Axelar Network is the most useful for blockchain developers and DApp applications
Some useful facts about this wonderful project, for beginners and ordinary people.
What is Axelar Network
The Axelar Network is a scalable cross-chain communication platform, that satisfies the needs of platform developers and application creators. Creators of blockchain platforms will be able to use it to seamlessly connect their blockchains to each other. Application developers will be able to choose the best blockchain to host their applications and use Axelar’s cross-chain communication protocols to lock, unlock and transfer assets, as well as communicate with applications built on other platforms. By connecting decentralized applications to multiple blockchain ecosystems, the Axelar platform enables users to interact with all applications in the ecosystem directly from their wallets. Which make it easier for applications to perform cross-chain requests. The network connects existing autonomous blockchains such as Bitcoin, Stellar, Terra, Algorand and interoperability hubs such as Cosmos, Avalanche, Ethereum and Polkadot solutions. Mission
is to give application developers the ability to build applications more easily using a generic protocol and API without deploying their own cross-chain protocols or rewriting applications as new bridges are developed.
How it works
Axelar Gateways is a set of rules for approving and processing cross-chain transaction requests. Changes in the situation that will occur with incoming requests are made by the consensus mechanism. Thus, the changes to be made to the Axelar State Machine are determined by the consensus of the Axelar Network. Through this decision mechanism, consensus is reached on both the state information of the Axelar network and the state information of other chains to be processed, and cross-chain transactions are executed.
In Axelar Network, transactions are verified by validators. Consensus-compliant transactions are approved by validators with a single shared signature, which keeps the size of transactions small, which means lower transaction fees. Validators can run full nodes or thin clients of other supported blockchains for cross-chain transactions. Ultimately, validators are responsible for routing Axelar nodes to other blockchains via RPC. By opening the necessary door to the network to access the blockchain node, the validators have done their job. Because the Axelar network only tracks cross-chain transactions, the initial size of other blockchains is negligible, and the data size of the Axelar network only grows with transfers. Batch cross-chain transactions are also performed collectively. Axelar network contracts are universal and compatible with any blockchain network once they are ported to the language of the respective blockchain. (for example, Ethereum and all blockchains using the EVM can execute the same network contract on it).
How is a transaction carried out in different blockchain networks?
When a transaction on blockchain A reaches the gateway contract, that transaction is redirected to the Axelar network. Relays are responsible for monitoring these gateway contracts and forwarding them to the Axelar network after seeing an incoming request. Thereafter, validators request and vote on the request via their node’s RPC. If the transaction is valid, this request is processed in the Axelar network as an internal state change. This transaction processed on the network is triggered to be executed on blockchain B thanks to the gateway contract created on blockchain B, so that the transaction in A is also represented on blockchain B and the transaction is completed.
The main advantages of the project and what distinguishes it from others
The Axelar protocol provides a unified interoperability solution that is designed to interoperate with any blockchain. It provides plug-and-play connectivity with little to no work to integrate a new network, and is inherently decentralized. The Axelar stack includes both inter-network routing protocols and application layer transmission protocols. One hub allows platform and application developers to access all interconnected blockchains through the Axelar network. As a result, developers can use the best platforms for their needs while leveraging global liquidity and composability.
Existing solutions fall into two categories:
- Some projects are working on interoperability within their own ecosystems, however we need new protocols and methods to connect external blockchains that are based on different consensus rules and software stacks.
- Due to the growing need for interoperability in the ecosystem, there have been many untested centralized one-to-one bridge solutions created in the market.
The Axelar Network offers the following benefits:
• For blockchain developers: the ability to easily connect their platforms to all other blockchains.
ecosystems. To connect to the network, you only need to set up a sign-in account.
• For dapp developers: they can host their apps anywhere, lock, unlock, transfer assets,
and communicate with applications in any other chain through the CTP API.
• For users: Users will be able to interact with all applications in the ecosystem directly from their wallets.
Roadmap
The project, which is currently in the testing process, plans to open its main network in February 2022. EVM currently supports all blockchain projects (Ethereum, Avalanche, Moonbeam, Luna, BSC, etc.) and the entire Cosmos ecosystem (IBC chains). If gateway contracts are ported to other languages, this number could grow rapidly, and almost everyone (including bitcoin-like networks using UXTO) could be supported. In other words, their goals and statements are in this direction, and there are no technical obstacles in front of this. All the most interesting is yet to come!
Partners
Team
The co-founders of the project Sergey Gorbunov and Georgios Vlachos previously worked in the Algorand project team with a capitalization of ~$8 billion.
Backers
Possible activities in the project today:
1) Testnet;
2) Quantum Community Program.
Conclusion
One of the most promising projects today. By building the necessary infrastructure for cross-networking, Axelar creates a network and application that will allow all users to be able to use any asset in any application on any platform, making cross-liquidity available to all. Axelar Network also allows applications from any platform to interact. For example, if you want to get interest rate information from a specific platform, you can make a general request through an application layer protocol and get that information from another application.
Website — https://axelar.network
Telegram ENG — https://t.me/axelarcommunity
Telegram Announcement — https://t.me/axelarnetwork
Discord — https://discord.gg/aRZ3Ra6f7D
Twitter — https://twitter.com/axelarcore
