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Rbc Managed Payout Solution Enhanced Index Fund

logoCeler Network (CELR)

A Layer-2 Scaling Platform That Enables Fast, Easy, And Secure Off-Chain Transactions.

  • Celer Network is a layer-2 scaling platform that aims to enable fast, easy, and secure off-chain transactions for payments and generalized off-chain smart contracts. The project's mission is to bring "mass adoption for blockchain" by providing a frictionless experience powered by layer-2 scalability technology.
  • The Celer Network enables anyone to quickly build, operate, and use highly-scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned crypto-economic mechanism designs.
  • The Celer team has launched CelerX, an application that showcases the quick transaction process on the Celer Network. It also features a dedicated SDK and developer portal.
  • CELR token is an ERC-20 token on Ethereum serving multiple functions such as for multiple incentive system, and for service and transaction fee to off-chain service providers.

1. What is Celer Network (CELR)?

  • Celer Network is a layer-2 scaling platform that enables fast, easy, and secure off-chain transactions for payments and generalized off-chain smart contracts.
  • Founded by four PhDs from MIT, Princeton, UC Berkeley and UIUC, the network enables anyone to quickly build, operate, and use highly scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned cryptoeconomics mechanism designs
  • The Celer team has launched CelerX, a testnet app that showcases the quick transaction process on the Celer Network.
Ticker CELR
Issuing Price $0.0067 USD
Initial Circ. Supply 1,965,033,333 (around 20% of Total Supply)
Total Supply 10,000,000,000 CELR
Project Website https://www.celer.network/

Some of its key features include:

  • Zero-fee off-chain smart contracts: Celer does not have any off-chain smart-contract transaction fee.
  • On-chain latency and fee reduction: it has already achieved 10,000x transaction latency reduction. Besides, a 100x fee reduction for micro-payment on Ethereum comparing to directly transacting on Ethereum.
  • Smart scalability: Horizontally scalable as additional nodes join. Also, it offers the optimal off-chain payment routing algorithm.
  • Blockchain agnostic: Celer currently supports Ethereum, DFINITY, and all EVM-compatible blockchains.

The CELR token drives cEconomy, the off-chain cryptoeconomic incentive structure of Celer Network in the following ways:

  • CELR tokens serve as an incentive for maintaining a stable and abundant liquidity pool in Proof of Liquidity Commitment process.
  • CELR is used in Liquidity Backing Auction to increase the priority of liquidity backing bids and, therefore, statistically increase the liquidity interest payout.
  • CELR is used in State Guardian Network as a membership staking token to protect state availability, provide connectivity oracle, and act as a dispute state transition computation engine. CELR token stakers receives service fee for the various services they provided for the network.
  • CELR token can also be used to pay the service fee and transaction fee to off-chain service providers.

Celer provides a two-sided value proposition to both developers and end-users of the network:

  • For users:
    • Instant interaction: backed by an advanced off-chain operating network, Celer upgrades the slow dApps on the blockchain with a 10,000X faster, interactive user experience. This allows users to engage with dApps for a variety of things, such as executing instant payments, trading on decentralized exchanges with no delay, and playing games with millisecond latency.
    • Lots to play: Celer is the gateway to a fun and interactive decentralized world, where users can find a variety of Celer-accelerated apps powering everything from instant payments to interactive games and prediction markets. New apps are regularly being developed and added by the community.
    • Spend less and earn more: with Celer's off-chain payment capability, users can pay arbitrarily small payments to anyone with zero fees. This translates to instantly higher earning for merchants using Celer Network. In addition, Celer enables advanced off-chain smart-contract execution capability.
  • For developers:
    • Easy-to-build: Celer SDK is available for ll platforms: iOS, Android, and Web. No need to learn new smart contract language for an existing blockchain platform. Minimal efforts to transform existing slow dApps to highly interactive dApps powered by Celer.
    • Drive mass adoption: through greatly enhancing the user experience, Celer reduces user-friction for blockchain applications, thereby accelerating the mass adoption of decentralized applications.
    • Ease of monetization: popular application does not always mean easy monetization. However, on Celer, application developers can host a full node to join the Celer Network and easily harvest revenue through the application's value flow.

2. Celer's key products

2.1 CelerX and the "cStack"

In February 2019, the project launched CelerX, the rebranded version of cWallet. CelerX, the mobile user entry point for Celer Network's newest Sirius testnet, now has more than 3,300 users, and more than 28,000 Gomoku games played in total.

Users come from 40+ countries all over the world, and opponents could potentially come from the United States, China, United Kingdom, India, Germany, Singapore, Japan, Russia, etc. On average, each user spent about 18 minutes on CelerX.

More details can be found here.

Celer Network released cWallet, a user-facing alpha on Android and iOS platforms in October 2018. In recent updates, cWallet has been rebranded to CelerX. CelerX now allows users to send payment instantly without any transaction fee and also showcase Gomoku, an interactive turn-based board game where users can compete with friends on the outcome of the game and win ETH in an entirely trust-free way. This game is a demonstration of Celer Network's power of off-chain smart contracts.

cstack

Celer Network's comprehensive cryptoeconomics & technology stack.

More details can be found here.

2.2 CelerX's testnet

Despite no monetary incentive for people to stay on the testnet, CelerX has reached 3,300 Monthly Active Users (MAU), and its highest Daily Active User (DAU) recorded was 396. In total, there are 28,924 Gomoku games played monthly with 9 games played per user, on average. The off-chain transactions were carried out with millisecond-level latency, which encouraged a +21% 7-day user retention rate in the app.

On the current testnet, Celer achieved 20ms-blockchain transaction confirmation latency.

As of now, the project is running the testnet, so there is no fee involved. However, when Celer switches to mainnet, the transaction fee on Celer is going to be completely free for most of the blockchain transactions (i.e., off-chain smart contract). On the Centauri testnet, Celer has processed over 1.1 million off-chain transactions.

testnet

Celer Network Sirius Testnet User Statistics.

2.3 Example of hackathon projects built on top of Celer

  • Off-chain prediction market
  • Micro services with SLA guarantee
  • IDE UX for developing on Celer Network
  • Financial derivative trading market with instant order matching
  • Interactive game on Celer
  • Battle Bombers | YouTube video demo
  • Ethergram video demo
  • Bears, Bulls, & Bufficorns |video demo

3. Economics and supply

Token Name CELR
Token Type ERC-20 (as of TGE)
Seed Sale Allocation 11.5% of Total Supply
Seed Sale Date April 2018
Seed Sale Price $0.0065 USD / CELR
Seed Sale Amount Raised $7.46 MM
Private Sale Allocation 15.5% of Total Supply
Private Sale Completion Date August 2018
Private Token Sale Price $0.0150 USD / CELR
Amount Raised $23.25 MM
Launchpad Sale Allocation 6% of Total Supply
Launchpad Sale Price $0.0067 USD / CELR
Launchpad Sale Date 19 March 2019
Amount Raised Public Sale $4.0 MM
Current Circulating Supply 1,965,033,333 (~20%)

3.1 Token supply distribution

The token supply distribution is as follows:

  • Seed sale tokens comprise 11.5% of the total supply. It was completed in April 2018 for ETH at a rate of 76,000 CELR = 1 ETH and raised a total of 15130 ETH (~$7,475,000) at ~$0.0065 per token, selling 11.5% of the total token supply.
  • Private sale tokens comprise 15.5% of the total supply. It was completed in August 2018 for ETH at a rate of 31400 CELR = 1 ETH and raised a total of 49363 ETH (~$23,250,000) at ~$0.0150 per token, selling 15.5% of the total token supply.
  • Launchpad sale tokens comprise 6.0% of the total supply. It was successfully conducted on March 19th 2019, CELR for a total raise of ~$4,000,000 USD worth of BNB at ~$0.0067 per token for 6.0% of total token supply. The BNB to CELR rate will be determined on the day of the sale.
  • Team tokens comprise 18.3% of the total supply.
  • Advisors tokens comprise 1.7% of the total supply.
  • Foundation tokens comprise 17% of the total supply.
  • Marketing & Ecosystem tokens comprise 5.0% of the total supply.
  • Mining Rewards tokens comprise 25% of the total supply.
CELR token distribution (%)

3.2 Token governance and use of funds

As of 01 March 2019, Celer has used approximately 15% of TGE funds according to the allocations below:

  • 70% Technology Development.
  • 15% Marketing.
  • 10% Legal.
  • 5% Business Development and Misc.

3.3 Treasury and strategy

Celer has prioritized progress on their development and has thus spent a majority of funds for hiring top technical talent.

Tokens are stored in cold wallets with multi-signature support enabled.

The following chart represents the number and breakdown of all CELR tokens that are intended to be released into circulation on a monthly basis.

CELR token release schedule

Note: The disbursal of PoLC Mining Rewards is subject to change as the project works on incorporating takeaways from its testnet activities.
However, 25% of the total token supply set aside for mining rewards is not slated to change the length in years that the block rewards are spread over.

4. Roadmap, updates, and commercial partnerships

4.1 Communicated vs. completed milestones

PLANNED DATE MILESTONE ACTUAL DATE TIMING COMMENTS
2018: Q3 cChannel: generalized state channel contract release cRoute: continued research and evaluation cOS: SDK private beta release cEconomy: PoLC testnet launch Community: onboard 400 app developers 2018: Q3 On Time cChannel public repo cRoute research continued with the writing of an academic paper SDK was released privately to prepare for ETHSF hackathon release PoLC testnet internally launched on private testnet Celer Network developer course reaches more than 1150 signups
2018: Q4 cChannel:initial multi-blockchain support (supporting ETH, DIFNITY and all EVM based blockchain) 2018: Q3 Early Added full support for DFINITY in August
2018: Q4 cRoute: large-scale emulation and algorithm tuning cOS: SDK public v1.0 release cEconomy: PoLC mainnet ready community: first off-chain service provider launch 2018: Q4 On Time cRoute: Published and presented research paper with a top US university CelerSDK: multiple hackathon hackers have used Android, and iOS SDKs PoLC is mainnet compatible in private repo Community: single OSP serving all testnet transactions
2019: Q1 Public alpha launch of consumer-facing off-chain application platform cWallet (now rebranded CelerX) 2018: Q4 Early CelerX App YouTube Medium
2019: Q1 Apps: launched two consumer-facing off-chain dApps External wallet integration 2018: Q4 Early Korean wallet CoinUS successfully integrated CelerSDK and waiting for mainnet to launch

By Q4 2018, some of the projects built on top of Celer included: an off-chain prediction market, a microservices with SLA guarantee, a better IDE UX for developing on Celer Network, a financial derivative trading market with instant order matching, and interactive games on Celer.

4.2 Updated roadmap

Q1 2019

  • cChannel: enhanced generalized state channels with more use case support.
  • cRoute: initial implementation & testing.
  • cOS: SDK public v2.0 release, focus on the integrated flow of mobile and web.
  • cEconomy: PoLC and LiBA security audit, SGN testnet alpha launch.
  • community: onboard third-party Apps.

Q2 2019

  • cChannel: gradual Ethereum mainnet roll out and continued blockchain expansion and integration.
  • cRoute: test and initial deployment.
  • cOS: SDK public v3.0 release.
  • cEconomy: PoLC mainnet launch.

H2 2019

  • cChannel: full cross-chain interoperability.
  • cRoute: production measurement and optimization.
  • cEconomy: SGN and LiBA mainnet launch.
  • cOS: SDK public v4.0 release to enhance UX for real-world use cases.
  • Community: continue to grow Celer-enabled application ecosystem with sustainable new app adoption funnel strategy.

4.3 Commercial partnership and business development progress

  • DFINITY: DFINITY is a public blockchain system whose protocols generate a reliable "virtual blockchain computer" running on top of a peer-to-peer network upon which software can be installed and can operate in the tamperproof mode of smart contracts. Celer has implemented full smart contract support as the first off-chain scaling solution on DFINITY platform.
  • L4: L4 is helping build Counterfactual, an open-source framework for generalized state channels on ethereum. Celer is working with L4 to develop a common off-chain scaling standard for the Ethereum ecosystem.
  • Nervos Network: Nervos Network is a blockchain network and DApp platform built with a layered architecture. Celer is collaborating with Nervos to refine the layered blockchain architecture with a close feedback loop and has identified several key cases of cross-layer optimization and interface alignment.
  • Quarkchain: QuarkChain is a next-generation public blockchain system that leverages sharding as a horizontal scalability approach. Celer is piloting a cross-shard off-chain transactions system in Quarkchain's sharded blockchain architecture.
  • QTUM: With its unique account abstraction layer, QTUM successfully bridges Bitcoin's UTXO model with Ethereum smart-contract execution. Celer is testing out Qtum's new x86 virtual machine and comparing that with EVM and other VM architectures for off-chain scaling.
  • Atlas Protocol: Atlas Protocol (ATP) is an application layer protocol of tokenized marketing, aiming to define a new on-chain interactive ads paradigm. Celer is partnering with Atlas Protocol to break the technical barriers of on-chain interactive advertising by using off-chain scaling techniques.
  • DxChain: DxChain is the world's first decentralized big data and machine learning network powered by a computing-centric blockchain. Celer will develop and integrate off-chain scaling solutions on top of DxChain to further boost its scalability.
  • 500 Startups: After sorting through 1700+ applications, Celer Network was selected to be one of the final 22 teams joining 500 Startups' Batch 24 in San Francisco. Celer joined the 500S' blockchain track with a focus on accelerating growth and aiming to contribute to the development of the blockchain ecosystem globally.
  • Chainlink: Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Celer is working on a design pattern that combines off-chain conditional state transition with an on-chain oracle dependency. This collaboration introduces the capability to combine real-world information and layer-2 scalability.

5. Project team

Celer Network was founded by PhDs from MIT, Princeton, UC Berkeley, and UIUC and has a deeply technical engineering team with years of industry experience from top startups or technology giants like Google, Amazon, Cisco, HP and more. Currently, Celer has 16 full-time team members.

Mo Dong

Co-founder

Research and engineer experience on networking protocol design, distributed systems, formal verification and Game Theory to scalability challenges of blockchain systems. Work was published in top conferences, won Internet2 Innovative Application Award and is being adopted by major Internet content and service providers.

Qingkai Liang

Co-Founder

Authored over 15 top-tier papers and invented 5 provably-optimal adversarial resistant routing algorithms that have been successfully applied in the industry (Raytheon BBN Technologies and Bell Labs). Recipient of Best Paper Nominee at IEEE MASCOTS 2017 and Best-in-Session Presentation Award at IEEE INFOCOM 2016 and 2018.

Junda Liu

Co-Founder

First to propose and develop DAG based routing to achieve nanosecond network recovery (1000x improvement over state of art). At Google, he developed a dynamic datacenter topology capable of 1000 terabit/s bisection bandwidth and interconnecting 1 + million nodes. Holds 6 US patents and published numerous papers in top conferences.

Diwaker Gupta

Head of Engineering

Former Eng. Lead for Machine Learning at Dropbox, Director of Eng. at Magintics

Xiaozhou Li

Co-Founder

Enjoys building high-performance and cost-efficient systems. Works have been published at top venues in distributed systems, networking, storage, and data management, and have become core components of widely deployed systems including Barefoot Deep Insight, Google TensorFlow, and Intel DPDK.

Michael Zhou

Platform Developer

Changfeng Liu

Platform Developer

Raja Daoud

Platform Developer

Yunjia Dai

Platform Developer

Xuefeng Zhu

Platform Developer

Yan Zhang

Mobile Developer

Jinyao Li

Mobile Developer

Zixuan Wang

Mobile Developer

Pengying Wang

Marketing & Ops

6. Celer's activity and community overview

6.1 Development activity

Celer has a robust community development and growth strategy targeted at both end-users and developers designed to successfully build a thriving blockchain ecosystem based on a staged rollout model.

In the first stage, Celer is focused on general market education and developer community building. The community's organic growth has been cultivated through long-term general education materials posted in Medium, Reddit, and many other channels.

Celer has spent the majority of their efforts thus far in cultivating a strong developer community. To lower the barriers to entry for developers, the Celer team released a full-stack 12-lesson course to teach Ethereum Solidity dApp development. Registering over 2,000 students, the team also leveraged access to the students of this course to begin growing its awareness within the developer community. The project has also recently released courses for Celer SDK. With the existing knowledge of the previous course, developers only need to spend another 60 mins and can start to develop based on the Celer Network SDK immediately.

The Celer team organizes weekly State Channel Researchers Calls that gather all the teams in the world studying and working on state channel research and development. The purpose of this call is to have a communication channel between multiple teams so they can discuss and arrive at a community standard on the API surface. The project believes community standards are super important for developer adoption as they significantly lower the risk of "wasted work" for early adopters. The project also believes it is important to collaborate in this phase among seemingly competing teams in order to first create a viable market. The researcher call is also a place to discuss the most cutting-edge advancement of off-chain scaling research, and a lot of innovative ideas are exchanged during the calls.

Thirdly, the project was invited to several top tier developer-oriented conferences, workshops, and hackathons. Celer has also been hosting high-quality developer meetups and gatherings globally. As an example, the project was invited as a speaker at CESC, ETHIS, Off-the-chain Master Workshop, and many more high-profile conferences. In Prague, the project hosted a layer-2 meetup, which gathered all the teams in the world working on layer-2 scaling into one room to discuss the important issues of layer-2 scaling and challenges ahead. The project was selected from 1000+ submissions to give a talk on Ethereum Devcon 4 about Celer Network and was invited as a judge for the ETHSF Hackathon, ETHSingapore Hackathon, and ETHDenver Hackathon in February 2019.

For more details, please see the annual Celer report here.

Telegram
Twitter
Medium
Facebook
WeChat (Official Account) (CelerNetwork技术社区)

7. Appendix

7.1 Additional resources

  • Celer Whitepaper
  • Celer Pitch Deck
  • Celer Product Page
  • Celer Discord
  • Celer Meetup.com Group

7.2 Videos

  • Celer YouTube Channel
  • User Interviews
  • Celer Network Layer-2 Crypto Economics Mechanism Design
  • Devcon4 Scalability Keynote: Build and Operate Internet-Scale Ethereum dApps on Celer Network
  • State Channel Researchers Call
  • cWallet (old version of CelerX) demo
  • Celer Overall Architecture (Coin Crunch)
  • Series of Layer-2 Crypto Economics

7.3 Advisors

  • Dr. Christos Kozyrakis (Professor of Electrical Engineering and Computer Science at Stanford University, a fellow of the ACM and the IEEE. He is broadly interested in secure and energy-efficient distributed systems.)
  • Dr. Alan Mishchenko (Research Scientist at UC Berkeley since 2002. He specializes in building fast and scalable tools for design automation and developing computationally efficient methods for logic synthesis and formal verification.)
  • Dr. Shoucheng Zhang (Professor of Physics at Stanford University, a fellow of the American Academy of Arts and Sciences and the US National Academy of Science. He founded Danhua Capital in 2013 and served as the Chairman.)

Rbc Managed Payout Solution Enhanced Index Fund

Source: https://research.binance.com/en/projects/celer-network