Celer Network is a scalable platform where anyone can build and use decentralized applications (dApps). In particular, it creates usage areas for developers to gain access to efficient liquidity usage and consistent application usage logic and shared situations.
Dr. Mo Dong, Dr. Junda Liu, Dr. Xiaozhou Li and Dr. Qingkai Liang stands out as the founding partners of the project. The Celer platform also provides fast, simple and secure off-chain transaction solutions for payments and smart contracts. CELR Coin is a token that runs on the Ethereum network.
The Celer Network (CELR) network uses a type of layer-2 solution known as status channels to monitor the status of any arbitrary interaction between two parties, such as a payment or agreement, over the blockchain. It works by allowing two or more parties (like Ethereum) to open a high-speed, low-fee payment channel where they can reassign value to each other via a smart contract before completing events in an underlying tier-1 chain.
If we examine the advantages of the Celer Network project:
- Celer Network supports a variety of games. It provides fast infrastructure support so that users do not experience any stuttering, freezing or delay problems while playing these games.
- Celer Network offers a layer 2 scaling solution for the problems faced by blockchains.
- Users perform transactions for free on off-chain smart contracts.
- It makes decentralized applications thousands of times faster thanks to its layer 2 scaling system. Thus, users can make instant transfers through these applications.
- Users can only enjoy the features of the Celer Network project through Celr coin.
- This project has a software development kit. Thanks to this software, it offers various opportunities to entrepreneurs. Entrepreneurs can develop applications in any field they want. The Celer project ensures that these applications are compatible with Android, IOS and web.
Celer Network has different usage patterns. The main areas of use are as follows:
- It is used during the Liquidity Support Auction process.
- To create a large liquidity pool by using it in the proof of liquidity commitment process.
- Paying commissions to off-chain providers in exchange for services and transactions and meeting additional costs.
Celer Network is focused on scalability to increase the throughput of crypto blockchain networks. It is among the first projects developed using the Substrate framework. It continues on its way, confident that in-house solutions against the global decentralized blockchain structures that will emerge in the future will not yield results.