Celestia is a modular blockchain network that prioritizes customization, efficiency, and scalability. It moves away from the monolithic blockchains that handle all processes like consensus, data availability, and execution in a single layer. Instead, it separates most of the functions so that specialized chains can operate more efficiently. TIA, the native token of the network, plays a crucial role in incentivizing validators, ensuring data availability, and facilitating transactions.
Additionally, it offers staking rewards for TIA holders that would like to make some passive income. This groundbreaking innovation has made Celestia popular among developers and has rapidly gained traction across the internet.
A Bit About Celestia
Celestia was founded by Mustafa Al-Bassam, John Adler, and Ismail Khoffi. The trio was looking for a blockchain solution that would deal with problems of scalability and congestion. This solution was developed and released by Celesta Labs, where it decoupled key blockchain functions so that developers would enjoy the flexibility of enhancing processes and capacity. Today, the solution stands for freedom, scalability, and flexibility.
It has become the best go-to blockchain for anyone who wishes to escape the horrors of monolithic blockchains. Additionally, holders of the TIA token enjoy secure transactions and staking rewards, while validators take home incentives for keeping the network running.
A modular blockchain network that prioritizes customization, efficiency, and scalability.CryptoLists.com
Celestia is the first modular blockchain network designed to address the limitations of traditional blockchains. Its versatility enables it to separate data availability and consensus. So, users can deploy rollups without having to incur the overheads that come with the monolithic designs. With this capability, developers may just focus on specific applications they wish to run, while Celestia does the separation of various processes.
TIA handles all transactions that happen within the network. Holders also take part in the governance of the network. The token also secures the network through staking. This unique approach makes it a game changer in blockchain projects that require scalability and process huge volumes of data.
Utility of Celestia?
TIA serves multiple purposes within the Celestia ecosystem. Developers leverage TIA to access the network’s modular features, which are critical for creating scalable and efficient rollups. This is the biggest use of the coin. On the other hand, validators use it to secure the network and ensure the integrity of data availability.
Holders that are neither developers nor validators have the chance to make governance decisions on the coin. It gives them governance rights, which enable them to participate in decisions that would shape the future of the cryptocurrency. Those that stake the TIA token get rewards as an incentive to contribute towards the goals of the coin.
Therefore, having a supply of TIA comes with several bonuses to users, developers, and validators. The blockchain configuration offers them secure transactions while ensuring that they make cash in the various ways explained above.
Celestia Price details
OSMO Contract address: ibc/D79E7D83AB399BFFF93433E54FAA480C191248FC556924A2A8351AE2638B3›› Details & Tokenomics
Advantages of Celestia
+ The modular architecture ensures scalability in various decentralized applications+ There are staking rewards available to users who hold the tokens for long periods
+ It offers customizable rollups to enable developers to build tailored blockchains
+ The predictable cost of transactions helps with budgeting for transactions
+ The teams behind the formation of the projects are knowledgeable on cryptocurrency, which increases its trust level among holders
Disadvantages
- Adoption of this crypto solution is still in its early stages- TIA is quite complex, which may put away some developers
- This cryptocurrency is dependent on rollup performance for stability
- TIA has limited exchange availability compared to established tokens
- It still gets lots of competition from established monolithic blockchains like Ethereum
Costs
▪ Rated at 9.5/10Transaction costs on Celestia are significantly lower than traditional blockchains since it separates consensus and execution layers. This offloading of execution tasks onto rollups minimizes congestion and reduces gas fees. So, you do not expect the few to grow when there are several transactions running on the system.
The costs of a transaction vary depending on the rollups being used in it. They can go as low as 25 USD to as high as 60 USD. While this is significantly high compared to blockchains like Solana, it is still lower than most popular monolithic networks like Ethereum and Bitcoin. Besides, the costs are predictable as they are based on the number of rollups that are being used in transactions, not the network congestion as is the case with Ethereum.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 7/10
Since its launching, Celestia has gained a strong reputation within the blockchain community for its approach to modularity. It has seen good feedback and productive discussions on various crypto forums, social media, and news outlets that discuss blockchains. As the number of blockchain projects grew, its reputation and practical solutions only increased.
The credibility of the project was further bolstered by its founders, who are well-known in the worlds of blockchains and cryptocurrencies. Many have also praised its technical papers and developer tools for their clarity. As the network grows, discussions about its potential to redefine decentralized applications continue to attract attention from developers and investors alike. We expect to see the coin grow and take charge of the many blockchain projects out there frustrated by scalability issues with the leading blockchains.
FAQ
Does Celestia offer staking rewards?
Yes, you can stake TIA tokens to earn rewards while securing the network. Staking involves delegating your tokens to validators, who maintain the blockchain. This not only benefits the staker by rewarding them, but also contributes to the overall health and reliability of the Celestia ecosystem.
How can developers use TIA token and Celestia blockchain?
Developers can create tailored rollups for specific use cases. This enables them to narrow down to specific functions with greater flexibility than they would in a monolithic network. This also enables them to scale functions.
What is the primary innovation of Celestia?
Celestia takes the bragging rights for introducing the world’s first modular blockchain architecture. This architecture helps separate consensus, data availability, and execution into independent layers. The capabilities enable developers to create highly customized and scalable blockchains without being too expensive.
Can non-developers hold TIA?
Yes, anyone can hold TIA and trade them on crypto exchanges that feature them. Users can also stake the coins to earn rewards for giving validators power to maintain the network.
History of Celestia
May 2021 - Celestia Labs announces the modular blockchain project to address scalability issues.
October 2023 - Celestia’s testnet goes live, where it showcases its modular design and other capabilities.
November 2023 -TIA tokens were officially listed on exchanges after launching on October 30, which offers holders a chance to own the token.
May 2024 – Celestia reaches critical milestones as it joins hands with more rollup projects and spreads its wings to web3 opportunities.
Screenshots from Celestia
