Celer Network is “a leading layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contracts. It enables everyone to quickly build, operate, and use highly scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned cryptoeconomics.”
It was founded by Mo Dong, Junda Liu, Xiaozhou Li, Qingkai Liang, who have “PhDs from MIT, Princeton, UC Berkeley and UIUC,” and the team is said to have “years of industry experiences from top startups or tech giants like Google, Amazon, Cisco, HP and more.”
Its strategic partners include Pantera Capital, FBG Capital, and Arrington XRP Capital.
Here is how the Celer Network team explains the need for and the importance of off-chain scaling for blockchains such as Ethereum:
“Blockchains such as Ethereum are slow because each operation needs to be processed by most of the nodes to reach on-chain consensus, which is exactly “how to build a super slow distributed system” every CS student learned from their Computer Systems 101. New on-chain consensus improvements such as sharding and various Proof-of-X are continually getting proposed and developed. They make the blockchain relatively faster with different tradeoffs, but cannot change the fundamental limitations of on-chain consensus, and thus are far from Internet-level scalability.
“Off-chain scaling techniques allow mutually distrustful parties to execute a contract locally among themselves instead of the global blockchain. Involved parties maintain a fraud-proof off-chain replicated state machine, and only resort to on-chain consensus when absolutely necessary (e.g., when two parties disagree on a state). Off-chain scaling is not merely an optimization but the only way to support fully scale-out dApps with better privacy and no compromise on the trust and decentralization guarantees. It is the inflection point for blockchain mass adoption and will be the engine behind all large scale decentralized applications.”
As an off-chain platform, Celer Network, “enables fully scale-out dApps” (since “most transactions are processed by only involved participants”) since “total system out can near-linearly increase as more nodes join.”
Therefore, the Celer team believe that in the future potentially billions of transactions (or more) will be possible “as long as enough nodes and applications are running on the off-chain platform.” It also believes that its solution, unlike “existing off-chain payment proposals,” does not suffer from “significant defects in generality, routing, and cryptoeconomics.”
On March 5, Binance announced that the third cryptoasset to be offered for sale this year on Binance Launchpad would be Celer Network’s CELR token. In this article, we try to answer all the questions you might have about Binance Launchpad, the Celer Network, the CELR token, and about the CELR sale event, which is taking place on March 19th.
According to the report published on Saturday by Crypto Briefing, NEO has “already integrated with Trinity Network, an existing off-chain scaling protocol developed in-house by NEO developers.”
The report also talks about the fact the Celer Network is “blockchain-agnostic and can run on multiple chains simultaneously,” including “Ethereum, Oasis, Thunder (TT) and the DLT cloud computing project, Dfinity.”
The NEO core team is working on version 3.0 of NEO, which should be ready sometime next year. The two main goals for this next major release are improved stability and scalability.
NEO’s Director of Ecosystem Growth apparently told Crypto Briefing:
A public blockchain is more than a currency: it needs to have the infrastructure for lots of users to come to it…to enable people to do anything.
Featured Image Courtesy of NEO Team