What is the Axel Network? Full information about the Axelar Network project
What is the Axel Network?
Axelar Network is a scalable communication platform that allows blockchain developers to link their blockchain with other blockchains. Developers can also choose which blockchains they think are best suited to host their applications, and use Axelar to lock, unlock, transform assets, or link to any blockchain.Axelar helps in communication.Communication is easier than the HTTP/HTTPS protocol on the Internet.
A protocol capable of providing communication with all blockchains around the world.
Axelar greatly helps developers who create their applications on other blockchains who have problems with inter-network interaction.
Axelar has a special set of protocols: Gateway Firewall Protocol (CGW) and Transmission Firewall Protocol (CTP). The protocol is one of the things that attracts so much attention to Axelar.
Axelar can implement a cross-chain with any blockchain, even for a network without a smart contract such as bitcoin.
Axelar enjoys the support of many major partners, such as Coinbase, Binance,…. I will update this part below for you.
Thanks to a decentralized open network of validators, anyone can join, use it and participate in the protocol.
How does the Axelar network work?
The Axelar Network structure is a decentralized state machine responsible for supporting requests between chains. The network supports several basic protocols, one of which is the Gateway protocol. CGP occupies a central place in the system and makes it easy to join new chains without the restrictions of consensus rules and the transmission of information along these chains.
Components of the Axelar network structure
Threshold Cryptography (Threshold Cryptography)
Gateway to smart contracts
Cross-chain Daemons Subchain (or chain repeater, also known as)
The role of the consensus mechanism in the Axelar Network
To reach an agreement on the state of the system and the implementation of CGP,
Coordinate the status of other chains to confirm inter-chain requests,
Coordinate the status of other threads to confirm inter-network requests.
Processing membership changes, key rotation and promotions.
The mechanism of threshold cryptography?
Alexa gateways are jointly managed by validators based on Threshold cryptography. This means that any transaction made through the portal requires the consent of all validators. This is similar to how most validators need to coordinate state transitions in standard blockchains to allow the transfer of the underlying asset from one user to another. The threshold cipher encodes the validators’ consensus as a subtransaction. This transaction is a unique signature (collects signatures from validators) and verifies transactions, which ensures small transactions and low fees.
How do validators work?
The Axelar Network validator runs nodes or light clients of other chains. There is no need to encode custom logic for this — Validator simply downloads client software provided by blockchain developers, provides RPC endpoints and directs Axelar nodes to these endpoints. Validators will be allowed to select the chain in which they will validate the request, and the rewards will be structured accordingly. It is important to note that threshold keys will be distributed among all validators for greater security (we also have subsections that will be distributed among fewer validators with much more limited capacity)).
Token name: Axelar Network.
Token Standard: Upgrade…
Token type: Utility, Governance.
General suggestion: update…
Negotiable offer: Update…
Phase 1: Completed
Open for sale Seed Round.
Phase 2: Completed
Test Network 1.
Integration of Bitcoin and Ethereum.
Deploy the test network.
Support for the EVM chain.
Decentralized dApps are launched on Axelar.
Applications that integrate with Axelar.
Enter more assets and chains.
Create ecosystems and solutions around the Axelar network.
Expanding the capabilities of all ecosystems, DApp developers use any blockchain and cross-chain aggregation using the Axelar infrastructure stack.
As a member of the founding team of Algorand, responsible for the design of the platform, Dean of Cryptography, PhD of the Massachusetts Institute of Technology, software-defined network @UToronto, cryptocurrency @IBM, co-author of many protocols and other coding standards.
Also, the founding team of Algorand, coordinated design and development, Dean of the Faculty of Mathematics, gold medalist of the International Mathematical Olympiad, Bachelor and Master of Natural Sciences of the Massachusetts Institute of Technology.
He has 10 years of experience in the field of system research and software development. He also holds a PhD in computer science from the University of Waterloo, specializing in performance optimization of network decentralized systems. He also holds a master’s degree in physics from the Karlsruhe Institute of Technology.
Investors and partners
Axelar has raised US$ 28.8 million for 2 rounds of financing. The last financing took place on July 15, 2021. As part of the Series A round, Axelar was funded by 16 investors, including North Island Ventures, Polychain, Dragonfly Capital, Coinbase Ventures, Binance, etc.
Community Information Channel
Above is all the basic information about the Axelar Network project. I hope the article will be useful for you, and you will share the Axelar Network project together in the comments. Good luck.