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Price (USD)$ 16.92
Circulating SupplyTIA 166.46819M
Volume (24h)$ 76.12699M
Market Cap$ 2.81974B
Low/High 24h$ 16.42 - $ 17.45
Change (24h)$ 0.31413
With so many blockchains on the market it seems logical that there should be projects dedicated to building blockchains. One of them is Celestia with its native token TIA, a cryptocurrency that has been launched recently and has been continuously rising in price. Celestia is a modular blockchain network that provides developers with the infrastructure to build and maintain blockchains. Let's delve deeper into Celestia crypto and examine the project's key features.
On October 31, 2023, Celestia, which is regarded as the world's first blockchain network for data availability, officially launched its mainnet. The project places a strong emphasis on the idea of blockchain modularity, which is the division of four essential blockchain functions: execution, consensus, data availability, and settlement. Celestia is not just another token project on the blockchain. It represents a significant divergence from the traditional architecture and functioning of blockchain networks. To set itself apart from conventional networks, Celestia introduces a unique strategy by focusing solely on transaction organization and facilitation.
Celestia presents a revolutionary approach to blockchain design that enables developers to create apps for widespread adoption. Because data availability guarantees transaction ledger transparency, it is essential to a blockchain's security. The difficulty is that nodes must download all transaction data to independently validate blocks, which creates a serious scalability problem. Celestia successfully overcomes this difficulty by enabling network users to verify the complete transaction data without having to download and keep it on their own.
This is accomplished by using a technique called data availability sampling (DAS), in which lightweight nodes only need to sample a tiny amount of block data to confirm that a block has been published.
Blockchain systems such as L2 rollups need data availability solutions like Celestia. Rollups publish transaction data for settlement to an L1 layer, like Ethereum. Should these transactions not be available for confirmation, the rollup operator may act unethically.
A relatively new class of blockchain applications called rollups assigns part of its functionality to a Layer-1 platform such as Celestia. They provide Celestia access to their transaction data, and Celestia arranges and makes it accessible to rollup users. Moreover, certain of Celestia's security characteristics are advantageous to rollups. They provide the control usually associated with Layer-1 platforms, together with the ease of launch comparable to Layer-2 solutions. In November, Celestia introduced fallback as a new optional feature.
The native asset of Celestia, TIA, is essential to the way developers expand upon the first modular blockchain network. Rollup developers must submit PayForBlobs transactions on the network and pay a charge in TIA to use Celestia for data availability.
As a permissionless network built with Cosmos SDK, Celestia uses Proof-of-Stake to secure its own consensus. Any user can help secure the network by assigning their TIA to a Celestia validator and receiving a portion of the validator's staking earnings, just like in other Cosmos networks.
By voting on governance proposals and managing the community pool, which gets 2% of block rewards, TIA staking also gives the community the ability to participate in decentralized government.
It may very well be. According to some price predictions, for instance, one by DigitalCoinPrice, by 2030 Celestia crypto can reach $100 at its peak, so investing in this cryptocurrency over the long term seems like a wise choice. However, all cryptocurrencies are volatile and, as such, all predictions are speculative.
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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.