Celer Network is a Layer-2 solution that provides fast, secure, affordable blockchain applications on different blockchains like Ethereum and Polkadot. CELR is the name and ticker symbol for the native token of the project.
The project's core architecture relies on three elements: cOS, the main development framework; cRoute, a fully decentralized routing system made of multiple chains and layers that enable higher operations capacity; and cChannel, the bottom layer of the network that enables smooth transactions within the ecosystem. As a true Layer-2 platform, Celer's security relies on the Layer-1 blockchain.
One of the critical features of the Celer ecosystem is Layer2.finance, which tackles DeFi's biggest challenges to provide its users with both easy accessibility and significantly lower transaction fees. There is also a multi-chain cross-layer asset bridge called the cBridge, which allows instant, trustless, Any-to-Any value transfers within and across Ethereum's Layer-2 chains at a low cost. Celer's open-source platform, with a full set of SDKs and low rent, allows developers to build fast and experiment with projects.
Three tightly coupled components build the so-called "cEconomy" and are as follows:
- State Guardian Network (SGN): Users can stake CELR in the State Guardian Network to perform certain governance operations.
- Proof of Liquidity Commitment (PoLC): CELR can be used to maintain the liquidity pool in proof of liquidity commitment, a virtual mining process.
- Liquidity Backing Auction (LiBA): It enables off-chain service providers to raise liquidity through crowdlending.
CELR tokens can also be used to pay service and transaction fees for off-chain services. On July 7, 2019, Celer Network launched its alpha-mainnet, Cygnus, which became the first-ever Generalized State Channel Network.
The platform combines State Channel and Layer-2 Rollup to enable various applications like DeFi (layer2.finance), micropayment and gaming. Besides the alpha-mainnet, Celer has already successfully launched two testnets: Centauri with cWallet in October 2018 and Sirius with CelerX in February 2019.