Hello and welcome to this blog post about Celer Network CELR White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Celer Network CELR white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Celer Network (CELR).
I can ensue you that, you will be able to understand every bits and pieces related to Celer Network (CELR) after going through the Celer Network CELR white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Celer Network CELR White Paper
Celer Network CELR white paper will be going to provide you, all the information that is needed to get started with Celer Network (CELR), including the inspiration for creating, the problem it is trying to solve and the solution proposed by Celer Network (CELR).
“ Just like how the 56Kbps dialup Internet in the 90s cannot possibly support 4K video streaming, the insucient scalability of today’s blockchain is the key factor limiting its use cases.
Current blockchains have low throughput because each operation needs to be processed by the vast majority of nodes to reach on-chain consensus, which is exactly ”how to build a super slow distribution system”.
Ironically, the on-chain consensus scheme also leads to poor privacy as any node can see the full transaction history of one another. While new consensus algorithms keep getting proposed and developed, it is hard to free on-chain consensus from its fundamental limitations.
Off-chain scaling techniques allow mutually distrustful parties to execute a contract locally among themselves instead of on the global blockchain.
Parties involved in the transaction maintain a multi-signature fraud-proof off-chain replicated state machine, and only resort to on-chain consensus when absolutely necessary (e.g., when two parties disagree on a state).
Off-chain scaling is the only way to support fully scale-out decentralized applications (”dApps”) with better privacy and no compromise on the trust and decentralization guarantees.
It is the inflection point for blockchain mass adoption, and will be the engine behind all scalable dApps. Celer Network is an Internet-scale, trust-free, and privacy-preserving platform where everyone can quickly build, operate, and use highly scalable dApps. It is not a standalone blockchain but a networked system running on top of existing and future blockchains.
It provides unprecedented performance and flexibility through innovation in off-chain scaling techniques and incentive-aligned cryptoeconomics.
Celer Network embraces a layered architecture with clean abstractions that enable rapid evolution of each individual component, including
- a generalized state channel and sidechain suite that supports fast and generic off-chain state transitions;
- a provably optimal value transfer routing mechanism that achieves an order of magnitude higher throughput compared to state-of-the-art solutions;
- a powerful development framework and runtime for off-chain applications; and a new cryptoeconomic model that provides network effect, stable liquidity, and high availability for the offchain ecosystem.”
White Paper Link: Celer Network CELR White Paper
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