As exciting as a blockchain, the Celer Network (CELR) Cryptocurrency can leave much desired with the transaction speeds. The Celer Network (CELR) Cryptocurrency is an intelligent designed layer 2 scaling solution that provides handling of off-chain transactions.
Furthermore, the Celer platform offers simple, fast, and secure off-chain transactions for intelligent contracts and payments. This project was among the first projects developed using the Substrate framework and is also a part of the polka dot ecosystem. In studying the overall network, its main aim, envisioned by its founders, is to unleash the full potential of blockchain and revolutionize the decentralized apps with some productive and more efficient outputs.
What Are The Four Elements Of The Celer Network (Celr) Cryptocurrency?
Following are the four main elements of the Celer Network (CELR) Cryptocurrency:
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- cOS- It is the core of the network that provides the workflow
- cRoute- It is a mechanism that allows an increased operating capacity via streamlining routes within this network
- cChannel- It is the channel for transmitting transactions within the network
- Capps- It is an ecosystem application layer used for scaling and user privacy.
This platform uses a POS (Proof of stake) consensus variation, known as the DPOS (Delegated Proof of Stake). With the algorithm mentioned here, the users may also stake the coins for a reward while transferring the responsibility of validating the transactions to delegates.
The Celer Network (CELR) Cryptocurrency holders will also be providing liquidity tokens and will receive some rewards for doing the same. The main point of the Celer Network (CELR) Cryptocurrency is that the whole platform allows a two-layer scaling of any blockchain present. Therefore, the project covers a broad spectrum of the market, multiplies the complete liquidity potential, and increases the product’s coverage, reliability, and adaptation.
Who Created The Celer Network (Celer) Cryptocurrency?
The Celer Network (CELR) Cryptocurrency was founded in 2018 by a strong team of different engineers with some incredibly technical and specialized experience. All the four co-founders of the Celer Network (CELR) Cryptocurrency hold Ph.D. degrees in Computer Science from famous universities like UC Berkely and MIT. All of them have a work history with some high-profile tech companies.
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- Dr. Mo Dong, who is a bonified expert in algorithm game theory and protocol development. Furthermore, he also teaches comprehensive courses on intelligent contracts. He has worked as a Product manager and development engineer at Veriflow.
- Dr. Junda Liu has also graduated from UC Berkeley and then, worked with Google in the year 2011 in order to create the infrastructure for their data center. In 2014, he became one of the founders of Project Fi Mobile service. After that, he also took the position of technical manager at Android Tech.
- Dr. Xiaozhour Li has received his education at Princeton. He interned at Microsoft before working as a software engineer at Barefoot Networks. He also published and widely read academic works spanning distributed systems, storage, network, and data management.
- Dr. Qingkai Liang holds a degree from MIT. He has also worked for the MIT Laboratory for the LIDS (Laboratory for Information and Decision Systems), Bell Labs, and Google as a software engineer intern. Furthermore, his research also focuses on learning and controlling problems in networked systems, namely the online learning algorithms in adversarial networks.
What Makes The Celer Network (Celer) Cryptocurrency?
The Celer Network (CELR) Cryptocurrency is a networked system and not a separate blockchain. The platform instead runs on the top of future and existing blockchains. The developers also focus on scalability to improve the throughput of the crypto blockchains. The Celer Network (CELR) Cryptocurrency founders are confident that the in-house solutions will not bring the results to future decentralized blockchains worldwide. Therefore, they also propose to solve the problem with the off-chain platform.
The four levels of the Celer Network (CELR) Cryptocurrency architecture are evenly partitioned to provide several benefits to the customers. The advantages of this crypto include:
- Reduced transaction delays.
- Zero commission in working off-chain contracts.
- Decreased commission for micropayments.
- Availability of off-chain model and much more.
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