What is Celestia that is of interest to the community, investment funds have poured in $55M in crypto winter 2022. Join Cryptochill to find out information about the Celestia project and what investment opportunities are in this downtrend season.
What is Celestia?
What is the nature of Celestia? Celestia, as defined by Celestia Labs, is the first network on the path to modular blockchain. Celestia is a modular consensus and data network designed to make it simple and inexpensive for individuals to create their own blockchain. In other words, Celestia promotes and provides a platform for blockchain development on their platform (Blockchain Platform).
Celestia is a basic blockchain that merely orders and broadcasts transactions but does not carry them out. By isolating the application execution and consensus layers, Celestia modularizes the blockchain technology stack and affords developers of decentralized applications with new opportunities.
What does Celestia stand out?
About Architecture:
Conforming to the Modular Blockchain Architecture, Celestia’s consensus and execution methods are divided into several classes.
- The Optimistic Rollups program will enable the Celestia blockchain to assume control of the consensus layer.
- The execution layer resides on its own blockchain, which enables optimization and specialization for particular use cases.
The flexibility, security, and scalability of decentralized applications built on Celestia’s architecture will be enhanced for any developer.
Currently, the majority of blockchain systems, such as Bitcoin, Ethereum, and Solana, are based on Monolithic Blockchain architecture. This is a blockchain architecture in which Consensus, Data Availability, and Execution are all performed on the same layer. This renders it hard for Monolithic Blockchain to completely resolve the three blockchain issues (if you want to increase scalability, you have to sacrifice security or decentralization and vice versa…).
Native Token
In November 2022, Celestia launched a testnet where users may obtain TIA currency, the platform’s native token, by tapping a faucet. Due to the fact that this is still a testnet, it is possible that the token will change when the mainnet is launched.
The team will update the detailed article later.
TIA Token is used to protect the network via Proof of Stake (PoS) consensus and to pay network transaction fees.
In addition, Celestia intends to incorporate a fee tracking mechanism similar to Ethereum’s EIP-1559, so that burned fees can compensate for lost incentives.
Roadmap
In March 2021, Celestia successfully collected $1.5 million during its Seed Round with the participation of numerous significant investment firms, including Interchain Foundation, Binance Labs, Maven 11 Capital, and KR1…
In October 2022, the Celestia Foundation raised $55 million in Series A and B funding, sponsored by Bain Capital Crypto and Polychain Capital.
At the time of research (T11/2022), the Mamaki testnet has been deployed. You can operate or experience nodes on the testnet for a chance to be rewarded or retroactive.
Conclusions
What is the nature of Celestia? Considered a possible layer 1 project worth monitoring during the crypto winter to prepare for the forthcoming upswing season. In the Celestia ecosystem, it is still too early to investigate projects and investigate airdrop potential.
Contact
Twitter: @CelestiaOrg
Discord: discord.com/invite/YsnTPcSfWQ
Telegram: https://t.me/CelestiaCommunity
Blog: blog.celestia.org
Summing up
Through the above article, CryptoChill has helped you know about the Celestia and the highlights of the project.
Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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