency.
- Staking CELR in the SGN or delegating CELR to SGN nodes to obtain PoS staking rewards and transaction fee earnings captured from Celer cBridge and Celer IM-based inter-chain dApps.
- Participate and vote in network governance.
How Is the Celer Network Secured?
Celer's supporting pillar - the State Guardian Network is a decentralized Proof-of-Stake blockchain that serves as a message router between different blockchains. SGN facilitates general message passing and cross-chain fund transfers, and provides PoS security, fast finality, and low cost for Celer-enabled dApps.
Celer has completed three separate smart contract audits with CertiK, PeckShield, and SlowMist.
Celer also has a standing $2 million bug bounty program on Immunefi to encourage community and whitehat efforts in securing and improving the network.
Where Can You Buy The Celer Network Token (CELR)?
The top exchanges for Celer Network (CELR) trading are currently Binance, Gate.io, Bithumb, OKEx, Crypto.com Exchange, WazirX, AscendEX (Bitmax), CoinDCX, MXC.com, Bitay, DigiFinex, BKEX, AEX, BiKi, Hotbit, HitBTC, TOKOK, Uniswap V2, TOCENCAN, DragonEX, ZT.
You can find others listed on our crypto exchanges page.
In March 2019, the sale of CELR tokens took place on the IEO platform, Binance Launchpad. As of June 2021, the most liquid trade pairs for CELR on Binance are CELR/USDT, CELR/BTC, CELR/BUSD, CELR/BNB.