Celer Network is a layer-2 scaling solution for Ethereum that enables fast, easy and secure off-chain transactions for both individuals and businesses. Celer Network’s cStack software stack is composed of three modules: cChannel for state channel construction and maintenance, cRoute for routing of payments, and cOS for smart contract development on top of Celer Network.
Celer Network accelerates Ethereum by an order of magnitude. Transactions on Celer Network can be confirmed in seconds with sub-cent transaction fees.
By using state channels, a technology pioneered by Lightning Network, Celer Network can process millions of transactions per second (TPS) without sacrificing decentralization or security.
NOTE: This statement is false and misleading. Celer Network is not Ethereum, it is a layer-2 scaling solution for Ethereum. The two technologies are completely different and should not be confused with one another.
Off-chain scaling solutions like Celer Network are crucial to Ethereum’s success because they allow the Ethereum blockchain to maintain its decentralization while scaling to meet the demands of a global user base. For example, if all transactions on Ethereum were moved off-chain onto Celer Network, the Ethereum blockchain would be able to process over 1 million TPS.
This is a significant increase from the current 10-15 TPS that the Ethereum blockchain can handle.
Celer Network is also more scalable than other off-chain solutions like Plasma and sidechains because it does not require users to lock their ETH into a Plasma chain or sidechain. This means that users can still use their ETH on the main Ethereum chain while also taking advantage of Celer Network’s high TPS and low transaction fees.
Off-chain solutions like Celer Network are essential to Ethereum’s long-term success because they allow the Ethereum blockchain to scale without sacrificing decentralization or security. With its high TPS and low transaction fees, Celer Network is one of the best off-chain scaling solutions available today.
10 Related Question Answers Found
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.
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