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TIA Token Makes Its Debut as Celestia Network Springs to Life
- Celestia, a blockchain that’s been in the works for four years, went live today.
- The new project intends to begin a new era of modular blockchains – networks with specific tasks that are designed to improve the scalability of DeFi ecosystems.
- 60 million TIA tokens were airdropped to 580,000 recipients.
New blockchain network Celestia went live today, kick-starting what the project developers claim is the start of a “modular era”. The leading concept behind the new chain is to serve as a solution to massive ecosystems like Ethereum (ETH) and Solana (SOL) that struggle with scalability. The initial documentation and idea for the project, a whitepaper called LazyLedger, was published nearly four years ago. The coin’s native token, TIA, is currently trading at approximately $2.40 (AUD $3.79) as investors attempt to figure out a fair value for the cryptocurrency.
What is a Modular Blockchain?
Celestia is positioning itself as a modular blockchain with an eye toward solving interoperability and scalability issues that are rampant throughout many current DeFi networks. A Monolithic blockchain (e.g. Ethereum, Cardano and Solana) attempts to perform all the required functions of a decentralised network – verify transactions, prevent attacks, scale with new users and so on. On the other hand, a modular chain focuses on a few specific tasks. For example, Celestia will separate the act of achieving consensus from finalising a transaction, achieving far greater speeds and the ability to expand. To accomplish this, the project relies on something called “data availability sampling” which can quickly verify all data on a blockchain.
Additionally, Celestia’s Mainnet will act as a sort of “hub” that will support the seamless creation of new chains built atop the infrastructure. Ekram Ahmed, publicist for Celestia, was bullish about the project’s potential in this space:
Celestia’s mainnet is a giant leap in our mission to make deploying chains as easy as smart contracts
Ekram Ahmed
TIA Tokenomics
The hype around Celestia’s Mainnet going live is built upon its scalability potential. Many in the community hope that the project will usher in a new era of modular blockchains that strive to solve interoperability and scalability issues in the sector. The goal is to turn Web3 into a seamless experience rather than the smattering of incompatible applications, tokens and networks it currently is.
The appetite for such a blockchain was demonstrated by the uptake in airdropped TIA tokens, which were released to 580,000 community members today. The total amount distributed was 60 million TIA, representative of about 50% of the cryptocurrency’s current circulating supply and 6% of its total supply.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
