What is Celer Network? Interview with CEO Mo Dong with Grace Pham

By Le Thanh | Interview / AMAs

What is Celer Network

Surely you still remember the trend IEO bloomed in February this year. After two IEOs are BitTorrent and Fetch.AI, with a record purchase within minutes, Binance Launchpad has continued to launch its third IEO project of the year, Celer Network (CELR).

So, half a year after that IEO period, how is the Celer Network project working? Let's Coin98 Find out more about the project in the summary of important content summarized from the AMA with Mo Dong - Co-founder and CEO Celer!

Celer Network is a second-class extension platform that makes off-chain transactions specialized for payment (and off-chain Smart Contracts) faster, more convenient and more secure.

What are the main advantages of Celer Network? Does Celer plan to collaborate with major PC games?

The main advantage of Celer Network is to help improve the dApp user experience as smoothly as normal applications with the Layer 2 expansion technology below.

Applications running on Celer do not experience any kind of delay like Blockchain and users can interact instantly.

In addition, Celer will also consider cooperation with major brands and games on the PC.

So what is Celer X?

Celer X is an eSport gaming platform built on Celer Network. When participating in Celer X, users can play fighting games and earn cryptocurrencies.

What is CELR?

CEL is is the exchange unit used in Celer Network.

In addition, CELR is also known as Binance's third IEO project of the year on Binance Launchpad after the craze for BitTorrent (BTT) and Fetch.AI (FET).

CELR tokens are used for a variety of purposes. So according to the project, what is the main use of CELR?

In addition to the CELR, the base token of cEconomy project is also used to secure Layer 2 network.

In addition, CELR is also used to:

  • CELR acts as a motivation to maintain a stable and abundant liquidity group in the Proof of Liquidity Commitment process.
  • CELR is used in Liquidity Backing Auction to increase the priority of the bid to support liquidity.
  • CELR is used in the State Guardian Network.
  • CELR tokens can also be used to pay service fees and transaction fees to off-chain service providers.

Is the Lightning Network a competitor to the Celer Network?

Celer Network is the only platform that can provide instant and free trading.

Compared to the Lightning Network, they only support Bitcoin and simple payment. Meanwhile, Celer supports many different blockchains and smart contract transactions quite well.

In the current bearish market, does Celer have any plans to create confidence for investors to trust and hold CELR in the long run?

With a modern network and advanced technology support, Celer Network is continuously promoting technology, developing many products and an open, sustainable developer ecosystem. Moreover, Celer Network is also aiming to promote the momentum of applying Blockchain technology in mass.

There are a lot of applications, especially games built with Celer Network's technology. You can find out more about those applications at celerx.app.

How important are developers to Celer Network?

Developers are important to Celer. The goal of the project is to help the Celer Network's developer ecosystem grow naturally and sustainably. Currently, Celer has released CelerX eSport Gaming SDK.

What is Celer Network solving?

Celer Network is trying to support faster transactions on Blocckhain with extremely low fees. The goal here is to make every Blockchain application as smooth as any normal application.

The main advantage of Celer is support for zero-fee smart contract transactions and real-time interaction between users. This feature is not included in any other solution.

How do you get Celer Network on Facebook's Libra platform?

Celer is a Layer 2 extension platform and can work on any other Layer 2 Blockchain, including Libra.

When providing 100% liquidity, Celer Network will receive interest. However, if the borrower does not intend to pay the debt, what will the project do?

Celer Network will provide an open market and borrowers can freely put down collateral to lend.

If lenders trust the borrower, the mortgage rate may be reduced. However, if the lender does not trust the borrower, it may be subject to excessive collateral like the DAI. Celer Network provides a very flexible model for cEconomy to work.

The direction of Celer Network development in the near future

Celer Network is an open platform. Although the project is currently focused on CelerX mobile application. However, in the near future, Celer Network will not forget to continue the following plans:

Duplicate game business model

Celer Network realized this model was working. Therefore, the project will endeavor and spend a lot of time to develop the gaming ecosystem on Celer.

The project will connect with more developers, attract more users and show the world the usefulness of Blockchain. From there create tangible value for current businesses and promote mass adoption momentum.

Maintain decentralization and expand the Celer ecosystem

Celer Network will continue to develop open source, constantly updating node software and standardizing the Ethereum Layer 2 expansion protocol.

The team hopes to meet the open community standards so that all Layer 2 projects can interact with each other. This also includes security audits on multiple fronts to ensure long-term stability of the platform.

Celer is also expanding to support more Blockchain and many other applications on the market.

Launch of cEconomy

Celer Network will launch the cEconomy project, including the staking system in the third and fourth quarters.

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