Celer Network Annual Report 2018 — Part II: Product Market Fit and User Adoption

What makes Celer different? Please read our 2018 Annual Report — Part II: Product Market Fit and User Adoption.

Hi everyone,

As the new year approaches, Celer Network team wishes everyone a wonderful new year! Thank you all for your continued support. Since we first came out of stealth in Q1 2018 with some early supporters, we have seen significant growth in Celer Network’s vision, technology, team and community. We would like to share our 2018 highlights with all of you! Our Annual Report 2018 is composed of four parts:

Part I: Technology Innovation

Part II: Product Market Fit and User Adoption

Part III: Developer Adoption & Ecosystem Building

Part IV: Reflection & Short-term Future Outlook

In the next four days, we will release each part separately. 🙌

About Celer Network:

Celer Network aims to bring Blockchain technology to mass adoption. It is an Internet-scale, trust-free, and privacy-preserving off-chain scaling platform where everyone can quickly build, operate, and use highly scalable decentralized applications. It provides unprecedented performance and flexibility through innovations in off-chain scaling techniques and a crypto economics model designed based on game theory principles to bring essential value to the off-chain ecosystem.

Celer Network is founded by PhDs from MIT, Princeton, UC Berkeley and UIUC and has an all-star engineering team with years of industry experiences from top startups or tech giants like Google, Amazon, Cisco, Oracle, HP and more.

Part II: Product Market Fit and User Adoption

Download and try out cWallet.

Leveraging the Celer Network SDK, we have built and released alpha version of cWallet, the first-ever mobile wallet built with Celer Network support. Blockchain applications are in desperate need of good UX and many of the UX challenges are deeply rooted in the lack of scalability today. We have a focus on end user access to Celer platform from day 1.With cWallet, we confidently show that Celer Network Testnet is not an “obscure black console” or some exciting numbers on a website. Instead, Celer Network is something every user can touch and try today with instant off-chain payment and highly interactive fun games. See a video demo of cPay and cGomoku. We have received overwhelmingly positive feedbacks from the community. cWallet serves as not only an entry point to Celer Network, but also a reference design for our future crypto wallet partners to quickly provide a pattern for our partners to integrate with Celer Network. Moreover, we have used cWallet to collect important feedbacks from users in terms of onboarding Celer Network platform and that has helped us to design a better user experience to onboard new users to the crypto world.

We have always believed that user adoption is paramount for blockchain’s progression and is the only way to progress to the next phase of blockchain industry. To this end, we released our user-facing app cWallet alpha on Android and iOS platform. cWallet allows users to access to cApps: cPay, a simple payment app with instant transaction and no fee; cGomoku, a board game where you can bet some testnet ETH with your friends on the outcome of the game, in an entirely trust-free way.

Positive feedbacks from thought leaders

Setting out with the goal to give an initial user test, we have achieved some unexpected results: With no monetary incentive for people to stay on the testnet, we have reached 1129 Monthly Active User (MAU). The highest Daily Active User (DAU) recorded is 221. In total, there are 15,000 cGomoku games played monthly with 13 games every user played on average. Our off-chain transactions were carried out with just milli-second latency. If we took all these transactions and put them on Ethereum main blockchain, it would congest Ethereum for 57 days. For more specific user statistics, please check the infographic below.

Testnet user statistics

What comes as a surprise even to us, is that we achieved 20% 7-day user retention, that is 20% of users still actively used cWallet 7 days after first use. We want to highlight that cWallet is purely on Ropsten Testnet without any real-value transactions and therefore, there is no monetary incentive for people to stay. People continue to come back to our application mostly to place “bets” on cGomoku with their friends. The support we received is overwhelmingly positive as can be seen from many public comments from key influencers in this space. This retention ratio is highly encouraging as we now know that we can build something that users actually want to use and cannot even feel whether it is running on blockchain or not.

We are super proud to be a Batch 24 member of 500 Startups’ accelerator program on the blockchain track. With this program, we have access to a wide range of user growth experts, marketing experts, PR experts and a full network of alumni for potential collaboration. We have learnt a lot during the course of the program for systematic and organic user growth and will surely adapt and apply the methodologies to the young crypto space.

Part III Preview: Developer Adoption & Ecosystem Building

We believe that the success of a blockchain ecosystem eventually depends on a strong and global user and developer community. There are several stages to build out a full-fledged community. We focused on the general market education and developer community building. Thanks for reading! Please stay tuned for our next update. Happy New Year!

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