About Celsius Network

Celsius Network Coin Review: Mining Guide, Price & Analysis of Celsius Network Cryptocurrency

Celsius Network is a peer to peer wealth management platform on a blockchain. It allows users to borrow and lend cryptocurrency assets. The Celsius Network value proposition is very intriguing. People can borrow crypto assets without needing a central institution to facilitate the process.

Additionally, people can lend their cryptocurrencies to other users. Lenders receive profits on interests for their assets. To ensure smooth operations, the Celsius Network uses its coin CEL. The CEL coins facilitate transactions on the Celsius Network.

The network is secure and reliable. The CEL token is an ERC-20. This means that it runs on the Ethereum network. Therefore, the token comes with some of the advantages of the Ethereum network.

All these culminate to a very appealing blockchain project. The Celsius Network sees a lot of success in the markets. Its coin CEL is in the top 50 in market cap share.

How Celsius Network Works

Celsius Network does not offer much documentation explaining how their network works. But we will give you as much information as we could gather. In simple terms, Celsius Network is a decentralized money lending platform.

Users can collateralize their crypto assets for money. You pay the money back with interest to receive your assets back. To receive a loan, you first have to lock your crypto assets in a Celsius Network wallet.

This has a lot of economic benefits. For the borrower, you can receive money quickly for your crypto assets. This is especially helpful when you have an emergency. You get to avoid biased central institutions. Instead, you can fully trust smart contracts to facilitate the transaction.

Users can be sure they are using a system that is not corrupt. Moreover, smart contracts add a layer of security to a blockchain.

Further, Celsius Network has an advantage to traditional money ending blockchains. It issues loans in cash. This gives you a wide range of use cases. You do not have to worry about finding a merchant to receive the coins you receive. You can pay for anything with this loan.

Can Investors Mine Celsius Network Coins?

Unfortunately, unlike Bitcoin investors cannot mine the coins of this blockchain. This is because it uses the delegated Proof of Stake consensus. In this system, a group of trusted validators maintain transaction records. Coin holders stake their coins to an approved validator.

This way, only trusted people validate transactions. Moreover, some people view this system to be more secure than the Proof of Work consensus. This is because validators have a stake in the network. They cannot go ahead and attack a network in which they have a stake. This means that the system is safe from 51% attacks.

Moreover, the DPoS consensus offers a strong protection from double spends. It is also faster and energy-efficient. Even better, DPoS systems prove to be more scalable than Proof of Stake networks. Scalability is an asset in the blockchain space. It is an issue that faces many traditional blockchains like Bitcoin.

The Team behind Celsius

Celsius Network has a great team behind it. The founder and CEO of the network is Alex Mashinsky. He is a well-known evangelist of blockchain technology. He is also well known as the inventor of Voice over Internet Protocol. This is a great project to have under his belt.

Moreover, Alex is vastly experienced in development. He has more than 35 patents. He is also known for cofounding Transit Wireless. This company received a valuation of $1.2 billion at the time of his departure.

Beside him is other team members with tons of experience. Daniel Leon is a co-founder that serves as the COO of the company. He has a strong background as an entrepreneur in the technology sector.

The other co-founder is Nuke Goldstein. His background is in software development. He has experience in Artificial Intelligence and the Internet of things. He is the CTO of Celsius Network.

Further, there are more team members with experience in a range of sectors. This makes the Celsius Network team one of the best in the blockchain space. Their expertise is enough to spearhead this project to success.

Also, the team offers excellent customer support. They are very active on various social media platforms. They are very engaging with the community and will answer any queries you have about Celsius Network.

Privacy and Security

A lot of individuals trust Celsius Network for their security measures. Celsius Network has a lot of security measures put in place. These include biometric authentication and two-factor authentication.

Moreover, it is a distributed blockchain. There is no central database to attack. Consequently, the nodes of the blockchain work together to keep the network secure. They detect any changes to the network very fast. Furthermore, the nodes help each other recover from an attack.

Finally, the network uses the Delegated Proof of Stake consensus to protect the network. This protects the network from double spends and 51% attacks. It is safe to say that this network is very secure.

However, Celsius Network uses a custodian wallet. That means that they control user keys. This is something that turns cryptocurrency enthusiasts away. Cryptocurrency enthusiasts always say, “Not your key, not your crypto.”

Privacy standards remain the same as with any other blockchain. Transactions are transparent on the public ledger. However, they are immutable. Once recorded, no one can alter them.

Our Take on Celsius Network

Celsius Network has the potential to revolutionize the money lending industry. People no longer need a central institution to process loans. This takes away biasness, corruption and foul play of such institutions. Moreover, there is no central database to attack. This makes the security of assets very high.

That is the advantage of blockchain technology. We are now seeing the massive disruption of financial services by this technology. This is yet another step towards a totally decentralized finance service. This is a blockchain project to keep an eye on.

Advantages

• Celsius Network offers a peer to peer money lending service.
• The platform is fast and reliable.
• Celsius Network involves no fees.
• A large variety of supported cryptocurrencies.

Disadvantages

• Uses custodian keys.
• DPoS systems are vulnerable to centralization as validators are very few.

Where to Buy Celsius Network Coins

Finally, you can buy this coin from various exchanges. Some of the best exchanges to use include HitBTC, Bitfinex, Sistemkoin, Hoo and Bitmart. The current price of the CEL token stands at $2.16.

The 24-hr trading volume stands at $9,332,389 at the time of writing this. Additionally, CEL coins have a market cap of $516,211,396 which ranks it at 40th in market cap share. This shows that the coin has high liquidity.

The best place to hold your coins is in a wallet. Some of the best wallets to hold your CEL coins include Ledger, Trezor, Trust Wallet and MyEtherWallet.

Final Verdict

The Celsius Network project offers a value proposition that is easy to onboard. They are a revolutionary platform bringing blockchain to the money lending service. This has many economic and social benefits.

The success of its utility coin CEL shows the acceptance of the network in the community. It is performing very well and is in the top 50 in market cap share. The only thing that may affect its adoption is the use of custodian keys. But this does not seem to be a problem. As it stands, Cel coins are holding their value in the market.