How To Buy Celer Network (CELR)?

A common question you often see on social media from crypto beginners is “Where can I buy Celer Network?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Celer Network (CELR)

First, you will need to open an account on a cryptocurrency exchange that supports Celer Network (CELR).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Celer Network (CELR) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Celer Network (CELR)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Celer Network (CELR) or Celer Network (CELR) trading pairs. Look for the section that will allow you to buy Celer Network (CELR), and enter the amount of the cryptocurrency that you want to spend for Celer Network (CELR) or the amount of fiat currency that you want to spend towards buying Celer Network (CELR). The exchange will then calculate the equivalent amount of Celer Network (CELR) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Celer Network (CELR) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Celer Network (CELR)?

Celer Network is a layer-2 scaling platform for deploying decentralized applications on various blockchains, which enables interoperability within the ecosystem and network incentives.

Celer Network exists as smart contracts on top of other blockchain structures such as Ethereum and Polkadot, while the team is said to be leading layer-2 scaling research and building applications that foster functionalities for the Celer Network ecosystem. The Celer dev team released a mobile application in the form of a blockchain-based esports platform, making it the first of its kind. The app is dubbed CelerX. The team also released the first-ever mobile SDK for layer-2 scaling.

Celer has the main goal of providing smooth operations for smart contracts, fast off-chain transactions, and offering a secure environment for dApps on all types of blockchain platforms. The idea behind the project is to help developers scale their dApps through the layer-2 protocol while providing all the necessary tools and functions to solve some of the biggest issues that smart contract platforms currently experience. As a solution framework, Celer Network acts as a support for scaling and securing some of the biggest smart contract platforms, such as Ethereum.

How Does Celer Network Work?

Celer Network is a layer-2 protocol built on top of other blockchain platforms to enable scaling and secure operations through off-chain transactions for platform users and dApp developers. The anatomy of layer-2 platforms presents a solution for scaling and interoperability, with these being two of the biggest problems for many blockchain-based networks.

Layer-2 protocols represent a great solution for scalability as the base protocol of the underlying network doesn’t have to be changed or updated for the protocol to work. Instead, a layer-2 protocol operates as a smart contract on top of a blockchain like Ethereum and interacts with off-chain applications.

The core technologies that make up the Celer Network are Side Chain technology and the Generalized State Channel Network. Thanks to side chains, Celer Network facilitates interoperability while enabling off-chain operations through the use of the GSCN. The GSCN is fairly complex but it can be compared to the Lightning Network. Just as the Lightning Network enables faster and more cost-effective transactions on the Bitcoin blockchain, the GSCN enables fast off-chain operations for blockchains like Ethereum, allowing dApps to scale.

The Celer Network Architecture

The Celer Network architecture (cStack) is built on four elements:

• cOS: The core of the network that provides the workflow.
• cRoute: A mechanism that allows an increased operations capacity by streamlining routes within the network.
• cChannel: Channels for transmitting transactions within the network.
• cApps: An ecosystem application layer used for scaling and user privacy.

The platform uses a Proof-of-Stake (PoS) consensus variation called Delegated Proof of Stake (DPoS). With this algorithm, participants may stake their coins for a reward while transferring the responsibility of validating transactions to “delegates.”

CELR holders will provide tokens for liquidity and will receive a reward for doing so. The key point of Celer is that the platform allows layer-2 scaling for any blockchain. Thus, the project covers a wide spectrum of the market, multiplies the liquidity potential, and increases the product’s reliability, coverage, and adaptation.

Who Are The Founders of Celer Network?

Celer Network was founded in 2018 by a strong team of engineers with incredibly technical and specialized experience. All four co-founders of Celer hold PhDs in Computer Science from universities like MIT and UC Berkely, and all have a work history with high-profile tech companies.

• Dr. Mo Dong is a bonified expert in the application of algorithmic game theory and protocol development. He also teaches comprehensive courses on smart contracts. He previously worked as a development engineer and product manager at Veriflow.
• Dr. Junda Liu graduated from UC Berkeley and worked with Google in 2011 to create the infrastructure for their data center. In 2014, he became one of the founders of the Project Fi mobile service. After that, he took the position of technical manager at Android Tech.
• Dr. Xiaozhou Li received his education at Princeton. Li interned at Microsoft before working at Barefoot Networks as a software engineer. Today, his published and widely-read academic works span distributed systems, networks, storage, and data management.
• Dr. Qingkai Liang holds a degree from MIT. He has worked for the MIT Laboratory for Information and Decision Systems (LIDS), Bell Labs, and Google as a software engineering intern. His research focuses on learning and controlling problems in networked systems, namely online learning algorithms in adversarial networks.

What Makes Celer Network Unique?

Celer Network is not the only layer-2 scaling platform, but it nevertheless has some unique characteristics.

Celer Network provides support for multiple blockchain platforms and environments. For example, DFINITY’s Internet Computer and Ethereum are substantially different platforms, but Celer Network works efficiently on both networks. Moreover, Celer Network supports off-chain smart contract operations and payments, using an optimal state algorithm for routing which provides 15 times higher throughput than other state-of-the-art solutions.

Celer Network is said to be the first and only solution of its kind to enable dispute resolution, connectivity, state availability, and excess liquidity for off-chain operations. 

Celer Network development updates in 2023

Celer Network, a layer-2 scaling platform focusing on fast, secure, and low-cost blockchain applications, has made significant strides in 2023. Here’s a detailed overview of its key developments:

• Inter-chain Messaging and cBridge Bridging Support: In 2023, Celer expanded its cBridge and Inter-chain Messaging (IM) support to multiple mainnets, including Scroll, Manta Pacific, Oasis Sapphire, Linea, and Aura Network. These integrations signify Celer’s commitment to enhancing interoperability and simplifying user experiences in cross-chain transactions​​.

• Partnerships and Integrations: Celer announced several strategic partnerships, including collaborations with AltLayer and Oasis to power message-passing bridges for various networks. These partnerships are central to Celer’s mission of building a decentralized ecosystem capable of supporting large-scale, secure, private, and trust-free exchanges of information and value​​.

• cBridge Developments: The original cBridge successfully crossed over $800 million in total cross-chain transaction volume. Celer Network built cBridge 2.0, aiming to provide a simpler user experience, greater scalability, and a more robust multi-chain liquidity management system. This upgrade is designed to support billion-dollar daily cross-chain transfer volumes for mass users​​.

• Launch of cBridge 2.0 Testnet: The cBridge 2.0 Testnet was launched, introducing the community to an integrated liquidity mining farming experience. This advancement provides users a more efficient way to start farming without the need for additional steps like staking LP tokens. The Testnet received feedback from the community, which contributed to further improvements in the network​​.

• Mainnet Launch of cBridge 2.0: Following the success of the cBridge 2.0 Testnet, Celer Network prepared for the mainnet launch of cBridge 2.0. The launch was accompanied by a multi-million dollar bug bounty program and three independent smart contract security audits, underscoring Celer’s commitment to network security​​.

• Layer-2 Scaling and Technology Comparison: Celer Network’s layer-2 scaling technology enables the building of cost-effective decentralized applications (dApps). It is often compared to the Bitcoin Lightning Network for its efficiency and scalability on platforms like Ethereum, Polkadot, and other blockchains. Celer runs on a cleanly layered off-chain architecture, which allows for different implementations on each layer​​.

• Community Engagement and Feedback: The Celer community, though not the largest, has shown significant commitment and involvement in the network’s development. Community members actively participate in testing new features, providing feedback, and sharing their experiences on social media platforms​​.

• Market Performance: In terms of market performance, CELR experienced significant price fluctuations in 2023. The token saw a major rally in September, followed by a price drop in October, and then a recovery in November. As of the latest updates, CELR was trading in the green, reflecting a positive sentiment among investors​​.

The developments in Celer Network throughout 2023 reflect its continuous growth and evolution as a leading layer-2 scaling solution. The network’s focus on interoperability, partnerships, technological enhancements, and community engagement positions it as an integral player in the blockchain space, especially in the area of cross-chain functionalities.

Official website: https://www.celer.network/#

Best cryptocurrency wallet for Celer Network (CELR)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Celer Network (CELR)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).