CELR Explained
Celer Network (CELR) is a blockchain project focused on providing a layer-2 scaling solution for off-chain transactions and smart contracts. Here’s more information about Celer Network:
Owner: Celer Network is developed by Celer Network Corporation, a company co-founded by Dr. Mo Dong and Dr. Junda Liu. Dr. Mo Dong, the CEO of the company, is a former Google Tech Lead and has extensive experience in the technology industry.
Uses: Celer Network is designed to improve the scalability and usability of blockchain networks, particularly Ethereum. It aims to enable faster and more cost-effective transactions by moving many transactions off-chain and only settling the final results on-chain. The CELR token is used within the network as a utility and governance token. Users can stake CELR to become a part of the Celer Network’s layer-2 validator ecosystem and earn rewards.
Seed Sale: Celer Network conducted a private token sale and a public initial exchange offering (IEO) on the Binance Launchpad in March 2019. The IEO raised funds for the development of the project.
Working Principles: Celer Network operates as a layer-2 scaling solution. It uses a technology called “cChannel” to create a virtualized layer-2 scaling platform. This allows users to conduct off-chain transactions with minimal fees and near-instant confirmation. The network also supports state channel technology, enabling efficient smart contract interactions off-chain.
Limitations: While Celer Network aims to provide significant scalability improvements, it is essential to understand that layer-2 solutions are dependent on the security and decentralization of the underlying blockchain network, in this case, Ethereum. Additionally, the adoption of layer-2 solutions can vary, and not all applications and users may choose to use them.
Current Value: The value of the CELR token can be found on various cryptocurrency exchanges. Its value is subject to market fluctuations, so it’s important to check a reliable financial news source or cryptocurrency exchange for the most up-to-date pricing information.
How to Buy and Sell the Coin: To buy and sell CELR tokens, you can follow these general steps:
- Choose a Cryptocurrency Exchange: Select a cryptocurrency exchange that lists CELR. Major exchanges like Binance, Huobi, and OKEx typically offer CELR trading pairs.
- Create an Account: Sign up for an account on your chosen exchange and complete the necessary identity verification process.
- Deposit Funds: Deposit your desired amount of fiat currency or other cryptocurrencies into your exchange account.
- Place an Order: Once your account is funded, you can place an order to buy CELR tokens. You can place market orders (buy at the current market price) or limit orders (specify the price at which you want to buy).
- Secure Wallet: After purchasing CELR tokens, it’s advisable to transfer them to a secure cryptocurrency wallet for added security. Hardware wallets or software wallets like MetaMask provide control over your assets.
- Selling CELR: To sell CELR tokens, you can place a sell order on the exchange when you’re ready to do so. You can trade CELR for other cryptocurrencies or fiat currency, depending on the exchange’s supported trading pairs.
Always ensure that you follow best practices for cryptocurrency security and research the exchange you choose thoroughly. Be aware of the regulations related to cryptocurrency trading in your region as well
