Next to the top of our list are Celer Network – an exciting new initiative that is designed to help blockchains attain ‘internet level scaling’ using scaling methods that are off-chain to achieve trillions of transactions/second in a safe and safe environment.
Binance’s Launchpad is currently preparing to launch its third IEO in 2019. The exchange’s previous ICOs, BitTorrent and Fetch.ai, proved to be extremely successful. Both were able to raise their funds in just a few minutes, and also saw increases of between 6 and 10 times their ICO cost.
The company based in the US is aiming to raise $34 million, with $30 million of which have already been raised through private sale of private and seed. The token sale is scheduled to start on the 19th of March 19 through the Binance Launchpad Platform.
How does it work
Celer Network is developing an off-chain scaling solution for scaling the different blockchains that be able to run within its network.
Off-chain (or layer 2) scaling options are superior in theory as they permit an organization to manage smaller transactions on the blockchain, and then consolidate them into a single transaction that is recognized on the blockchain. This way they are able to cut down on the bottleneck in transactions that happens in the primary chain, while increasing the capacity of the entire system.
It is the Celer Network architecture is named Cstack and is comprised from four different layers.
- CRoute– This makes use of DBR (distributed routed with balanced) to spread payments in a decentralised and secure method. CRoute has a 15x higher capacity over Raiden and that of the Lightning Network.
- cOSIt refers to the off-chain Dapp developing framework. It manages operations, storage off-chain disputes, as well as monitoring.
- cChannelIt’s an additional sidechain solution which is designed to increase liquidity and facilitate quick state changes. The eChannel layer allows for gaming apps, exchanges insurance platforms, as well as other applications that require high-throughput to work through the Celer Network.
The CELR Token
The CELR token can be described as an ERC20-based token based upon the Ethereum blockchain. This is the official currency for Celer Network. Celer Network that will be offered for sale in the ICO.
- The total amount of CELR tokens is 10 billion
- A little over 6% will be offered for token sale.
- 1 CELR token = $0.0065
- CELR tokens will become accessible exclusively through BNB tokens
- The maximum amount an investor is allowed to invest is only $1,500.
- ICO dates run beginning on March 19 day through 24 the.
- In the ICO, tokens will be released investors within 15 days of the ICO ends.
As of now, 11.5% of the tokens have been sold during the stages of seed fundraising. Additionally, 15.5 percent of the tokens were sold through a private sale.
The primary purpose of CELR is to function as a currency platform but it is also utilized for other functions, for example:
- Evidence that liquidity is present (PoLC)
- PoLC is a digital mining process that creates liquidity to an offchain system. Users who secure CELR tokens for a period of time will be rewarded with additional CELR tokens.
- Liquidity auction backing (LiBA)
- LiBA permits Off-chain providers of services to solicit liquidity via crowd-lending (Interest rates are set by negotiation). There is a rating system for lenders, based on an “happiness score.” The score is determined by the interest rate and the amount of the provided liquidity, and what amount CELR staked. As as a lender, the higher the amount of CELR staked more, the higher importance you must provide liquidity to service companies that are not on the chain.
- State Guardian Network (SGN)
- SGN is a special side chain that permits users to report their status prior to being offline in order to be secured for a certain period of time. Users pay a cost for the protection. CELR token holders can put their tokens up to earn service fees protecting themselves.
Celer Network’s Celer Network team consists of extremely experienced founders who have all been academically successful and have received PhD degrees at UC Berkeley, Princeton University and MIT.
Mo Dongm, Co-Founder: Prior to creating Celer He was the co-founder engineering manager and the product engineer for Veriflow which was working on formal verification of networks. The expert is on applying the algorithmic game theory to the design of protocols and also provides full-stack smart contract training.
Junda Liu , Co-Founder: Junda is a Ph.D. student at UC Berkeley. Prior to creating Celer the company, he was employed by Google in 2011 to develop the data center network infrastructure. Also, he served as the founder participant in the Project Fi mobile service in 2014 and was also the Android Tech Lead for carrier services.
Xiaozhou Li , Co-Founder: Xiaozhou is also a Ph.D. winner at Princeton University. He has published work in the field of distributed systems and networking, storage as well as data management. These papers have been used as essential components of Google Tensorflow, Intel DPDK along with Barefoot Deep Insight.
Qingkai Liang, Co-Founder: Qingkai earned the Ph.D. at MIT. In his academic research, he concentrated on a variety of control and learning issues that arise from networks, focusing primarily focused on algorithms for online learning within adversarial networks. His work was successfully implemented by Raytheon BBN Technologies and Bell Labs.
Celer Network first released its whitepaper in June of 2018. Since then, they’ve seen significant progress in the creation of the project. The majority of which is available through Binance’s Research report that reveals the progress made by the personal GitHub accounts.
Their repository shows that they’ve already made more than 1,000 commits to the complete network’s nodes. Celer Network, over 1,000 commits to their Android application and 239 commits for the iOS App.
Pros and Cons
Short-Term Project Possibility: The Celer token sale will take place on one of the sides of Binance Launchpad, this has been proven as a significant advantage in the bear market by comparing the latest tokens sales of BitTorrent (10X in the ATH) as well as Fetch AI (5X in the ATH).
Utilization case The most important improvement that has been made during the last year has been the rise and acceptance Off-chain technology (Lightning Network, Raiden, Plasma, etc.). These solutions address one of the major issues with distributed ledger technologies: the ability to scale. The fact that just four to seven Bitcoin transactions per second are processed is a major hurdle towards widespread adoption.
If Celer can achieve its plan and surpass current solutions and overcome the existing solutions, this will make a significant impact on its value.
Strategic Partners: Celer has created extremely impressive partnerships with many of the most powerful organizations in the crypto industry: Pantera, DHVC, FBG Capital, Fenbushi Capital, 500 Startups, NGC, Waves and many more..
Competition: scalability is a issue that has been a focus for quite a while in the world of crypto, and there are serious competitions in the market today. The most well-known of them is Lightning Network (LN). LN offers an off-chain alternative for bitcoin. Bitcoin network. It has nearly 4000 Nodes 32.3K channels and the capacity for a day of over 3.1M USD. It’s not going to be the easiest process for Celer to be integrated into the market of off-chain solutions and get widespread acceptance.
Final Score 8.5
Team and Advisory Board :A medium-sized team with 17 members comprised of scientists, developers marketers, and designers. Each of the four founders holds the Ph.D. degree from top international institutions (MIT, Berkeley, Princeton along with UIUC). Score: 8.7
The initial stage for the Project:CelerX CelerX, which is the Celer Testnet app is already available. According to announcements by the company that their personal GitHub accounts are extremely active, with over 1,000 commits. score: 8.4
The Project’s Potential Given that this ICO will be released via Binance Launchpad the short-term potential is great, but the long-term potential is also extremely interesting because of the compelling use-case and excellent implementation. score: 9.1
Community:30K on telegram and 8.9K on Twitter. Furthermore, this project receives lots of attention because it’s launched through the Binance Launchpad and the Binance users are in a sense the community. score: 9.25
Token useNot convinced there’s enough reasons to use an HTML0 token that is native, score: 7.8
Token Sales Terms30M from the total of 34M dollars have already been raised. The public Token Sale will have a maximum hard cap of 4M USD , which is 6percent of tokens, which is only a small portion in the total tokens. With 27% sold during the private sale and seed rounds, this is a concern. Score: 7.6
Whitepaper:Well composed and specific whitepaper. score: 8.3
Technology and Code: Active. The majority of the code currently located on their private GitHub site, which, as per the company’s statements, has been active for a long time (~1,000 committed). The technology itself is to be a major breakthrough that could surpass the current off-chain solutions. Score: 8.9