Celer Network was one of the ICO’s that was raising funds throughout 2018 and recently on the Binance Launchpad. ICO’s themselves raised around $8 Billion USD in 2018 up from 2017. As the Crypto markets have been facing a long term bear market due to the big bubble burst in early 2018, projects have been building behind the scenes and continuing to raise funds. Some of these companies have shifted their focus as the technology capability has increased and Celer is one of these companies. The goal of Celer network is to add what are called “Layer 2 Solutions” and what this means is technology built on top of other technologies to improve its efficiency.
“Celer Network is the most advanced layer-2 scaling platform to build fast, easy-to-use, low-cost and secure blockchain applications at internet scale through innovations in off-chain scaling techniques and incentive-aligned cryptoeconomics.”
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Focus on Gaming + Scalability
When you attend Blockchain conferences, a lot of the talk has shifted onto gaming. One of the harbingers of Crypto could very well be gaming and if you look at the history of Cryptocurrency, the pioneers were people with backgrounds in IT, programming and gaming. Celer has released an App called “CelerX” and focuses on improving game play and transaction speeds. The problem with a lot of “dApps” (Decentralized Applications) is that they are too slow to use. Why would anyone want to play a game that is slow and laggy? This has been a problem Blockchain startups have been racing to achieve. The organizations that solve scalability will win and become the next giants in tech. Interestingly, a lot of Blockchain companies have improved scalability but they lack platform adoption and gaming was a key component in driving adoption by the masses.
Many hardcore gamers scoff at Blockchain games proclaiming “game play sucks” and “why would anyone want to use these with so many options already out there that aren’t Blockchain based?” This is definitely a true statement they are making. However this is experimental technology and companies like CelerX have tried to woo gamers with rewards for participating in this experiment. CelerX is not the only platform with this marketing strategy, other Blockchain companies have deployed this to gain a user base and it seems to work.
Celer Forming Alliances
Celer has been focused on solving Layer-2 solutions and not reinventing the wheel. They have been focused on forming partnerships with other startups like Dfinity, IoTex, QuarkChain, Qtum, ChainLink, Aelf, Nervos and L4. Celer has also reached some major milestones as far as building a community. Seldom discussed in 2018, they managed to get accepted onto the Binance Launchpad. This is quickly becoming the go to place to raise money using the ICO process. So technically the Initial Coin Offering game is far from over, because Binance has figured out a way to carefully vet and select certain projects it deems as worthy of using the Launch Pad.
The team at Celer is comprised of some pretty academically accomplished individuals including PHDs from MIT, Princeton, Berkeley, and engineers from Google, Amazon, Oracle, and HP. They state their main goal is mass adoption. This is nothing new as all Blockchain companies want to win adoption and become the next Googles and Apples in the Blockchain world. Celer also has its own wallet the – cWallet.
Cool Tech – Who Will Win Adoption?
Binance ushering Celer onto its platform is definitely a sign this company is going places in the long run and its a no brainer that Binance is also going places long term, they are focused on building a trading industry around Crypto and being the forefront of it. The way I see it, the companies solving the biggest problems will emerge at the top and acquire other Blockchain companies that are also advancing and solving problems. It may take a few years but the bear market is the wrong place to look for investors. They need to understand what is going on behind the scenes and under the hood and get educated on more than just technical analysis. For those who got into the Binance Launchpad sale for Celer, they were lucky to see 400% gains! It will be interesting to see what happens with the next offering. Celer Network is a company worth keeping an eye on long term.