Celer Network recently announced support for Polkadot with the release of its state channel substrate modules.
This news comes shortly after Celer Network rolled out its 2021 roadmap. The Celer state channel network has been running on the Ethereum mainnet for one and a half years.
🎉We are excited to release the State Channel Substrate Module that supports layer-2 scaling and instant payments on @Polkadot with full feature-parity of the Ethereum's version. Cross-parachain support is next in line! https://t.co/Md2YaVyF4u
— CelerNetwork (@CelerNetwork) January 19, 2021
Now, the Celer developer community has built the Celer state channel substrate modules. This achievement marks the introduction of a generalized state channel which serves as a Layer 2 scaling solution to Polkadot. With these modules, a new parachain can be created to operate and host state channels.
These modules can be imported to other substrates. In this way, the modules also have the compatibility to resolve off-chain state transition dependencies and send conditional payments.
Structure of the Celer State Channel Substrate Modules
Two substrate modules are available in this release. First, there is a generalized payment channel, supporting efficient token transfers off-chain. This substrate works with conditions on on-chain verifiable states. Then, there is also an application state channel framework that is capable of expressing any logic to produce outcomes. Such outcomes can serve as payment conditions.
Currently, the generalized payment state channel substrate module has achieved complete feature parity. This feature parity has been achieved on Ethereum with Celer’s state channel contracts. As a result, there is a full-duplex channel that has all the necessary operations that will be useful for the full channel life cycle.
Features of the Generalized Payment Channel
The features available in the Celer state channel substrate modules include native token support. This implies that users will also be able to open a substrate-based channel using the Polkadot native token. There is also a generalized state channel that resolves dependencies of conditional state. These dependencies can be resolved through dependent virtual channels.
Another feature is the full-duplex channel that provides support for two independent simplex (single-direction) channels in a duplex channel. As a result, off-chain communications can be more efficient and much simpler. There is also the Boolean condition Interface that helps to define the condition in which boolean value is returned.
When it comes to withdrawal, there is a dynamic withdrawal method that enables the withdrawal of funds even before the channel is finalized. This withdrawal can be made as long as there are no disagreements among peers during the challenge period. There is also the cooperative dynamic withdrawal method that skips the challenge period entirely. The funds are withdrawn before the channel is finalized as long as both peers have reached an agreement.
More features include the lightweight cooperative on-chain checkpoint. This checkpoint offers support for snapshotting transfer map of co-signed states on-chain. In addition, there is a batch multi-channel settlement that works towards settling multiple channels in one batch. Such settlement is achieved using a single on-chain transaction.
In its bid to continue leading in the state channel technology space, Celer has also rolled out its roadmap for 2021.
Celer Roadmap Update for 2021
In 2021, Celer hopes to introduce multihop cross-chain transaction functionality. As there is a gradual upgrade of the Layer 2 scaling paradigms, the popularity of various Rollup flavors are also on the rise. However, the major challenge is that there is usually a long delay and poor user experience during interactions between Layer 2 and Layer 1 and also between Layer 2 rollups themselves. With multihop cross-chain transaction functionality, such challenges can be addressed.
Since 2020, there has been great progress in the Layer 2 optimistic rollup as great teams like Arbitrium, Optimism, and Fuel Labs are working on the new technology. However, there are still many challenges, and Celer hopes to address those challenges this year.
For instance, it is known that the rollup chains only offer “eventual security” in the case of a malicious sequencer. The reality is that the security implication of a malicious sequencer looking to disrupt the chain is not well studied. Solving this issue will involve the monitoring of the sequencer’s behavior through decentralized and incentive-aligned watchtower services.
Celer also plans on being actively engaged with the community in 2021. It plans on having active discussions focused on governance and the direction of technology. Celer will also produce and release more tech talks, outreaches, technology blogs, and educational materials.
Celer Network Price
As of the time of publication, Celer Network (CELR) price was $0.00854181, with a 24-hour trading volume of $7,671,188. CELR price also went down by 6.7% over the last 24 hours. Besides, it has a circulating supply of 3.9 billion CELR coins and a max supply of 10 billion. Crypto.com is also the current most active market trading CELR.
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