Celer Network (CELR)

Celer Network (CELR) allows users to develop and operate scalable DApps (decentralized applications). It provides payment transaction features and smart contracts, both of which operate outside the blockchain (off-chain transaction).

An on-chain dApp is simply a frontend connecting to the blockchain. Off-chain dApps, though with great potentials for high scalability, are not as easy to build and use as the traditional on-chain dApps. Celer Network introduces cOS which is a development framework and runtime for everyone to easily develop, operate, and interact with scalable off-chain dApps without being bogged down by the additional complexities introduced by off-chain scaling. Celer Network allows developers to concentrate on the application logic and create the best user experience, with the cOS dealing with the heavy lifting including the following tasks. This is the development framework for dApps that will handle storage, operation, tracking and any disputes of off-chain states.

Celer Network is a platform for highly scalable dApps, designed to support high-throughput value transfer. Off-chain value transfer is an essential requirement of many off-chain applications. While Celer Network is capable of supporting dApps beyond payment solutions, it also makes groundbreaking improvements to off-chain payment routing as it directly determines how much and how fast value can be transferred within the ecosystem.

Celer Network’s payment routing module, cRoute, introduces Distributed Balanced Routing (DBR), which routes payment trac using distributed congestion gradients. This is the protocol developed for routing states, such as a payment, in a trust-free manner between users. The protocol is said to be highly resistant to failure, and able to scale to 15x greater throughput than the Lightning Network or Raiden.

This is the bottom layer of Celer Network that interacts with different underlying blockchains and provides the upper layer with a common abstraction of upto-date states and bounded-time finality. cChannel uses state channel and sidechain techniques, which are both cornerstones of on-chain scaling platforms. A state channel allows mutually distrustful parties to execute a program off-chain and quickly settle on the latest agreed states, with their security and finality guaranteed by on-chain bond contracts. It was initially introduced by Lightning Network  to support high-throughput on-chain Bitcoin micropayments. Since the introduction of Lightning Network, there have been several research works that addressed di↵erent problems in the context of payment channel networks, such as routing, time lock optimization, and privacy. However, off-chain network is still in its early stage, facing a few major challenges in terms of modularity, flexibility, and costeciency. cChannel meets current challenges by offering a set of new features.

As a comprehensive full-stack platform that can be built upon existing or future blockchains, Celer Network encompasses a cleanly layered architecture that decouples sophisticated on-chain platform into hierarchical modules. This architecture greatly simplifies the system design, development, and maintenance, so that each individual component can easily evolve and adapt to changes.

A well-designed layered architecture should have open interfaces that enable and encourage different implementation on each layer as long as they support the same cross-layer interfaces. Each layer only needs to focus on achieving its own functionality.

Since CELR is an ERC-20 based token, it can be stored both on the Ledger and Trezor.

Ledger

As for using the Nano Ledger S, the first step towards setting up your device is unboxing you device and checking if you have received all the accessories with the device. Once you have unboxed your device, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device. This video does a pretty good job at explaining how the setup works.

Trezor

As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the  bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box.  After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet. This video explains how to set up your trezor quite well. 

Exodus

First, we have Exodus, which supports a ton of other cryptocurrencies along with CELR and is pretty straightforward and easy to use. Just download the app from the official site(exodus.io) and get straight into creating your wallet.  Exodus stores your Private Keys on the machine you choose and not on any server, providing you with a relative peace of mind when it comes to the security of your coins. 

Atomic Wallet

Another option is Atomic Wallet.

Atomic Wallet is a desktop wallet built with security, anonymity and decentralization in mind. Atomic Wallet was designed to leverage the potential of atomic swaps and become part of a fully-fledged decentralized cryptocurrency ecosystem.  The “physical” wallet itself is a PC application that can be downloaded onto your computer. Your private keys and other data will then be stored on your PC in an encrypted form.

This means you hold your own keys, which are encrypted and kept only on your own device, control your own funds and can efficiently swap tokens without needing to go through a centralized exchange. This application then interacts with the blockchains of supported coins. For example, if you check your transaction history in the program, it looks it up on the blockchain and then shows it to you, rather than storing this potentially sensitive information somewhere.

CELR is based on the Ethereum ERC-20 standard which means that all ERC-20 supporting wallets can house your CELR tokens. For an online-based wallet, we recommend MyEtherWallet. The wallet offers a brilliant combination of speed, trustworthiness and simplicity, making it the most popular online wallet for ether and any ERC20-based tokens.

MyEtherWallet

Simply visit myetherwallet.com and set up your wallet with a method of your choosing, just make sure to store your private key somewhere safe. It's wise to have it written down on paper in case your PC/notebook malfunctions.

The only downside to using an online wallet like MEW is that there are literally hundreds of phishing scams out there to get your eth, so you better double check the address everytime and make sure to watch out for any malicious activity on your browser or PC.