What Is Celer Network?May 28, 2018
Scalability is a major concern in the world of blockchain and cryptocurrency. It has been a problem for quite some time now and will continue to be for the foreseeable future. Celer Network is looking to address this moving forward, even though it will face an uphill battle.
Celer Network in a nutshell
It is evident that scaling blockchain networks is direly needed, even though it poses a lot of challenges. By becoming the first off-chain operating network with internet-level scalability, Celer Network may become the most scalable chain in the world of distributed ledgers. Even so, it will need to offer prominent features to make all of this happen, which will remain a major challenge.
How Does it Work?
Celer Network uses a layered architecture to ensure stability and scalability. While very technical in nature, it seems to support the transformation of DApp states. More specifically, it can evolve beyond the more traditional concept of simple payments and provide many new features. The project’s documentation shows how all this will work, although it will prove difficult to grasp for most consumers.
On the scalability front, it seems Celer Network aims to achieve a throughput of 15 times the current rate of state-of-the-art solutions. That will be a tall mountain to climb, as some projects aim to process over 1 million transfers per second. Multiplying that number by a factor of 15 will pose a fair few hurdles, but if successful, Celer Network will certainly shake things up.
It is evident that off-chain solutions can play a role in the world of blockchain and cryptocurrency. Whether or not Celer Network will make an impact remains to be determined. It offers a fully decentralized technology stack with high failure resilience. Additionally, it can support any feasible payment process on a state channel network. Compared to Raiden and Lightning, Celer may be capable of achieving true unprecedented scalability, according to its developers.
What Comes Next?
As is the case with any blockchain infrastructure, there is still plenty of work to be done before Celer’s goals can be achieved. Celer Network is a project which represents a major undertaking, albeit one that will not necessarily be all that easily brought to market. After all, a lot of blockchain projects have come and gone with similar ambitions, yet they almost all failed eventually due to unforeseen problems. Whether or not Celer Network will fare any better remains to be seen.
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