Celer Network is a scalable platform where anyone can build and use decentralized applications (DApps). In this article, as Kriptokoin.com, “What is Celer Network?” We will answer the question. In addition, we will touch on other questions about the project.
What is Celer Network? What does it do?
Celer Network is a scalable platform where anyone can build and use DApps. Scalability allows nodes to operate independently. It is achieved by doing transactions off-chain to reduce the load on the chain, also known as Tier 2 scaling. Celer Network implements the off-chain scaling technique with the state channel solution.
State Channel refers to the process by which users transact with each other directly off-chain or off-chain. It is also a sidechain solution developed by the Celer Network team. A sidechain is a sidechain that connects to the main chain via a two-way stabilizer. This means that assets can be transferred to and from the sidechain and mainchain.
What is CELR coin?
CELR coin is the native token of Celer Network. The token is an ERC-20 standard token built on Ethereum. Providing stable liquidity for Celer Network through staking within the Celer Network system. It was also created as an incentive to improve the status link.
How does Celer Network work?
In general, Tier 2 solutions handle smaller off-chain transactions. It then aggregates them into a single transaction that is recognized on the chain. The project does this with an ecosystem of three main components for the blockchains it currently supports. Celer State Channel, Layer-2 Rollup and Celer State Guardian Network.
Celer State Channel offers instant transaction settlement and seamless bridging for multi-chain and multi-tier assets. The stack consists of cOS, cRoute, and cChannel.
Celer Rollup enhances the capabilities of the underlying Tier 1 blockchain by acting as a separate and faster chain. However, it still depends on Layer 1 to enhance its security strength. The Layer 2 aggregation chain processes and stores its own data; however, the chain state data is constantly being transferred to the Layer 1 chain. This means that when needed, Layer 1 can be used to verify whether data on the Layer 2 blockchain is valid and detect any malicious attempts.
Finally, Celer State Guardian Network is a decentralized general purpose watchtower layer to support optimal user experience and added security for both State Channel and Rollup components.
What is Celer Network? How to buy CELR coins?
Celer Network is currently traded on a small number of cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Celer Network is traded are listed as follows: Binance, OKX, Bybit, Bitget. Users who want to invest in the project should open an account on one of these exchanges.
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