What Is Celer Network (CELR)?
CELR is the native token of the Celer Network, which is a blockchain interoperability protocol. If you care to see the current CELR price, take a look at the Celer Network price chart above. The Celer protocol is built on its own blockchain called the State Guardian Network (SGN). SGN was developed based on the Tendermint consensus. It essentially is like a multi-chain message router.
For users, Celer is a convenient all-in-one type of platform in which they can find crypto assets, NFTs, crypto-based games, and other DeFi features across multiple blockchains. For developers, Celer is a tool for creating dApps. However, instead of creating several distinct smart contract copies on various chains, they are able to build inter-chain-native dApps by employing the Celer Inter-Chain Message (Celer IM) framework. dApps created with Celer offer rational application logic, effective use of available liquidity, shared states, and single-transaction user experience.
The Founders of the Celer Network
The Celer Network crypto project was founded in 2018 by Junda Liu, Mo Dong, Xiaozhou Li, and Qingkai Liang.
Junda Liu was the one who developed DAG-based routing to enable millisecond network recovery. Before founding the Celer Network, Liu worked at Google as the tech lead and was the founding member of Google Fi.
Mo Dong is a specialist when it comes to the application of algorithmic game theory. Dong has a degree in computer science and he has been teaching others about full-stack smart contract development. Prior to founding the Celer Network, he worked at Veriflow as an engineer and product manager.
Xiaozhou Li also has a degree in computer science. Before joining the founding team of the Celer Network, Li worked at Barefoot Networks as a software engineer.
Qingkai Liang mostly focuses on investigating various learning and control issues that occur in networked systems. Prior to founding the Celer Network, Liang worked as a research assistant at MIT Laboratory for Information and Decision Systems.
How Does the Celer Inter-Chain Message Framework Function?
In order to achieve multi-blockchain interoperability, Celer deploys smart contracts on each chain and pairstothe State Guardian Network.
Users must first communicate their ideas through a message and transmit it to a Message Bus smart contract on the source chain in order to activate a certain smart contract function or send a message to another chain. However, their message must have a structured header and an arbitrary binary payload.
The State Guardian Network must then agree that such a message exists while simultaneously producing a stake-weighed multi-signature attestation. An Executor, who has subscribed to the message, transmits this attestation to the destination chain.
Eventually, the message goes through the same Message Bus contract on the destination chain. It validates the message's legitimacy before triggering the corresponding logic instantly or after a certain time period.
Besides, the dApps built using the Celer Network have two security options – a Proof-of-Stake (PoS) consensus mechanism or an optimistic-rollup-like security model.
By default, dApps are secured by the Tendermint-based PoS algorithm utilized by the State Guardian Network. Essentially, users stake their CELR tokens to become the validator nodes (State Guardians) who asses and develop new blocks. Whenever Guardians become malicious, they are immediately kicked out of the network and their staked CELR tokens are destroyed.
However, dApps can also be secured with an optimistic-rollup-style buffer. A dApp can add a necessary delay buffer and operate a separate watchtower service to validate the message on the source chain twice, rather than immediately processing it by the State Guardian Network. Any irregularities that the watchtower service finds can stop the message from being processed before the delay has run its course.
The Purpose of CELR Tokens
CELR tokens are mainly used for securing the Celer Network through staking. Besides securing the network, CELR tokens can also be staked by the SGN’s validator nodes in order to become eligible for receiving block rewards.
However, the Celer Network tokens can also be used to pay a fee that is required to use the SGN’s message routing service. The CELR stakers and validators receive these fees in exchange for their efforts in helping to secure the network.
Lastly, the Celer Network coins also provide stakers with governance rights, which means that they are able to participate in the decision-making processes considering the further development of the Celer Network.
You can see the current (or previous) CELR price on the Celer Network price chart mentioned before.
Tokenomics of CELR
The max supply of CELR tokens is 10 million. 33% of the supply was dedicated to seed, private, and Launchpad sales. 25% was put aside for the mining rewards. The remaining 58% was dedicated to the team, advisors, the Celer foundation, marketing, and the development of the ecosystem.
If you intend to purchase the Celer Network tokens, you should know that the CELR price is subject to fluctuation. Though this is usually the case with most crypto assets because the fluctuating crypto market affects all prices, including the Celer Network price.
