We’re now excited to announce Celer Network’s upcoming strategic partnership with Poseidon Network. This partnership will feature the integration of Celer’s layer-2 scaling solution — State Channel — into Poseidon’s Qwallet to help build a high-efficiency and low-cost profit-distribution mechanism.
With its products positioned as a global decentralized P2P infrastructure, Poseidon Network is the world’s first CDN hybrid blockchain application platform built upon the concept of the Internet of Things (IoTs). At its core, Poseidon utilizes unused bandwidth and storage from any NAS, desktop, or mobile devices around the world to accelerate every type of web content.
As a next-generation content acceleration layer, Poseidon’s current application scenarios mainly fall in media, entertainment, and education, which encompasses, more specifically, video live streaming, game updates, image loading, video education websites, and more. By sharing bandwidth, storage space, and idle network resources through NAS, computers, and mobile phones, not only small and medium-sized enterprises but the general public can join the Poseidon Network mining model to become a light node and gain profits.
Following its testnet launch in mid-November, Poseidon Network has witnessed a surge in the number of nodes — an average of nearly 100 devices are joining the testnet every day.
However, the explosive growth of nodes is now accompanied by a few challenges that require instant attention. First of all, the high frequency of the payouts of small-amount dividends and exorbitant transaction fees on Ethereum have always been a heavy burden. Given the current number of nodes, Poseidon Network is now paying 0.4–0.5 ETH on average per day for dividend payouts. At present, Poseidon covers this cost in an attempt to attract more nodes and miners, but it is evident that this is not a permanent answer.
Secondly, the lengthy waiting time for payments to go through has loaded many nodes with discontent. Despite rounds of optimization updates, the lousy user experience has shown no signs of a pickup thanks to the hardcore low throughput and high latency on the Ethereum network.
These explain why Poseidon Network has decided to launch the next stage to enhance scalability.
Celer Network is an Internet-scale, trust-free, and privacy-preserving platform on which everyone can quickly build, operate, and use highly scalable dApps. To relieve the existing blockchains’ pain points of the poor processing speed and sky-high costs, the layer-2 scaling project Celer Network has been striving to fuel the development of the off-chain scaling technology with the State Channel at its heart. Celer Network’s alpha-mainnet launch in July 2019 marks the establishment of the world’s first and only generalized state channel network.
Celer’s state channels allow the involved parties that are distrustful of each other to progress and agree on the latest states off-chain. The off-chain transactions do not have to reach global consensus, which makes real-time interactivity and confidentiality possible. With a fully decentralized algorithm in which nodes can communicate with neighbors privately, the transaction cost for applications such as interactive games will be slashed to nearly zero. Also, Celer’s generic off-chain state transition guarantees no breach of trust or safety as the parent blockchain can still play its role in dispute arbitration.
Celer Network devotes itself to the mass adoption of the blockchain technology with a special focus on the application scenarios. At the moment, Poseidon Network calculates dividends in a centralized way and only makes transactions manually when the nodes request so. Celer is one of the scaling solutions that have an eye on the small but frequent transactions, which encourages Celer to make a joint effort with Poseidon into building a much faster dividend distribution mechanism. The integration of Celer’s state channel into Poseidon’s Qwallet will create a “quick pass” in which the dividends can be paid out quickly at nearly no cost.
About Celer Network
Celer Network is founded by four PhDs from MIT, Princeton University, UC Berkeley, and UIUC. It’s the world’s advanced layer-2 scaling platform, which helps render an internet-scale to the existing blockchains and slash transaction fees to nearly none. With its layered architecture featuring the generic state channel, Celer aims to bring simplicity, extraordinary performance, low cost, and flexibility to the blockchain industry and beyond.
At the moment, Celer carries the mission of exploring the use cases of blockchain technology with the ultimate goal to help achieve blockchain’s mass adoption. The world’s first blockchain skill-based eSports gaming iOS app CelerX was debuted on App Store in 133 countries around the globe in October 2019. Based on Celer’s off-chain scaling technology, users of CelerX need not pay the overpriced blockchain transaction fees or have their experience spoiled by the slow processing speed.
About Poseidon Network
The core value of Poseidon Network is “to develop IoT edge computing solution based on the blockchain technology.” Starting with the NAS equipment, the most achievable project, Poseidon developed its software based on QNAP. In the future when IoT-related equipment becomes more popular and developed, this application could be used to connect other IoT devices and grow into a high-scaling underlying protocol for different internet nodes.
In this network, users can provide additional internet resources on the Q Launcher to make profits from the demander. Q Launcher, which is based on the Docker technology, can run decentralized containers like ETH2.0, Polkadot, and other blockchain nodes; or other QCDN, QVPN-related applications. QService within the Poseidon Network allows developers to access raw internet codes every 5 minutes and use its services conveniently. What Poseidon Network wants to build is not only a blockchain network but a full-suite infrastructure for large-scale edge computing to complete the last missing piece of the blockchain puzzle.