If you want to learn about the Celer network, this article is a one-stop destination for everything you are looking for. The article explains the concept of celer, layer-2 scaling platform, its design principles, and briefing CelerX and Celer SDK.
Learning Of Blog
- Introduction to the concept of Celer Network
- Understanding the Layer-2 scaling platform and its major components
- Design principles of Celer Network
- What makes Celer so different from the rest
- What is CelerX and Celer SDK?
Introduction To The Concept of Celer Network
Current blockchains have low throughput because each operation needs to be processed by the majority of nodes to reach on-chain consensus, and even an on-chain consensus scheme also leads to poor privacy as every node can see the full transaction history of the another. While in off-scaling techniques, parties involved in the transaction maintain a multi-signature fraud-proof-chain replicated state machine, and only resort to an on-chain consensus when absolutely necessary.
According to the celer network’s official website, it is the most advanced layer-2 scaling platform that aids in building fast, easy-to-use, and secure blockchain applications with low-cost at internet scale, which is possible through innovations in off-chain scaling techniques and incentive-aligned crypto-economics.
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Understanding Layer-2 Scaling Platform and Its Major components
As the celer network is a layer-2 scaling platform, it is crucial to understand what actually does it mean. Layer-2 scaling platforms such as Celer network are built on top of the layer-1 blockchains like Ethereum and Bitcoin. They do not require modifications to the base level protocol; they exist simply as smart contracts on main-chain that interact with off-chain software.
The Two Major Components Of Celer Network
- cStack, which is a Celer’s off-chain technology stack that can be built on different blockchains.
- cEconomy is a celer network’s crypto-economic mechanism.
Let’s understand both of them in detail.
cStack- It is a staking system that provides security, stable and abundant liquidity, and state connectivity for the Celer Network. It adopts an off-chain technology stack that can be built on different blockchains, known as cStack. cStack has the following layers in bottom-up order-
- cChannel: Generalized state channel and sidechain suite.
- cRoute: Provably optimal value transfer routing.
- cOS: Framework for development and runtime for off-chain enabled applications.
cEconomy– cEconomy, the second crucial aspect of the Celer network provides network effect, stable liquidity, and high availability for the ecosystem, including proof of liquidity commitment, liquidity backing auction, and state guardian network.
- State Guardian Network: It ensures security and availability off-chain states, solve the connectivity challenge, and provide efficient computation engine for state dispute.
- Proof of Liquidity Commitment (PoLC)- It is a virtual mining process that acquires abundant liquidity for the off-chain ecosystem.
- Liquidity backing Auction(LiBA)- It provides efficient liquidity market for off-chain scaling network
What are its Design Principles
Celer Network can be defined as an Internet-scale, trust-free, and privacy-preserving platform where one can quickly build, operate, and use highly scalable dApps. It is not a standalone blockchain but a networked system running on top of existing and future blockchains.
Talking about its significant goals, the primary aim is to build a high-performance yet cost-efficient Dapps platform without compromising the security. The rest of the goals are as follows-
- Minimize relay node on-chain interaction, which will make the network much easier to scale and defend against malicious attacks.
- Minimize on-chain view calls as they can quickly become a bottleneck if not used carefully when running an off-chain service in production from cost and performance perspective.
- Though off-chain is much faster, it still needs to minimize its communication overhead for better performance and reliability.
- For enabling low-cost decentralized system upgrade, Celer network enables zero-downtime and low-cost system upgrade through structured contract design and the use of protobuf.
- For achieving platform interoperability, Celer aims to become a platform-independent layer-2 scaling platform running across different layer-1 blockchains that support smart contracts.
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What Makes Celer So Different From the Rest
Let’s explore how Celer is different from the rest of the platforms.
- It is an only off-chain crypto-economic model to provide state availability, connectivity, dispute resolution, and liquidity for the off-chain scaling platform.
- Support payments and off-chain smart contracts as well.
- Supports multi-blockchain.
- Celer is an optimal state routing algorithm with more than 20X performance achievements.
What is CelerX and Celer SDK?
Celer has launched Sirius Testnet along with a user-facing application CelerX, which is an end-user platform connected to Celer Network. It is a consumer-facing product, and it’s the first and only layer-2 application platform on iOS and Android. Unlike using other blockchain wallets, CelerX allows users to instantly transfer money with zero fees and enjoy various highly-skilled decentralized board games with no latency.
It is a toolkit that allows users to create decentralized dApps that works on Celer’s platform. With this open platform, users can easily build dapps with fast transaction speed, with zero transaction fees, and offer an interactive user experience compared to slow dApps that are built directly on the blockchain.
Celer Network resolves the scalability problem of cryptocurrencies by utilizing layer-2 tactics, which don’t compromise on overall system security. The scalability and high interactiveness of these applications are only made possible by Celer Network’s advanced and coherent layer-2 scaling architecture. Thus, it is sure that the Celer network has the potential to have a position in the future.