Celer Network is an off-chain scaling platform that enables fast, easy and secure off-chain transactions for not only payments but also generalized off-chain applications. Celer Network is based on an innovative technology stack consisting of a state channel network, a cStack framework and a cChannel protocol.
These three components work together to provide a comprehensive solution for off-chain scaling.
The state channel network is the foundation of Celer Network. It is a decentralized network of nodes that can be used to securely and efficiently move value and information around without needing to go through the slow and costly process of blockchain settlement.
This makes it possible to scale Ethereum to millions or even billions of transactions per second.
The cStack framework is a collection of smart contracts that provide the necessary infrastructure for building applications on top of Celer Network. It includes contracts for managing user accounts, channels, payments, and more.
NOTE: WARNING: It is important to note that Celer Network is not officially associated with Ethereum. There are several third-party services that offer integration of Celer Network and Ethereum, but it is not officially integrated and there are risks associated with using these services. Please exercise caution and thoroughly research any third-party service you use.
The cChannel protocol is the heart of Celer Network. It is a set of rules that govern how state channels are created, used, and closed.
The protocol is designed to be highly extensible, so that it can support any type of off-chain application.
Celer Network is currently live on Ethereum mainnet and has been battle-tested by thousands of users across the world. We are constantly working to improve the platform and add new features and applications.
So far, we have released several major updates, including support for traditional currencies, ERC20 tokens, and ETH/ERC20 atomic swaps. We are also working on new features such as decentralized exchange, gaming, and social networking.
Celer Network has the potential to revolutionize the way we interact with blockchain applications. By making it possible to scale Ethereum to millions of transactions per second, we can build a new generation of decentralized applications that are fast, efficient, and user-friendly.
9 Related Question Answers Found
Celsius Network is a lending and borrowing platform that allows users to earn interest on their cryptocurrency holdings and take out loans using their crypto as collateral. The platform is built on the Ethereum blockchain and makes use of smart contracts to facilitate its lending and borrowing services. Celsius Network was founded in 2017 by Alex Mashinsky, a serial entrepreneur and venture capitalist who has been involved in the development of several successful startUPS.
Celo is a project that aims to build a more inclusive financial system using cryptocurrency. The project is built on top of Ethereum, and uses the Ethereum blockchain to power its network. Celo is designed to be a more user-friendly and accessible version of Ethereum, with a focus on providing financial services to the underbanked and unbanked population.
Nifty Gateway is a digital currency wallet that allows users to store, send, and receive digital currency. The wallet is available in both English and Japanese. Currently, the only digital currency supported by Nifty Gateway is Ethereum.
Poly Network is a Layer 2 solution that enables cross-chain interoperability between different blockchains. It uses a relay network to connect different blockchains and allows them to communicate with each other. Poly Network is built on top of Ethereum and is fully compatible with the Ethereum ecosystem.
Polygon, formerly known as Matic Network, is a Layer 2 scaling solution that enables faster transactions and cheaper gas fees on the Ethereum blockchain. Polygon is the first project to offer Ethereum scaling solutions that are both easy to use and easy to integrate. Polygon is built on top of the Ethereum blockchain and utilizes a network of sidechains called “Matic chains” to scale Ethereum’s transaction throughput.
In mid-2017, Kucoin Exchange was established in Hong Kong. The company’s goal was to provide users with a more convenient and secure way to trade digital assets. The company’s founders had backgrounds in the financial and technology industries, which helped them create a strong team to develop the Kucoin platform.
Crypto.com, the pioneering payments and cryptocurrency platform, formerly known as Monaco, has launched its own Ethereum blockchain mainnet and token. The new network will enable Crypto.com to offer a more decentralized and performant platform for its users. The Ethereum mainnet is a public blockchain that anyone can use or build applications on.
OpenSea is the world’s first and largest decentralized marketplace for crypto collectibles. Built on the Ethereum blockchain, OpenSea gives users unprecedented control over their digital belongings. Since launching in February 2018, OpenSea has become the go-to destination for buying, selling, and discovering all kinds of digital collectibles, including crypto art, NFTs, gaming items, and more.
NAsdaq is a US stock exchange. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is not currently on NAsdaq, but that doesn’t mean it couldn’t be in the future.
