What is Celer Network ?
Although the blockchain offers a lot of functionalities to people which weren’t available before, it lacks scalability. This means that as transaction volumes increase, the network won’t be able to take the load efficiently, resulting in delays and bottlenecks. The Celer Network tackles this problem specifically.
The Celer Network is what is known as a ‘layer-2 scaling solution’ – a network that operates on top of existing blockchains. The project focuses on increasing scalability as one of its main objectives. The founders believe that in-house solutions for individual networks like Ethereum will not be a viable option for explosive blockchain growth and that the Celer Network is an alternative.
Primary features of Celer Network
The CELR network is built on the following four elements:
- cOS: The absolute core of all its operations.
- cRoute: cRoute is the element that provides for transaction volumes to increase by streamlining existing traffic on the network.
- cChannel: cChannel transmits transactions within the network.
- cApps: An application layer that’s designed to protect user privacy so that scalability comes with security, not at the cost of it.
Is Celer Network a promising cryptocurrency?
Ever since its launch in March of 2019, CELR has proved to be a very promising cryptocurrency in terms of price appreciation. The coin hit its all-time high at $0.2 in September of 2021. What’s interesting is that that price is a result of a 4000% rally in 2021, starting from approximately $0.005!
How to use Celer Network coins?
- CELR coins can be used to make off-chain transactions for no additional costs.
- CELR is also used in Liquidity Backing Auction to significantly increase the interest payout for investors.
- CELR can also be used to refine the experience of decentralized apps. In the past, it has been used to make some apps up to 10,000x faster!
Pros & Cons of Celer Network coin
- CELR has shown great growth in the past couple of years. Its fundamentals are still strong enough to support a rally in the long term.
- With the adoption of off-chain solutions in enterprises and institutions, the demand for technologies like the Celer Network has increased manifold.
- Celer is very well-connected with its community and has developed strong relationships with major players in the industry. These include names like Pantera, FBG Capital, and Waves.
- Since scalability has been seen as a drawback of traditional cryptocurrencies for a long time, there are lots of layer-2 solutions, just like CELR, in the market, all competing with each other.
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Celer Network (CELR)
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