Celer Networks (CELR) could become a scaling solution for Neo
|- Celer Network is 15 times faster than Bitcoin's Lightning Network.
- Celer can run on multiple chains simultaneously and can integrate any blockchain easily using an open-source protocol.
- NEO/USD went up by $9.84 to $10.15 this Monday.
The Celer Network (CELR) can be expected to become a scaling solution for several blockchains. NEO team representatives are discussing the possibility of collaborating Celer's layer-two scaling protocol with NEO's blockchain platform. NEO has already merged with Trinity Network, an off-chain scaling protocol developed by NEO developers. NEO's director of Eco Growth and the $100 million EcoBoost fund John Wang said that the collaboration with Celer is now "under discussion."
The Celer Network uses smart contracts and DAG-based sidechains to provide quick and free transactions. Experts say that it's 15 times faster than Bitcoin's Lightning Network. CELR tokens are used as a medium to transfer value across the network. Having had three token offerings so far, the most recent sale on Binance Launchpad raised over $4 million for the project.
Celer can run on multiple chains at a time. It already supports Ethereum, Oasis, Thunder (TT) and the DLT cloud computing project, Dfinity. As the protocol is open-source, any blockchain can collaborate by writing out the necessary components and smart contract connections. The EcoBoost fund is expected to provide finance and long-term support for projects that help and strengthen the broader ecosystem.
NEO/USD daily chart
NEO/USD went up by $9.84 to $10.15 this Monday. So far, the bears have taken the price down to $10.08 this Tuesday and have found resistance on the downward trending line. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows bullish momentum, while the Elliot oscillator has had two straight bullish sessions.
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