What is Axelar Network?

Axelar Network is a decentralized network that provides users with tools to meet the needs of cross-chain connection between developers and application builders in a convenient, easy and fast way. In particular, Axelar is designed with a complete set of solutions that optimize the breaking of barriers in the process of multi-chain connection. Specifically, Axelar’s solution suite includes: General protocol package, support toolkit and API – application programming interfaces.

Currently, the Axelar Network project is being operated by validators – a decentralized network of validators. So anyone can join and use and build on Axelar Network.

Advantages of Axelar Network

The Axelar network offers the following advantages:

For blockchain platform builders: Participants in the Axelar network building blockchain platforms can connect blockchain chains with each other easily. Users only need to register for an account to set up and connect to other blockchain networks.
For dApps builders: App builders can store their dApps anywhere, lock, unlock, transfer content, and communicate with apps on any other chain through APIs CTP.
For users: Users can interact with all apps across the ecosystem directly from their wallet.

Basic Features of Axelar Network

The Axelar blockchain currently operates on a consensus protocol (DPoS) model similar to the Cosmos Hub network. Users will be randomly selected as validators with stake binding to participate in the consensus protocol and maintain the best quality for operational services.

Thanks to the Axelar network, the communication protocol between blockchains becomes as simple as using the familiar HTTP/HTTPS protocols in the browser. It allows platform developers to plug their blockchain directly onto other networks. At the same time, application builders also have the right to set up a simple access process with their own API programming interface to access global liquidity or for information exchange purposes on the Internet. entire ecosystem.

Currently, the Axelar network is being focused on developing connectivity and interoperability between blockchain networks. Polkadot is one of the combinations that many people are interested in, supporting transferring assets from external blockchains into Moonbeam and using them in decentralized applications. Applications running on the Moonbeam network can work on both Ethereum, Terra and other chains thanks to the Axelar connection portal.

The compatibility between Moonbeam and Ethereum allows developers to take advantage of the convenience and speed of the Polkadot ecosystem. Both Moonbeam and Axelar are building breakthrough solutions that break all limits and unlock the potential of liquidity linkages across networks.

Main feature

The Axelar Network platform has several key features as follows:

Enabling blockchain ecosystems and communicating applications easily: With a system of verification nodes operating under the byzatine consensus protocol, Axelar allows anyone participating in the network to Use it to connect blockchain networks and applications together in the safest, most secure and convenient way.
Handling requests between blockchains through Axelar’s decentralized governance: With a network of many major protocols and one of them is CGP (Cross-Connection Gateway), users can easily participate join new chains without constraints or consensus rules.
Commonly managed by the Threshold cryptographic algorithm: The Threshold cryptographic algorithm requires that every transaction made, once through the portal, must have consensus from all validators. In addition, this cryptographic function encrypts the consensus of validating nodes as a side transaction to provide a unique signature and verification for the main transaction. As a result, it is possible to split transactions, increase processing speed and reduce costs, but still ensure the security and safety of the system.

Tokenomics

AXL is the token of the Axelar Network project

Ticker: AXL.

Blockchain: Ethereum.

Contract: Updating.

Token Standard: ERC-20.

Token Type: Utility, Governance.

Circulating Supply: Updating.

Total Supply: 1,000,000,000 AXL.

AXL use case

Fee: AXL is a means of charging transaction fees and any other fees for using the network, paid by the user to the validator that runs the network.
Governance: AXL is used by holders and their proxies to stake and exercise governance on proposals (e.g. Parameter changes or protocol upgrades).
Incentive rewards: AXL enables decentralized Proof-of-Stake consensus-enabled incentives that help secure the network and validate on-chain transactions. Validator receives AXL rewards as an incentive to continue securing the network.
Contributor: AXL is used to reward ecosystem builders and community contributors.

Project development team

The Axelar Network project has a development team that is the founders of Algorand and associates. In total, the entire team has 28 members, including some key members such as:

Georgios Vlachos: He is the co-founder of Axelar, former head of computing at Algorand, and consensus designer and developer. He won a gold medal at the International Mathematical Olympiad.
Sergey Gorbunov: You are the co-founder of Axelar, former head of cryptography at Algorand, and the platform designer and developer. He is also the co-author of many cryptographic protocols and standards.

Investors of the project

On July 2, 2021, the project announced to raise 3.75 million USD from Binance, DCVC (Data Collective), Lemniscap, Collab+Currency,…

Two weeks later, in Series A, Axelar raised $25 million led by Polychain Capital along with Dragonfly Capital, Galaxy Digital, North Island Ventures, and more.

By the end of 2021, the project is also guaranteed by Crypto.com Capital for a strategic investment.

Most recently on February 15, 2022, Axelar Network completed its Series B funding round of USD 35 million from Dragonfly Capital, Polychain Capital, North Island Ventures, Rockaway Blockchain Fund, etc. Latest Series B funding round This raised Axelar Network’s valuation to $1 billion.

Partners of the project

Keplr Wallet: This is the largest Cosmos interchain wallet. Through this integration, users will be able to trade, staking, and participate in the governance of the Axelar Network through Keplr web and mobile wallets.

The partnership will also enable asset transfers from the Axelar Network to other Cosmos chains and vice versa via IBC, supported by both Axelar and Keplr Wallet.

Cosmostation: Cosmostation is an application provider and one of the original validator node operators and application developers in the Cosmos ecosystem.

By providing user-friendly design and applications, Cosmostation will support Axelar across its product lines.

Roadmap

Phase 1: Finalize the white paper, seed financing round and design ideas
Phase 2: Launching test 1, the idea of integration with Bitcoin and Ethereum
Phase 3: Interactive testing, EVM chain support, IBC compatibility setup
Phase 4: Launching decentralized asset applications on Axlear, application connecting Axelar solution, overview of cross-chain requirements
Phase 5: A system of applications and solutions built around Axelar Network, supporting the entire system and developers building any blockchain network through Axelar.

Project communication channels

Twitter: https://twitter.com/axelarcore
Linked: https://www.linkedin.com/company/axelarnetwork/
Discord: https://discord.com/invite/aRZ3Ra6f7D
Reddit: https://reddit.com/r/axelar

Final Thoughts

Above is all the information about Axelar Network that CryptoChill wants to send to you.

If you find the article useful, please share it with the community to let everyone know. Thank you to everyone who viewed the article. Happy investing everyone!

Don’t forget to follow CryptoChill’s community channels for the earliest news updates!

Tags:

What is Axelar Network?