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Celestia Price (TIA)

₹ 1108.8500000000 2.28 %

Low : ₹ 1.1600 High : ₹ 1.4300

Market Cap

₹0.28 B

4.5237 %

All Time High : ₹43.6600

All Time Low : ₹0.0000

Volume

₹32.14 K

Circulating Supply 197832000
Max Supply 1010000000

Celestia (TIA) Price Live Chart

Celestia (TIA)

Celestia, the pioneering blockchain network for data availability, officially launched its mainnet on October 31, 2023, unveiling TIA, a cryptocurrency valued at over $300 million at its inception. Since its debut, Celestia has captivated crypto investors, witnessing an extraordinary surge in TIA's price by more than 500% post-launch in October 2023.

Continuing its expansion, Celestia made a significant stride in December 2023 by integrating with Polygon's chain development kit. This integration extended Celestia's data availability solution to numerous chains and developers within the Polygon (MATIC) ecosystem.


Defining Celestia

Celestia stands as a modular blockchain network empowering developers with the essential infrastructure for constructing and managing blockchains. Its primary functionality lies in enabling other blockchains to utilize it as both a data availability and consensus layer.

By leveraging Celestia, blockchains can securely publish their transactions, allowing their nodes to maintain efficiency on an expanding blockchain when utilized as a data availability layer. Additionally, Celestia's network of nodes fulfills the critical role of validating and verifying stored data as part of its consensus layer.


Understanding Blockchain Modularity

Celestia commenced its mainnet operations on October 31, 2023, marking the advent of the "modular era" within the blockchain domain. However, what exactly constitutes blockchain modularity, and why does it hold such significance in the realm of cryptocurrencies?

Blockchain modularity refers to a design principle that disentangles the fundamental functions executed by a blockchain. Traditional cryptocurrency blockchains like Bitcoin (BTC) and Ethereum (ETH) undertake all pivotal tasks of a blockchain - encompassing data availability, consensus, execution, and settlement. These are recognized as monolithic blockchains.

In contrast, modular blockchains specialize and streamline their operations to serve a specific purpose. The objective of blockchain modularity is to furnish optimized infrastructure that facilitates blockchains in achieving widespread scalability. Moreover, the modular structure aims to expedite and simplify the deployment of new blockchains and decentralized applications for developers.

An exemplification of a modular blockchain system is evident in Celestia's functionality. A layer-two (L2) rollup executes transactions on-chain, makes transactional data accessible through Celestia, and relies on Ethereum for final settlement.


Founders & Team

The Foundation Council governs the Celestia Foundation, ensuring its activities align with its mission and principles within the ecosystem. Initially comprising four members, the Council includes:

  • Dr. Mustafa Al-Bassam: Co-founder of Celestia and currently serving as CEO at Celestia Labs. Mustafa previously co-founded Chainspace (later acquired by Facebook) and holds a Ph.D. in Computer Science from University College London.

  • Batuhan Dasgin: A crypto entrepreneur and investor who previously co-led venture investments at Binance and oversaw primary token offerings at Binance Launchpad. Batuhan also initiated the Business Development division at CMC.

  • Ismail Khoffi: Co-founder of Celestia and currently serving as CTO at Celestia Labs. Ismail previously held a senior engineering position at Tendermint and the Interchain Foundation.

  • Reinhold Wohlwend: Owner and managing director of Revalier, Reinhold obtained a Degree in Financial and Trust Services from the University of Liechtenstein and has been a licensed Trustee in Liechtenstein since 2014.


How Celestia Operates

Celestia stands as the pioneer in the domain of data availability networks, but what precisely does data availability signify? Data availability pertains to the assurance that any participant within the network can retrieve transaction data at any given moment to authenticate a block. It serves as a security measure that permits scrutiny of the blockchain ledger and validation of its transactions.

The primary hurdle here lies in nodes being mandated to download the entire transactional data for independent block verification. This poses a substantial scaling challenge since obtaining all transaction data from a burgeoning blockchain becomes arduous for regular nodes (only full nodes have this capability).

Celestia surmounts this challenge by leveraging a technology known as data availability sampling (DAS). Through DAS technology, light nodes - those incapable of downloading the complete blockchain data - need only sample a minute segment of the block data to ascertain its publication status.

These light nodes perform multiple rounds of randomized sampling. As the number of selection rounds increases, the confidence in data availability grows. Once a predetermined confidence threshold (e.g., 99%) is achieved, the light node acknowledges the available block data.

By employing DAS technology, data availability solutions like Celestia are anticipated to enable blockchains such as Ethereum to scale without compromising their security. L2 rollups - integral to Ethereum's scaling strategy - furnish "summaries" or "proofs" of transactions to the L1 layer for settlement. In the event of transaction unavailability (i.e., data unavailability), the rollup operator could potentially act deceitfully.


Ways TIA Token Is Utilized

  • TIA is required by developers as payment for accessing Celestia's data availability solutions.

  • As a gas token and currency, TIA will be employed in Celestia-based rollups.

  • Given Celestia's proof-of-stake mechanism, TIA will be utilized for staking purposes.

  • Participation in Celestia's decentralized governance will be open to TIA stakers.


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