Axelar is a decentralized, scalable cross-chain platform for interaction between blockchains. The Axelar network allows one blockchain to connect to all other blockchain ecosystems through its internet protocols. Developers can choose any blockchain to develop their applications and use Axelar’s cross-chain communication protocols to integrate applications into ecosystems of other blockchains supported by the Axelar network. The network connects existing independent blockchains such as Bitcoin, Stellar, Terra, Algorand and interaction centers such as Cosmos, Avalanche, Ethereum and Polkadot. from their wallets.
Axelar uses Proof-of-Stake (PoS) consensus to secure the network and confirm transactions. Validators receive tokens for creating new blocks and maintaining the stability of the network. Token holders can transfer their tokens to the validator pool and receive a portion of the validator reward. The rewards on the network are inflationary, which increases the total supply of tokens.
The network supports two main decentralized protocols:
The Cross-Chain Gateway Protocol (CGP) is responsible for cross-chain routing and delivery over autonomous blockchains that can operate on different consensus protocols and finality rules, heterogeneous technology stacks, and even blockchains without smart contracts.
Internetwork Protocol (CTP) is an application layer protocol that serves as a gateway, allowing applications to make simple requests through a unified API (eg FTP, HTTP/HTTPS) to facilitate cross-chain operations. Dapps can send CTP requests to special gateways hosted on different blockchains, and CGP is responsible for delivering them cross-chain to the correct destination blockchains and returning the results to the sending applications.
At the moment, the Axelar network is at the stage of testing and active promotion in the community. A closed testnet is underway, the testnet registration form is now closed, but the team promises to open a public testnet for everyone in the near future. There is also a Quantum Community Program where you need to complete certain tasks and be active. There will be 4 phases in the first, everyone can take part and submit a form with completed activities by January 17, 300 people will go to the second phase, 150 to the third, 50 to the fourth. 300,000 have been allocated to encourage private traders of the Quantum Community Program starting from the second phase.
Conclusion
The Axelar platform is something new in the crypto world that has no analogues. The very idea of a scalable multi-platform for blockchain interaction is interesting, since at the moment there are a large number of blockchains and new ones are emerging, and the interaction between them is implemented only by bridges.
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