Celer Network claims to be the most advanced layer-2 off-chain scaling network today, which can process thousands of transactions per second through smart contracts. It is currently expanding its ecosystem to include a test app called CelerX, a mobile eSports app that allows players to earn real money competing in skills-based games, while developers can create their own games with only two lines of code and hopefully monetize their work up to 10 times.
MoreCeler Network guarantees faster validation and speed of transactions through its off-chain smart contracts, wherein only interested parties agree instead of waiting for all participants to validate every transaction, which usually happens in blockchain platforms like Ethereum and Bitcoin. It also offers lower transaction fees with zero-fee smart contract transactions, up to 10,000 times reduced latency per transaction, horizontal scalability through extra nodes, and cryptoeconomic incentive scheme through proof of liquidity and a state guardian network.
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Celer Network is a Singaporean-based company launched in 2018 by founders Xiaozhou Li, Junda Liu, Qingkai Liang, and Mo Dong. Other team members are computer scientists who graduated from prestigious universities, such as UC Berkeley, MIT, and Princeton. Over the years since its launch, it has already released some products. In 2019, it rebranded cWallet, which it launched in 2018, into CelerX, which now has over 3,000 users in more than 35 countries. The company has also received a total funding of $6.1 million, including in its latest funding round in the first quarter of 2021.