Celer Network is regarded as one of the most advanced layer-2 scaling solution in the cryptocurrency market. The aim of the network is to build fast, affordable, and easy-to-use blockchain applications at the internet’s scale. What gives the project a strong footing is also its development team. Celer Network was created by Mo Dong, Junda Liu. Xiaozhou Li and Qingkai Liang. All of the founders are PhDs from top institutions like MIT and UC Berkeley. The founding members have also had work experience at tech giants like Amazon, Google, and Cisco. The network’s proposition combined with the strong team has helped Celer rise among the ranks in the market.
What is Celer Network?
Celer Network is a layer-2 scaling solution. Layer-2 scaling solutions are built on top of layer-1 blockchains like Ethereum’s and are designed to increase the functionalities of the blockchain. Layer-2 solutions do not bring any changes to the core of the blockchain but rather add on to it by existing as smart contracts or sidechains.
The Celer Network offers off-chain transactions handling for payments and smart contracts which are fast, simple and secure. It is the first project to be developed with the Substrate framework and is based on the blockchain of Polkadot. The network has the aim of unlocking the full potential of the blockchain technology for decentralized applications.
The network created the world’s first and most advanced generalized state channel network Testnet. Celer Network’s CelerX is the first mobile application which can access Layer-2 dApps. Per the team, Celer Network has fulfilled its vision of becoming the world’s first blockchain agonistic layer-2 scaling platform by supporting two very different blockchain architectures – Ethereum and DFINITY.
CELR future outlook
The development tea, has been highly active with various developments under works. Celer Network has recently launched its cBridge v1.0 which enables the near-instant and low-cost transfer of assets across Ethereum, Binance Smart Chain, Polygon, and Arbitrum networks. The cBridge has been highly successfully and has surpassed $100 million in total trading volume just days after crossing $50 million. Many more sidechains and layer-2 integrations are in the pipeline which can definitely help boost the value of the CELR token.
At the time of writing, Celer Network’s token stands at a price level of $0.11. The cryptocurrency has been surging upwards with a 25% increase in the daily timeframe. The future outlook of cryptocurrency is bullish. Various estimates place Celer Network at a bullish uptrend. According to the estimates of Digital Coin Price, CELR is expected to end the year at $0.18 and reach towards $0.41 by 2026.
