Celestia is a modular blockchain network designed to enhance scalability and security by distributing functions across multiple chains. Its primary role is as a specialized Layer 1 (L1) blockchain focusing on data availability, while execution tasks are handled by Layer 2 (L2) chains.
What is Celestia
Here's how it works:
- Scalability: Celestia specializes in data availability, allowing L2 chains to execute smart contracts and applications. This separation boosts the network's scalability by processing transactions across different apps concurrently.
- Shared Security: It provides shared security, ensuring smaller chains can also enjoy robust protection without needing to establish their own set of validators.
- Bridging Capabilities: Celestia facilitates the building of secure bridges between blockchains by ensuring data availability. This aids in the accurate verification of transactions and enhances bridge security.
- Sovereignty: Offers developers and communities the freedom to define their own rules and protocols, promoting flexibility and independence in managing their tech stacks and transaction processes.
In summary, Celestia aims to create a scalable, secure, and efficient blockchain ecosystem. By focusing on data availability and allowing for specialization, it supports secure bridges, shared security, and empowers communities with the autonomy to customize their blockchain infrastructure.
Funding of Celestia
$56,500,000
Total Funds Raised
$55,000,000
Series A
Led by Bain Capital, Polychain and others were Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, Jump Crypto, and select angels including Balaji Srinivasan, Eric Wall and Jutta Steiner.
$1,500,000
Seed Round
Led by Interchain Foundation, Binance Labs and others were Maven 11, KR1, Signature Ventures, Divergence Ventures, Dokia Capital, P2P Capital, Tokonomy, Cryptium Labs, Michael Ng, Simon Johnson, Michael Youssefmir and Ramsey Khoury.
Celestia review
Pros
Scale Better
By separating duties, Celestia can handle more actions faster than traditional systems, aiding growth.
Smart Data Use
It's designed to check data easily, letting even simple setups verify info without needing much power.
Security Sharing
New chains get instant, strong security from Celestia, making starting up safer and quicker.
Less Centralization
It helps smaller projects be safe without needing their own big security, reducing the chance of too much control in one place.
Custom Chains
Chains can tailor their setup to exactly what they need, giving them freedom to fit their community.
Safer Bridges
By making sure data is correct, it helps make moving info between chains more secure.
Better Together
Chains can work and share easily within Celestia, making the whole network more useful.
Cons
Complex Setup
A modular system across many chains can be hard to grasp, making working together and starting harder than usual.
Central Power Worries
If too few control the security, it might lead to too much power in few hands, against blockchain's shared nature.
Safety Concerns
Shared security helps new chains start safer, but if the main security is hit, many chains could face problems together.
Smart Contract Limits
Focusing on data might restrict what smart contracts can do, possibly not fitting all types of apps.
Growth Needs
Success depends on many choosing to use it, which might take time and effort to achieve.
Update Hurdles
Changing parts of a modular system could be trickier and slower than in a single system.