Enjoy The Miracle Of Blockchain Technology With Axelar Network
There are more than one thousand projects on coinmarketcap and this makes it difficult for a new user to decide which one is good enough to use. Even after choosing one to use, it is not easy to change to the others in case a user feel not satisfied with the current one. He/she has to buy/sell tokens that he/she is using and buy new chain's tokens which he/she wants to switch to. That is the reason why Axelar was born to provide a cross-chain communication that brings comfortable experience to all decentralized app users.
The Importance Of Cross-Chain Interoperability
There is the fact that most blockchains operate independently and cannot communicate with each other, this has prevented people from enjoying the full benefits of blockchain technology. Cross-chain communication is the solution to all these problems by enabling interoperability between blockchains, thus making it easy for them to communicate with each other and share information. In particular, cross-chain is a solution that allows the transfer of assets from one chain to another to optimize the ability to aggregate between chains. Cross-chain projects allow users to connect, transfer value and information between blockchains. It is considered as a solution to enhance interoperability between blockchains. Axelar, a "decentralized state machine" was built to support and handle cross-chain requests between blockchains.
Axelar Network Key Highlights
The Axelar network includes a suite of protocols and APIs, which include two key components that are Cross-chain Gateway Protocol (CGP) and Cross-chain Transfer Protocol (CTP), in which, Cross-chain Gateway Protocol is the most important part. Cross-chain Gateway Protocol has a permission to allow which new ecosystem can be deployed and exchange information thanks to its consensus rule. Particularly, this rule need to reach agreement by all validators in the network to prevent fraud and failure. While Cross-chain Transfer Protocol helps dapp developers connect multichain dapps and store their valuable data in different blockchain infrastructure. In addition, this protocol also enables users can query the application through APIs such as HTTP GET/POST,...By different ways, the solution of Axelar can help developers save a lot of time and effort in building decentralized appications. However, the most important part of Axelar network is that it can operate in any chains in the market even with chains do not have smart contract. All of the mentioned activities above are fully run in decentralized and trustless way.
Not over yet, another worth-noting point of Axelar network is that its blockchain’s size will never be overloaded due to the others, its data only increase with the rise of cross-chain transaction. The reason for it is because the network’s design only allow data from gateway contracts and its transaction with other chains (cross-chain transaction), so that users can comfortably use the network with congestion risk-free.
Axelar Backers
With cutting-edge technology, no surprisingly that Axelar raised USD25 milions in Series A round with the participation of most notable and well-known investors in crypto, some of which can be highlighted such as Coinbase Ventures, Polychain Capital, Binance and Terra CEO's Do Kwon. Besides, Axelar also made partnership with popular blockchain such as Avalanche, Terra and Moonbeam
Axelar project includes number of best things: experience team, state-of-the-art product, excellent idea, great start! Good ideas are necessary in blockchain , but more importantly, real products and massive adoption are also needed and Axelar has all of them! They have great technology called Cross-Chain Gateway Protocol, and also products which are a decentralized network and a protocol suite (with APIs) which serve the devs and users in the most comfortable way. With this well preparation from Axelar Team, the company will definitely occupy a leading place in this crypto space in the near future!
Reference: https://axelar.network/