Axelar Network Introduction

Welcome, reader! In this story I will tell you about Axelar Network, problematic and actuality of this great project.

Intro

As you know, there are a large number of different blockchains such as Ethereum, Polkadot, Terra, Cosmos, Avalanche, Algorand, Near, Celo and others. All of them offer different features and programming environments that make them attractive for application development, application scenarios, and end users.
At the same time, the useful features of each new platform are offered to a limited number of users, who are often the token holders of a particular network.

How can developers be able to connect their blockchains to other ecosystems?
Can application developers be allowed to use the best platform based on their needs, while maintaining connectivity across multiple blockchain ecosystems?
Can users be allowed to interact with any application on any blockchain directly from the wallet?

In order to connect blockchain ecosystems and enable applications to interact seamlessly with each other, Axelar Network is presented to you.

definition and principle of operation

Axelar network provides a uniform solution to cross-chain communication that meets the needs of both platform developers — no integration work is required from them, and application builders — one simple protocol and API to access global liquidity and communicate with the entire ecosystem.

Axelar network offers a single solution for cross-chain interaction and consists of:

  • A decentralized network that connects blockchain ecosystems that operates different languages
  • And also layered on top of protocol suites with APIs, making it easy to make cross-chain requests

Cross-Chain

The network connects existing autonomous blockchains like Bitcoin, Stellar, Terra, Algorand and interaction centers like Cosmos, Avalanche, Ethereum, Polkadot. The main goal is to allow developers to more easily create applications using a universal protocol and API without deploying their own cross-chain protocols and without rewriting applications as new bridges appear.

For this, the AXELAR NETWORK team has developed a set of protocols, which includes the Cross-Chain Gateway Protocol and the Cross-Chain Transfer Protocol:

  • Cross-Chain Gateway Protocol (CGP). This protocol is analogous to the Border Gateway Protocol (BGP) dynamic routing protocol that exists on the Internet. The CGP protocol is used to connect many autonomous blockchain ecosystems and is responsible for routing between them. Blockchains do not need to speak any particular language, platform developers do not need to make changes to the code, while their blockchains can easily connect to the global network.
  • Cross-Chain Transfer Protocol (CTP). This protocol is analogous to the application layer protocol for file transfer (File Transfer Protocol) and hypertext (Hypertext Transfer Protocol) on the Internet. It is a set of application layer protocols that sits on top of routing protocols (such as CGP and other routing technologies). Application developers can connect their decentralized applications to any blockchain and execute cross-chain requests. With the CTP protocol, users can interact with applications on any blockchain using simple API calls similar to HTTP GET/POST requests. Developers can lock, unlock and transfer assets between any two addresses on any blockchain platforms, make cross-chain application calls. For example, dapps on blockchain A can update their original state if some other app on blockchain B satisfies some search criteria (search % > X), and perform common cross-chain requests between apps on different networks (smart contract on blockchain A can cause an update of the state of the smart contract in blockchain B). This protocol provides the ability to connect programs across blockchain ecosystems.
Axelar Network is run by a decentralized open network of validators, anyone can join, use it and participate in the network protocol.

Network Features

The main component of the network is the underlying decentralized protocols. Validators collectively support the Axelar Network and manage the nodes that secure the Axelar blockchain. They are elected users through the delegation process. Validators receive the right to vote in proportion to the size of the stake delegated to them. Validators reach consensus on multiple blockchains to which the platform is connected. Blockchain is responsible for supporting and running the cross-chain routing protocol and the protocol for transferring data between networks. Governance rules allow network participants to make decisions within the protocol, such as which blockchains to connect and what assets to support.

The Axelar blockchain follows a Delegated proof of stake (DPoS) model similar to Cosmos Hub. Users elect validators who must validate their stake in order to participate in the consensus and maintain a high quality of service. The DPoS model allows for a large set of decentralized validators and strong incentives to ensure that validators are held accountable for maintaining bridges and shares of cryptographic caps. As part of the consensus, validators run simple software on other blockchains, allowing them to check the state of other blockchains. Validators report these states to the Axelar blockchain, and once enough reports are collected, the state of Bitcoin, Ethereum, and other blockchains is written to Axelar.

Byzantine consensus, cryptography, and incentives are designed with high security and resiliency requirements for cross-network requests.

Advantages of Axelar Network

Conclusion

Axelar Network in an universal decentralized network of interaction connecting all blockchain ecosystems, applications, assets and users, announced that its public mainnet will be deployed in February 2022 after a series of planned continuous upgrades in the coming month.

It’s a great project with a great future!

Join Axelar Community!

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Junior crypto influencer

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Mykhailo Danylov

Mykhailo Danylov

Junior crypto influencer

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