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Cryptocurrency is a type of digital money. Unlike traditional currencies such as Canadian dollars or Euros, cryptocurrencies like Celestia (TIA) operate on decentralized networks based on blockchain technology. “Decentralized” means that the network operates without a central authority or intermediary. There are several aspects of Celestia (TIA) and other cryptocurrencies that qualify them as decentralized. These aspects include the use of blockchain (distributed ledger) technology that no single person controls, peer-to-peer transactions that don’t involve an intermediary, consensus mechanisms to validate and record transactions, and open-source code that allows anyone to scrutinize records of transactions.
If you’re a complete novice, this explanation may still be opaque to you, but we encourage you to investigate the basics further. You’ll soon catch on, and your confidence will grow steadily.
Celestia is the first modular data availability (DA) blockchain network that scales with the number of its users, making it easier for anyone to launch their own blockchains. Data availability ensures that any network participant can access transaction data at any time to validate a block. This security measure enables anyone to review the blockchain ledger and confirm its transactions. Solutions like Celestia help blockchains like Ethereum to scale without undermining its security.
In 2019, co-founders Mustafa Al-Bassam and Ismail Khoffi started the Celestia crypto project. It received a significant amount of venture capital funding, including a $1.5 million seed round in 2021 and $55 million raised in 2022. Celestia is based on the Cosmos SDK framework. The team behind Celestia realized that many blockchains struggle with scalability and flexibility issues because of their monolithic design. To overcome these challenges, they created a modular framework that separates the roles of consensus, data availability, and execution, paving the way for a more efficient and adaptable blockchain ecosystem.
In 2021, Celestia launched its testnet, allowing developers and early adopters to experiment with the new framework and provide feedback. The successful testnet launch demonstrated the potential of the modular approach and garnered considerable interest from the blockchain community. By late 2022, Celestia was ready to launch its mainnet.
One main challenge in layer-1 blockchain scaling or monolithic design, like Ethereum, is the requirement for nodes to download and store the entire transaction history to validate new blocks. If there is a missing block on the data, the transaction is automatically rejected. This creates a significant problem as managing and storing the growing volume of data becomes increasingly demanding, particularly for ordinary nodes with limited resources. The problem with the monolithic design is that when blocks become larger, it becomes difficult for regular users to download all the data, which means they can’t check the chain.
So, how does Celestia solve this problem? Well, modular chains use a technology called data availability sampling (DAS) to verify large blocks of data. This technology allows light nodes or nodes who cannot download the entire blockchain data to submit a sample or a portion of the block data to verify if it’s published or not. These light nodes run multiple random sampling rounds to ensure the desired confidence level is reached. This specific task is done independently by rollups built on the network through the rollups of the nodes. It’s also important to note that DAS enables Celestia to scale with the number of users in the network. This means that as more light nodes join the network, Celestia can handle data flow for millions of rollups without sacrificing security for its users.
The Celestia network offers developers the infrastructure for building and managing blockchains. In particular, Celestia enables other blockchains to use it as both a data availability and consensus layer.
With Celestia, blockchains securely publish their transactions, allowing their nodes to remain efficient on a growing blockchain when used as a data availability layer. Acting as a consensus layer, Celestia’s network of nodes validates and verifies stored data.
The native Celestia crypto coin is TIA, which is used for several features that help support the network’s scalable and modular infrastructure. TIA has a market capitalization of over USD 1.3 billion, making its way to the top 100 coins worldwide. However, the Celestia price seems to be trending downwards.
During its release, TIA tokens started trading at around USD 12. The TIA price reached an all-time high of USD 20.85 on February 10, 2024.
The TIA token’s primary utilities include paying network fees, rewarding data availability and validation, governance, and staking. The Celestia crypto’s use cases also include:
Want to jump straight into learning how to buy some Celestia (TIA)? Here’s our quick-start guide!
Coinsquare is a leading cryptocurrency trading platform that was started by Canadians for Canadians in 2014. Coinsquare is trusted by hundreds of thousands of Canadians for their Celestia (TIA) trades and has processed over $8 billion in trading volume to date.
This crucial step helps protect your identity and your Celestia (TIA) transactions. It also ensures that Coinsquare meets its regulatory obligations. You will need to submit some personal information, including your name, address and phone number, as well as a scan of a government-issued identity document such as your driver’s license or passport. Rest assured that this data will be kept in the strictest confidence. You will also need to answer a few questions to determine your risk profile.
These funds are what you’ll use to buy your Celestia (TIA). You can transfer money directly to your account for free using Interac e-transfer, or you can wire transfer the funds from your bank account.
Choose the currency you want to use to buy your Celestia (TIA). For now, you’ll be using CAD because that’s what you have on deposit in your Coinsquare account, but later on, you might use USD or another cryptocurrency for your purchase. Once you’ve selected the currency, you can go ahead and purchase your Celestia (TIA)!
You won’t be able to spend your Celestia (TIA) at all Canadian retailers, but the list of stores that accept Celestia (TIA) and other cryptocurrencies is always growing. Keep an eye on the news about Celestia (TIA) and ask your favourite retailers about their policies.
All cryptocurrencies carry some level of risk, just like other volatile investments. It's essential to thoroughly research the token you plan on investing in and understand the risks before making any decisions. Remember, you should never invest more than you can afford to lose.
You can transact on Coinsquare in numerous currencies other than Celestia (TIA), including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
You can store your Celestia (TIA) in software applications called wallets. Wallets come in two varieties: hot wallets and cold wallets. Here are the differences between them.
Connectivity: Hot wallets are connected to the internet while cold wallets are not.
Access: Hot wallets offer quick and easy access for transactions while cold wallets require physical access.
Security: Cold wallets are more secure than hot wallets, which are more vulnerable to hacking and cyber attacks.
Usage: Hot wallets are ideal for frequent transactions and trading, while cold wallets are best suited to holding crypto in long term storage or in large amounts.
Setup and Maintenance: Hot wallets are easier to set up and maintain. Cold wallets require more complex set up and maintenance.
Recovery Options: Both hot and cold wallets often have recovery options like seed phrases, while cold wallets can also be backed up.
Convenience: Hot wallets are highly convenient for everyday use. Cold wallets are less convenient due to their physical access requirement.
Physical Risk: Cold wallets come with a higher physical risk, as they can be lost, stolen or damaged; while hot wallets carry a lower risk because they are not physical objects.
It is legal to buy and sell Celestia (TIA) in Canada, but Celestia (TIA) itself is not legal tender, meaning that it is not issued by the government or controlled by them. Cryptocurrency trading platforms are also legal in Canada, but be careful to choose one that is in good standing and has not been banned or isn’t allowed to operate in Canada. As a leader in the cryptocurrency trading space, Coinsquare is dedicated to complying with all federal and provincial regulations for cryptocurrency trading; we are held to the highest standards of any financial institution in Canada, so you can have confidence in the transactions you complete on our platform.
If you want to get more into the world of cryptocurrency, you can engage in additional activities.
You can purchase other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Ethereum Classic (ETC), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
Staking allows you to get more involved in the cryptocurrency space. Staking involves locking up some of your cryptocurrency for a period of time and participating in the validation process that is central to maintaining the integrity of the system.
Get information and news updates in Coinsquare’s real-time news feed. On the website and in the mobile app, you can also check on the current market prices for Celestia (TIA) and other cryptocurrency products, look at the trading history of Celestia (TIA), and learn more about topics related to cryptocurrency.
Cryptocurrency has been criticized for its environmental impact, and not without reason. Traditional cryptocurrency mining, especially for coins like Bitcoin, has been associated with high energy consumption due to the power required for mining operations.
However, the cryptocurrency industry is sensitive to these concerns and is looking for ways to make cryptocurrency more sustainable. Here are some changes that some blockchains have undertaken to mitigate the impact of cryptocurrency on the planet:
Newer cryptocurrencies are being designed with sustainability in mind from the start instead of making changes after the fact. While these advancements show a commitment to sustainability and minimizing environmental impact, there is still a great deal of work to be done. Keep an eye on the news about the evolving cryptocurrency landscape.
Confirm your identity and answer a few onboarding questions.
Add funds to your account via e-transfer, wire transfer, or from another crypto account.
Choose Celestia (TIA) from the list and select the currency you want to use.
Complete your Celestia (TIA) purchase.
If you want to learn more about Celestia (TIA) and the cryptocurrency world, getting involved with the Celestia (TIA) community is a great idea. Here are some ideas about how you can follow trends, meet other investors, and contribute to the growth of the Celestia (TIA) space:
If you have technical or business skills, you can also engage with development teams, contribute your skills to the Celestia (TIA) project, or participate in governance by helping with decision-making and setting future directions.
Coinsquare offers a variety of services for all your Celestia (TIA) needs.
Coinsquare Wealth provides more customized services from certified Wealth Directors. Although our Wealth Director don’t provide investment advice, they help our clients navigate the cryptocurrency space so they can get more out of it and avoid obstacles. Coinsquare Wealth also offers other advantages, such as same-day settlement in CAD or USD and enhanced liquidity for large trades/
Coinsquare Pro gives experienced traders the resources they need to make complex decisions and apply advanced trading strategies. Intuitive trading tools, enhanced trading logs, and near-instant execution of trades allow them to control their investments with greater precision.
Coinsquare Trade is a no-fuss service that gives our customers access to over 53 digital currencies, in-app customer service support, fast withdrawal and deposit options, and a clean, user-friendly interface.
Coinsquare has been in business in Canada since 2014 and was developed by Canadians for Canadians. We are confident that we can provide you with the best Celestia (TIA) buying experience in the country. Join us today!
