Who issued the Celestia (TIA) currency?

The Celestia Foundation, a non-profit organization, issued Celestia (CELT), the native cryptocurrency of the modular and scalable Celestia blockchain, in April 2023.

Dec 09, 2024 at 03:16 am

Who Issued the Celestia (CELT) Currency?

Celestia (CELT) is a native cryptocurrency of the Celestia blockchain, a modular blockchain platform designed for scalability and security. The currency was created by the Celestia Foundation, a non-profit organization dedicated to promoting and supporting the development of the Celestia ecosystem.

Emission and Distribution of CELT

The initial issuance of CELT occurred during the Celestia mainnet launch in April 2023. The total supply of CELT is capped at 1,000,000,000 tokens, with 30% reserved for the Celestia Foundation and 70% distributed to the community through various mechanisms, including:

• Staking: Users can stake CELT to earn rewards and support the security of the network.
• DApps: Developers can create and deploy decentralized applications (DApps) on the Celestia blockchain, which may distribute CELT as an incentive or utility token.
• Ecosystem Development: The Celestia Foundation may allocate CELT to individuals or organizations contributing to the growth and adoption of the Celestia ecosystem.

Use Cases of CELT

CELT serves several essential functions within the Celestia blockchain ecosystem:

• Transaction Fees: Similar to gas fees on Ethereum, CELT is used to pay for transaction fees on the Celestia blockchain, incentivizing validators to process transactions and ensuring network stability.
• Staking: Users can stake their CELT to participate in the network's consensus mechanism, earning rewards for securing the network and validating transactions.
• Governance: CELT holders have the right to participate in governance decisions affecting the Celestia blockchain, including parameter adjustments and development priorities.
• Utility Token: Developers may utilize CELT as a utility token within their applications built on the Celestia blockchain, providing users with access to specific features or services.

Additional Details

• The Celestia blockchain is built using the Cosmos Software Development Kit (SDK), leveraging its Inter-Blockchain Communication (IBC) protocol for interoperability with other blockchains.
• CELT can be stored in non-custodial wallets compatible with the Cosmos ecosystem, including Keplr and Ledger Nano.
• The Celestia Foundation regularly releases updates and documentation on the development and progress of the Celestia blockchain, including the emission and distribution of CELT.
• Developers and users are encouraged to join the Celestia community through various channels, such as the Discord server and Telegram group, to stay informed and contribute to the ecosystem's growth.